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In a freshly published personal account, named Ithaki, the former prime minister Tsipras spares no criticism as he examines that turbulent period of Greece's economic turmoil.

A Controversial Choice

According to the ex-PM's recollections, he appointed the unorthodox academic Varoufakis as his treasury head primarily due to the latter's international reputation along with his very persuasive abilities as a speaker.

“In reality, he was, truthfully, more of a star and less of an economist,” recalled Tsipras.

Clashing Priorities

The former leader alleges how his finance chief possessed a personal motives that included advancing Varoufakis's publications and experimenting with his game theories on Greece instead of genuinely fighting for the country's economic stability.

Tsipras explained how those negotiations to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They became a test, a monumental chance to prove the truth of Varoufakis's ideas.”

Critical Negotiations

During volatile negotiations, the country came perilously close to exiting the single currency area.

At stake lay not only the country's destiny but also the severe cutbacks demanded in exchange for financial aid by international creditors.

Unsuccessful Alternatives

Attempts to find funds from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, fell on stony ground.

Helping the indebted country would be equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.

Referendum and Reversal

In July 2015, the excoriating bailout terms were put to a public vote, an action which threw the EU into a deeper existential crisis.

Even though the referendum was carried resoundingly by those against austerity, Tsipras had little option but to ignore the result then agree to a bailout package with foreign lenders that turned out to be tougher.

Final Straw

The ex-PM claimed how he began to doubt Varoufakis relatively soon.

“He was the face of the talks, the man who drew publicity, who graced the covers of magazines the world over … he gave the impression he was enjoying the spotlight.”

After Varoufakis proposed a backup strategy involving creating a secondary currency and distributing vouchers to pensioners, the leader said he realised it was game over and asked him: “Is this for real?”

Lasting Rebuke

In the memoir, the author concludes that Varoufakis demonstrated himself to be “unsuitable for an agreement that required complex and sensitive management.”

He further wrote how his confrontational style made him more and more alone among peers, put Greece at risk, while helped hardliners who were advocating a Greek exit from the euro.

The retelling of history has provoked anger along with stunned disbelief in some quarters, while the former minister has so far maintained a conspicuous quiet on the matter.