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In a recently unveiled personal account, named Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on that chaotic period of Greece's financial crisis.

An Unconventional Choice

As per the ex-PM's version, Tsipras appointed that maverick economist Yanis Varoufakis to be his finance minister mainly because of his global profile and his highly compelling abilities when it came to public orator.

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

Conflicting Priorities

The former leader suggests how his finance chief possessed his own agenda that included promoting Varoufakis's publications and testing out his theories using Greece instead of truly fighting for the country's financial survival.

Tsipras noted how those talks to prevent insolvency were “not just a way to secure a better deal for Greece. They became a test, a monumental opportunity to demonstrate the truth of Varoufakis's ideas.”

High-Stakes Talks

During tense discussions, Greece found itself dangerously close to exiting the eurozone.

At stake was both the country's destiny but also those punishing austerity policies required in exchange for bailout funds from international creditors.

Unsuccessful Alternatives

Attempts to secure funds elsewhere, including a desperate plea to Russia to buy Greek government bonds, were rejected.

Assisting the indebted country was equivalent to tossing cash in the trash-can, the Russian leader reportedly told Tsipras in Moscow.

Public Vote Followed by Reversal

That summer, the harsh bailout terms were put to a popular referendum, an action that plunged the EU into a deeper existential crisis.

Even though the referendum was won decisively by those against austerity, Tsipras had little option but to ignore the result and agree to a bailout package from creditors that proved to be more severe.

Breaking Point

The ex-PM revealed how he started questioning his finance minister relatively soon.

“He was the public image of negotiation, the figure who attracted publicity, who appeared on the covers of magazines globally … it seemed he relished the spotlight.”

When the minister proposed a contingency plan that included creating a parallel currency and distributing coupons to retirees, Tsipras said he realised it was game over questioning Varoufakis: “Is this for real?”

Lasting Criticism

Within the memoir, the author asserts how Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive handling.”

Tsipras further claimed how Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and helped hardliners who were pushing for a Greek exit from the euro.

This account of history has been met with fury along with shock among certain groups, while Varoufakis has so far kept a conspicuous quiet on the matter.