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In a freshly published memoir, named Ithaki, the ex- prime minister Alexis Tsipras does not hold back while he revisits that turbulent era of Greece's debt drama.

A Controversial Choice

According to Tsipras's account, he selected the maverick economist Yanis Varoufakis as his finance minister largely due to his global profile along with his “extremely attractive” skills as a communicator.

“He was, actually, more like a celebrity rather than an economist,” recalled Tsipras.

Clashing Agendas

The former leader suggests how his finance chief had his own motives that involved advancing his publications and experimenting with his own economic models using the nation rather than truly fighting for its economic stability.

Tsipras noted that the discussions to prevent insolvency were “not only a way to secure a better deal for Greece. They were an experiment, a monumental opportunity to prove the truth of his theories.”

High-Stakes Talks

During volatile discussions, Greece found itself perilously close to leaving the single currency area.

At stake was both Greece's destiny and those severe austerity policies required in return for rescue loans from foreign lenders.

Unsuccessful Options

Attempts to secure financing elsewhere, including an urgent appeal to Russia to purchase Greek bonds, fell on stony ground.

Helping Greece would be equivalent to throwing money in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.

Referendum Followed by U-Turn

That summer, the punitive bailout terms were put to a public vote, an action which threw the EU into a further existential crisis.

Even though the vote was won resoundingly by those against the cuts, Tsipras had little option to reject its outcome and negotiate a rescue deal with foreign lenders that proved to be more severe.

Breaking Point

The ex-PM claimed how he started questioning Varoufakis quite early on.

“He was the public image of the talks, the figure who attracted media attention, who graced the front pages of publications the world over … he gave the impression he was enjoying the spotlight.”

After Varoufakis proposed a backup strategy that included creating a parallel currency as well as distributing vouchers to pensioners, the leader knew that it was the end and asked Varoufakis: “Is this for real?”

Lasting Criticism

Within the book, Tsipras asserts how Varoufakis had proved himself to be “unfit for a deal demanding complex and sensitive handling.”

He also wrote that his aggressive style made him more and more alone among peers, put Greece at risk, and helped hardliners that were pushing for a Greek exit from the euro.

The retelling of history has provoked fury and shock among certain groups, while the former minister has kept a conspicuous quiet regarding these claims.