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Within his freshly published memoir, titled Ithaki, the former premier Tsipras pulls no punches as he examines that turbulent era of Greece's debt drama.

A Controversial Appointment

According to the ex-PM's recollections, Tsipras appointed the maverick academic Varoufakis to be the finance minister mainly because of the latter's worldwide fame along with Varoufakis's very persuasive abilities when it came to public orator.

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

Conflicting Agendas

Tsipras claims how his finance chief had his own motives that included promoting Varoufakis's books and testing out his own game theories using the nation instead of genuinely advocating the country's economic stability.

He explained how those negotiations to prevent insolvency became “not just a method of achieving improved terms for the country. They became a test, an historic chance to demonstrate the truth of his economic theories.”

High-Stakes Negotiations

During rollercoaster negotiations, the country came perilously close to leaving the eurozone.

At stake lay both the country's future and the harsh austerity policies required in exchange for financial aid from foreign lenders.

Unsuccessful Alternatives

Efforts to secure financing from other sources, such as a desperate appeal to Russia to purchase Greek government bonds, fell on stony ground.

Assisting the indebted country was equivalent to throwing money in the trash-can, the Russian leader reportedly informed his Greek counterpart during their meeting.

Public Vote Followed by Reversal

That summer, the harsh bailout terms were subjected to a public vote, a move which plunged Europe into further existential crisis.

Even though the referendum was carried decisively by voters who opposed the cuts, Tsipras had little option to ignore the result then agree to a bailout package with foreign lenders that proved to be tougher.

Final Straw

The ex-PM revealed how he started questioning his finance minister quite early on.

“He was the face of negotiation, the figure who drew publicity, who graced the front pages of magazines globally … it seemed he relished his new role.”

After the minister outlined a contingency plan involving creating a parallel currency and issuing vouchers to pensioners, the leader knew it was game over and asked him: “Is this for real?”

Lasting Criticism

Within the memoir, Tsipras concludes how his former ally demonstrated himself “unsuitable for a deal that required complex and delicate handling.”

Tsipras further wrote that Varoufakis's aggressive style left him more and more alone with colleagues, put Greece at risk, while assisted hawks who were advocating Grexit.

The account of history has been met with fury along with stunned disbelief in some quarters, whereas Varoufakis has so far kept a deafening silence on the matter.