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In a recently unveiled memoir, called Ithaki, the former premier Alexis Tsipras does not hold back as he reflects on the turbulent era during Greece's economic turmoil.

A Controversial Appointment

According to Tsipras's recollections, Tsipras selected the unorthodox economist Varoufakis as the finance minister mainly because of his global profile and his highly compelling abilities as a communicator.

“He was, truthfully, more of a star and less of an economist,” recalled Tsipras.

Conflicting Priorities

Tsipras claims how Varoufakis had his own agenda which involved advancing Varoufakis's books as well as experimenting with his economic models using Greece instead of genuinely fighting for the country's financial survival.

He explained that those talks to avoid insolvency were “not just a method to secure improved terms for the country. They became an experiment, an historic chance to demonstrate the truth of Varoufakis's ideas.”

Critical Talks

During volatile discussions, the country found itself dangerously on the brink of leaving the single currency area.

At stake was not only Greece's future and those harsh austerity policies demanded in exchange for financial aid from international creditors.

Failed Options

Efforts to secure financing elsewhere, such as a desperate appeal to Russia to purchase Greek government bonds, went unanswered.

Helping the indebted country was equivalent to tossing cash into the garbage, Putin reportedly informed Tsipras in Moscow.

Public Vote and U-Turn

That summer, the excoriating conditions were put to a popular referendum, a move which threw Europe into deeper existential crisis.

Although the vote was won decisively by voters who opposed the cuts, Tsipras was forced to ignore the result and negotiate a rescue deal with foreign lenders which turned out to be tougher.

Breaking Point

Tsipras revealed how he started questioning Varoufakis quite early on.

“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of magazines globally … it seemed he was enjoying the spotlight.”

After Varoufakis proposed a backup strategy that included establishing a parallel currency as well as issuing coupons to pensioners, Tsipras said he realised that it was game over and asked Varoufakis: “Is this for real?”

Lasting Criticism

In the book, Tsipras asserts that Varoufakis had proved himself “unfit for an agreement that required complex and sensitive handling.”

He also wrote that his aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hardliners that were pushing for a Greek exit from the euro.

The retelling of events has provoked fury and stunned disbelief among certain groups, whereas Varoufakis has so far maintained a deafening silence regarding these claims.