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In a freshly published personal account, titled Ithaki, the ex- premier Alexis Tsipras does not hold back as he examines that turbulent period of Greece's financial crisis.

An Unconventional Appointment

According to Tsipras's account, he chose the unorthodox economist Yanis Varoufakis as his finance minister primarily because of his global profile and Varoufakis's highly compelling skills as a public orator.

“He was, truthfully, more like a star rather than an economist,” stated Tsipras.

Conflicting Priorities

The former leader claims that his finance chief had his own motives which included promoting his publications as well as testing out his own economic models using the nation rather than genuinely fighting for the country's economic stability.

He wrote that those talks to avoid insolvency became “not just a method of achieving improved terms for the country. They were a test, an historic chance to prove the truth of his ideas.”

High-Stakes Negotiations

Amid volatile discussions, the country came dangerously on the brink of leaving the eurozone.

On the line was not only the country's future but also those severe austerity policies demanded in return for rescue loans by foreign lenders.

Unsuccessful Alternatives

Efforts to find financing from other sources, such as a desperate appeal to Russia to buy Greek government bonds, fell on stony ground.

Assisting Greece was equivalent to tossing cash in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.

Referendum Followed by U-Turn

In July 2015, those excoriating bailout terms were put to a public vote, an action which plunged Europe into a deeper crisis of identity.

Even though the referendum was won resoundingly by those against the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with foreign lenders that turned out to be even harsher.

Final Straw

The ex-PM revealed that he began to doubt his finance minister relatively soon.

“Varoufakis was the public image of the talks, the man who attracted publicity, who graced the covers of publications globally … it seemed he was enjoying the spotlight.”

When Varoufakis proposed a backup strategy that included establishing a secondary currency as well as distributing vouchers to retirees, Tsipras said he realised that it was game over and asked Varoufakis: “Can you be serious?”

Enduring Criticism

In the book, Tsipras asserts that his former ally had proved himself “unsuitable for a deal that required complex and sensitive handling.”

He further claimed how Varoufakis's aggressive approach left him increasingly isolated with colleagues, endangered the country, while assisted hardliners that were advocating a Greek exit from the euro.

The retelling of history has been met with anger and shock in some quarters, whereas the former minister has so far kept a conspicuous quiet on the matter.