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In a freshly published personal account, titled Ithaki, the ex- premier Alexis Tsipras spares no criticism as he revisits that turbulent period of Greece's debt drama.

A Controversial Choice

As per the ex-PM's version, Tsipras appointed that unorthodox academic Yanis Varoufakis to be his finance minister largely because of his global profile and Varoufakis's “extremely attractive” skills as a communicator.

“He was, in reality, more of a star and less of an economic expert,” recalled Tsipras.

Conflicting Priorities

The former leader alleges that Varoufakis had a personal motives that included advancing Varoufakis's publications and experimenting with his own economic models on the nation instead of truly fighting for its financial survival.

Tsipras noted how the negotiations to stave off bankruptcy were “not just a way of achieving a better deal for the country. They were a test, a monumental opportunity to prove the validity of Varoufakis's economic theories.”

High-Stakes Negotiations

Amid rollercoaster discussions, Greece found itself dangerously close to leaving the single currency area.

At stake was not only the country's destiny but also those severe cutbacks required in return for rescue loans by international creditors.

Failed Alternatives

Attempts to secure funds elsewhere, such as an urgent plea to Russia to buy Greek government bonds, fell on stony ground.

Assisting the indebted country would be tantamount to tossing cash in the trash-can, the Russian leader reportedly informed Tsipras in Moscow.

Referendum and U-Turn

That summer, those punitive bailout terms were subjected to a popular referendum, an action that plunged the EU into further crisis of identity.

Even though the referendum was won decisively by voters against the cuts, the prime minister was forced to ignore the result then negotiate a rescue deal from creditors that turned out to be even harsher.

Breaking Point

Tsipras claimed how he started questioning Varoufakis relatively soon.

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

After the minister outlined a backup strategy that included establishing a secondary currency and issuing coupons to pensioners, the leader said he realised it was game over and asked Varoufakis: “Can you be serious?”

Lasting Criticism

Within the memoir, the author asserts that his former ally demonstrated himself “unsuitable for an agreement demanding intricate and delicate handling.”

Tsipras further claimed that his confrontational approach left him more and more alone with colleagues, put Greece at risk, and helped hawks that were pushing for a Greek exit from the euro.

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