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In a newly released memoir, called Ithaki, the former leader Alexis Tsipras does not hold back while he revisits the chaotic period during Greece's economic turmoil.

An Unconventional Choice

In the ex-PM's version, he appointed that unorthodox economist Varoufakis as the treasury head primarily due to his worldwide fame and Varoufakis's “extremely attractive” skills as a public orator.

“He was, truthfully, more of a personality and less of an economic expert,” wrote the 51-year-old.

Conflicting Priorities

Tsipras suggests that his finance chief had his own motives that involved promoting Varoufakis's publications and testing out his economic models using the nation rather than genuinely fighting for its financial survival.

He explained that those negotiations to prevent insolvency became “not only a way to secure a better deal for Greece. They were an experiment, an historic opportunity to prove the truth of his theories.”

High-Stakes Talks

During tense negotiations, Greece came dangerously close to exiting the single currency area.

On the line was both the country's future but also those harsh austerity measures demanded in exchange for rescue loans by international creditors.

Failed Alternatives

Efforts to secure financing from other sources, including an urgent plea to Russia to purchase Greek bonds, went unanswered.

Assisting Greece was equivalent to throwing money in the trash-can, the Russian leader is reputed to have informed Tsipras in Moscow.

Public Vote Followed by U-Turn

In July 2015, those punitive bailout terms were put to a popular referendum, a move that plunged the EU into a deeper existential crisis.

Although the referendum was carried decisively by voters who opposed the cuts, the prime minister had little option to reject its outcome and agree to a bailout package from creditors which proved to be more severe.

Breaking Point

Tsipras claimed that he started questioning his finance minister quite early on.

“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 his new role.”

When Varoufakis proposed a contingency plan involving creating a secondary currency and distributing coupons to pensioners, Tsipras said he realised it was game over questioning Varoufakis: “Can you be serious?”

Lasting Criticism

In the book, the author concludes that Varoufakis had proved himself “unfit for a deal that required complex and delicate handling.”

He also wrote how Varoufakis's aggressive approach made him more and more alone with colleagues, endangered the country, while helped hawks who were pushing for Grexit.

This account of events has provoked anger and stunned disbelief in some quarters, while Varoufakis has maintained a deafening silence regarding these claims.