Föhrenbergkreis Finanzwirtschaft

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Was It „Plan B“ Or „Plan X“?

Posted by hkarner - 6. Juli 2016

Wednesday, July 6, 2016, Observing GreeceKastner

Prof. James Galbraith, advisor to Yanis Varoufakis while the latter was Finance Minister and close friend of his, has published a book titled „Welcome to the poisoned chalice: the destruction of Greece and the future of Europe„. It is a collection of his writings, interviews and speeches on Greece from 2010 through the summer of 2015.

The media celebrate this as a major revelation of what happened behind the scenes (and top secretly!) in the first half of 2015 when Varoufakis had commissioned a small group of advisors to develop a Plan B (or Plan X, as Varoufakis allegedly called it) for an exit from the Eurozone. In fact, Galbraith had already reported on that a year ago. Some of the key points of the plan were (allegedly):

* declaring state of emergency
* nationalization of the Bank of Greece and selected other banks
* conversion of bank deposits from Euro to New Drachma
* payment of salaries and pensions in IOU’s
* emergency measures to keep public orderGalbraith James CCGalbraith writes that the plan was developed at the request of Varoufakis to prepare for the risk of Greece’s being kicked out of the Eurozone. If true, that would be a remarkable statement because one of Varoufakis‘ major points, which point he has stressed consistently in his blog for several years, was that no one could kick Greece – or any other country – out of the Eurozone.

Still, it is good to be reminded of what happened a year ago. Greece today seems rather stable politically and SYRIZA seems rather a serious party. The fact, however, is that this party, particularly several of its key proponents like Varoufakis, had recklessly played with the future of their country.

Galbraith concludes that, in his judgement, Varoufakis had carried out his responsibilities with distinction. True, just like Salvador Allende had carried out his perceived responsibility to convert Chile into a Cuba of the South with distinction even though, ultimately, he failed. Failure is a negative word which in the case of Allende and Varoufakis assumes a positive meaning.


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