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Within his newly released memoir, called Ithaki, the former leader Alexis Tsipras pulls no punches while he revisits that chaotic period of Greece's financial crisis.

A Controversial Appointment

As per Tsipras's version, he selected the maverick academic Yanis Varoufakis as his treasury head mainly due to his global profile and Varoufakis's “extremely attractive” abilities when it came to speaker.

“He was, in reality, more of a personality rather than an economic expert,” wrote Tsipras.

Clashing Agendas

Tsipras suggests how Varoufakis had a personal motives that involved promoting his publications and experimenting with his own economic models on Greece instead of genuinely fighting for its economic stability.

Tsipras noted how those negotiations to stave off bankruptcy were “not only a method of achieving a better deal for Greece. They were a test, a monumental opportunity to demonstrate the validity of his theories.”

High-Stakes Talks

During volatile negotiations, the country found itself dangerously close to leaving the single currency area.

On the line lay not only Greece's future and the harsh austerity measures demanded in return for rescue loans from foreign lenders.

Unsuccessful Alternatives

Efforts to find financing elsewhere, such as an urgent appeal to the Kremlin to buy Greek government bonds, were rejected.

Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader is reputed to have informed his Greek counterpart in Moscow.

Public Vote and U-Turn

That summer, the excoriating bailout terms were subjected to a public vote, an action which plunged the EU into a further existential crisis.

Although the vote was won decisively by voters who opposed the cuts, the prime minister had little option but to ignore the result then negotiate a rescue deal from foreign lenders which proved to be even harsher.

Breaking Point

Tsipras claimed that he started questioning Varoufakis quite early on.

“He was the face of the talks, the figure who attracted media attention, who graced the covers of publications the world over … he gave the impression he relished the spotlight.”

When Varoufakis proposed a contingency plan that included creating a secondary currency as well as distributing vouchers to pensioners, the leader knew it was the end and asked Varoufakis: “Is this for real?”

Lasting Criticism

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

Tsipras also wrote how his confrontational style made him increasingly isolated among peers, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.

The account of events has provoked fury and shock in some quarters, while the former minister has kept a deafening silence regarding these claims.