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Within his recently unveiled personal account, titled Ithaki, the ex- premier Alexis Tsipras pulls no punches while he examines that turbulent period of Greece's financial crisis.

A Controversial Appointment

As per the ex-PM's account, Tsipras chose the maverick economist Yanis Varoufakis to be his treasury head largely because of the latter's international reputation along with Varoufakis's very persuasive skills as a speaker.

“He was, truthfully, more of a celebrity rather than an economic expert,” stated Tsipras.

Conflicting Priorities

Tsipras claims that his finance chief possessed his own motives which included promoting Varoufakis's books and experimenting with his own theories on Greece rather than genuinely advocating its financial survival.

Tsipras noted how those negotiations to stave off insolvency were “not only a method to secure a better deal for Greece. They were an experiment, an historic chance to prove the validity of Varoufakis's economic theories.”

Critical Negotiations

Amid volatile discussions, Greece found itself dangerously close to exiting the eurozone.

On the line was both Greece's destiny and those harsh austerity policies required in exchange for rescue loans from international creditors.

Unsuccessful Alternatives

Attempts to secure funds from other sources, including an urgent appeal to the Kremlin to purchase Greek government bonds, went unanswered.

Helping the indebted country was equivalent to throwing money in the trash-can, Putin reportedly told his Greek counterpart during their meeting.

Referendum Followed by U-Turn

In July 2015, the harsh bailout terms were subjected to a popular referendum, an action which threw the EU into a deeper crisis of identity.

Even though the referendum was carried decisively by those who opposed the cuts, the prime minister was forced but to reject its outcome then negotiate a bailout package from foreign lenders which turned out to be more severe.

Breaking Point

The ex-PM claimed that he began to doubt his finance minister quite early on.

“Varoufakis was the public image of negotiation, the figure who attracted media attention, who graced the front pages of magazines globally … it seemed he was enjoying the spotlight.”

After Varoufakis outlined a backup strategy involving creating a secondary currency as well as distributing vouchers to retirees, the leader said he realised it was game over questioning him: “Can you be serious?”

Lasting Rebuke

Within the memoir, Tsipras concludes that Varoufakis had proved himself to be “unfit for an agreement demanding complex and delicate management.”

Tsipras further claimed how Varoufakis's aggressive approach made him increasingly isolated with colleagues, endangered the country, and helped hawks who were advocating a Greek exit from the euro.

The retelling of history has provoked fury and stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.