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Within his freshly published memoir, named Ithaki, the former prime minister Alexis Tsipras pulls no punches as he reflects on the turbulent period during Greece's economic turmoil.

A Controversial Appointment

As per the ex-PM's recollections, Tsipras chose that maverick academic Varoufakis as his finance minister largely due to the latter's worldwide fame along with his very persuasive skills when it came to public orator.

“He was, actually, more like a personality rather than an economist,” wrote Tsipras.

Clashing Agendas

The former leader suggests that his finance chief had his own motives that included advancing Varoufakis's books and testing out his economic models on Greece instead of genuinely advocating the country's economic stability.

Tsipras noted that the negotiations to stave off insolvency were “not only a method to secure improved terms for Greece. They were an experiment, a monumental chance to demonstrate the validity of Varoufakis's ideas.”

Critical Negotiations

During tense negotiations, Greece came perilously close to exiting the single currency area.

At stake lay not only the country's future and the harsh cutbacks demanded in exchange for rescue loans by foreign lenders.

Failed Alternatives

Efforts to find financing from other sources, such as an urgent appeal to Russia to purchase Greek government bonds, went unanswered.

Helping the indebted country was equivalent to tossing cash into the garbage, the Russian leader is reputed to have told Tsipras in Moscow.

Referendum Followed by Reversal

In July 2015, those harsh conditions were put to a popular referendum, a move that plunged the EU into deeper existential crisis.

Even though the vote was won decisively by voters against austerity, Tsipras was forced but to reject its outcome and negotiate a bailout package with creditors that proved to be even harsher.

Breaking Point

The ex-PM claimed that he began to doubt his finance minister quite early on.

“He was the face of the talks, the figure who drew media attention, who graced the covers of publications globally … it seemed he was enjoying his new role.”

After Varoufakis proposed a backup strategy that included creating a parallel currency as well as issuing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Is this for real?”

Lasting Rebuke

In the book, the author asserts that his former ally demonstrated himself “unfit for a deal that required complex and sensitive handling.”

He also wrote that his confrontational style left him more and more alone among peers, endangered the country, and assisted hardliners that were pushing for a Greek exit from the euro.

The retelling of history has been met with anger and stunned disbelief in some quarters, whereas the former minister has maintained a conspicuous quiet on the matter.