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In a freshly published personal account, named Ithaki, the ex- premier Tsipras does not hold back as he revisits that chaotic era during Greece's financial crisis.

A Controversial Choice

According to Tsipras's recollections, he selected that maverick academic Yanis Varoufakis to be the treasury head primarily because of his international reputation and his highly compelling abilities as a public orator.

“In reality, he was, truthfully, more of a star and less of an economic expert,” stated the 51-year-old.

Clashing Agendas

The former leader alleges that Varoufakis possessed his own agenda which involved advancing his publications and experimenting with his theories using Greece instead of genuinely advocating the country's economic stability.

He noted that the discussions to stave off insolvency were “not only a method of achieving improved terms for Greece. They were an experiment, a monumental opportunity to demonstrate the validity of Varoufakis's economic theories.”

Critical Talks

During tense discussions, the country found itself dangerously close to exiting the single currency area.

On the line was not only Greece's destiny and the severe cutbacks demanded in exchange for rescue loans from foreign lenders.

Failed Alternatives

Efforts to secure financing elsewhere, including an urgent plea to Russia to buy Greek government bonds, fell on stony ground.

Assisting Greece was equivalent to throwing money into the garbage, the Russian leader is reputed to have told his Greek counterpart in Moscow.

Public Vote Followed by Reversal

That summer, the excoriating conditions were subjected to a popular referendum, a move that plunged Europe into a further existential crisis.

Even though the referendum was carried resoundingly by those against austerity, Tsipras had little option but to reject its outcome then agree to a bailout package from creditors that turned out to be more severe.

Breaking Point

Tsipras claimed how he started questioning his finance minister relatively soon.

“Varoufakis was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications the world over … it seemed he was enjoying the spotlight.”

After Varoufakis proposed a contingency plan that included creating a secondary currency and issuing vouchers to retirees, Tsipras knew that it was game over questioning him: “Can you be serious?”

Lasting Criticism

Within the memoir, Tsipras concludes that Varoufakis had proved himself “unsuitable for an agreement that required intricate and sensitive management.”

He also claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, put Greece at risk, while helped hardliners that were pushing for Grexit.

This account of history has been met with anger along with shock in some quarters, whereas Varoufakis has so far maintained a conspicuous quiet on the matter.