Monday, July 27, 2015

Greece Was Very Close to a "Currency Coup"

It should have been executed!

Here's Ambrose Evans-Pritchard with the details:

Varoufakis reveals cloak and dagger 'Plan B' for Greece, awaits treason charges
A secret cell at the Greek finance ministry hacked into government computers and drew up elaborate plans for a system of parallel payments that could be switched from euros to the drachma at the "flick of a button".
The revelations have caused a political storm in Greece and confirm just how close the country came to drastic measures before premier Alexis Tsipras gave in to demands from Europe's creditor powers, acknowledging that his own cabinet would not support such a dangerous confrontation.
Yanis Varoufakis, the former finance minister, told a group of investors in London that a five-man team under his control had been working for months on a contingency plan to create euro liquidity if the European Central Bank cut off emergency funding to the Greek financial system, as it in fact did after talks broke down and Syriza called a referendum.
The transcripts were leaked to the Greek newspaper Kathimerini. The telephone call took place a week after he stepped down as finance minister.
"The prime minister, before we won the election in January, had given me the green light to come up with a Plan B. And I assembled a very able team, a small team as it had to be because that had to be kept completely under wraps for obvious reasons," he said.
Mr Varoufakis recruited a technology specialist from Columbia University to help handle the logistics. Faced with a wall of obstacles, the expert broke into the software systems of the tax office - then under the control of the EU-IMF 'Troika' - in order to obtain the reserve accounts and file numbers of every taxpayer. "We decided to hack into my ministry’s own software programme," he said.
The revelations were made to a group of sovereign wealth funds, pension funds, and life insurers - many from Asia - hosted as part of a "Greek day" on July 16 by the Official Monetary and Financial Institutions Forum (OMFIF).
Mr Varoufakis told the Telegraph that the quotes were accurate but some reports in the Greek press had been twisted, making it look as if he had been plotting a return to the drachma from the start.
"The context of all this is that they want to present me as a rogue finance minister, and have me indicted for treason. It is all part of an attempt to annul the first five months of this government and put it in the dustbin of history," he said.
This is a stunning revelation. Though it was only prudent for Greek officials to consider an alternative to the euro, there was no indication this was going on. Why did Varoufakis have to be  secretive about this?  Greek officials should have been in the euro banksters' faces and announcing that they were considering an alternative to the bankster squeeze.

Further, Greek officials should have launched the plan and returned to the drachma and told the euro banksters to go to hell. That said, it is a radical left government that is in charge in Greece and they would have likely printed drachma at a rate that would have made Robert Mugabe wince.

Until there is sane economic guidance in Greece, the Greek economic tragedy will continue.



  1. Because the greek elite couldn't give up the EU Junk. your average pol or bureaucrat wants to mix with the great and the good in Brussels Paris, Berlin or London rather than just a run down Athens.

  2. The secretiveness is quite understandable... or they won't be the first people diving out of windows or being hit by a "drunk driver". Never underestimate the deepness of the psychopathy of the bankster "elite".

  3. The planification for the event was well orchestrated. They did a super service for Greece and Europe. there was no treason for in this case Galbraight and many more foreignersincluding me, did ProBono for the people of Greece.