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In a newly released memoir, called Ithaki, the former premier Alexis Tsipras spares no criticism as he examines that chaotic period of Greece's financial crisis.

A Controversial Appointment

In the ex-PM's version, Tsipras selected that maverick academic Varoufakis to be his treasury head largely because of the latter's global profile and Varoufakis's very persuasive skills as a public orator.

“In reality, he was, truthfully, more of a celebrity and less of an economic expert,” recalled Tsipras.

Conflicting Priorities

The former leader suggests how Varoufakis had his own agenda that involved promoting Varoufakis's books and testing out his own economic models using Greece instead of truly advocating its financial survival.

He wrote how those discussions to avoid insolvency were “not just a method to secure improved terms for the country. They became a test, a monumental chance to demonstrate the validity of Varoufakis's economic theories.”

Critical Talks

Amid rollercoaster negotiations, Greece found itself perilously close to exiting the single currency area.

On the line was both the country's destiny and those severe austerity policies required in exchange for bailout funds by foreign lenders.

Failed Alternatives

Attempts to secure financing from other sources, such as a desperate plea to the Kremlin to buy Greek bonds, went unanswered.

Assisting Greece would be equivalent to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.

Public Vote Followed by Reversal

In July 2015, the excoriating conditions were subjected to a public vote, an action that plunged the EU into further crisis of identity.

Although the vote was carried resoundingly by those who opposed austerity, the prime minister had little option to reject its outcome then agree to a rescue deal with creditors that turned out to be even harsher.

Final Straw

Tsipras claimed how he began to doubt Varoufakis relatively soon.

“He was the public image of the talks, the figure who attracted media attention, who graced the covers of publications the world over … it seemed he relished the spotlight.”

When Varoufakis proposed a contingency plan involving creating a secondary currency as well as distributing coupons to pensioners, Tsipras said he realised that it was the end questioning him: “Are you serious?”

Lasting Criticism

In the memoir, the author concludes how his former ally demonstrated himself to be “unfit for a deal demanding intricate and sensitive management.”

He also wrote that Varoufakis's aggressive approach left him more and more alone with colleagues, put Greece at risk, and assisted hawks who 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 deafening silence on the matter.