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Greek media: Tsipras planned Grexit before election

by Daily Sabah

ISTANBUL Jul 27, 2015 - 12:00 am GMT+3
by Daily Sabah Jul 27, 2015 12:00 am
According to a claim by the Greek media, the former Greek Minister of Finance Yanis Varoufakis had planned a Greek exit from the eurozone, commonly referred to as Grexit, even before being elected. It is believed that the Greek Prime Minister Alexis Tsipras asked Varoufakis to establish an online banking system prior to the elections because an online system would enable a relatively smoother transaction from the euro to the drahma than the current banking system in Greece.

The aforementioned transaction would have been made with a team of one thousand assembled by Varoufakis, but claims suggest Tsipras never really finalized the decision. Recently, Varoufakis participated in a teleconference with hedge fund managers, expressing the government's stance by stating that they are not trying to get Greece out of the eurozone. Varoufakis added that the Greek people entrusted them to negotiate as well as they could, hence, what they are supposed to do is to reach a good deal with the Eurogroup and the European Central Bank (ECB), otherwise the plan was to exit the eurozone.

The previous month, it was debated whether the eurozone should use a common treasury, following a joint report prepared by the European Commission and the ECB. Weekly German magazine Der Speigel published a news piece suggesting that Germany is leaning toward such a formation. As the EU is trying to achieve unity in budget and income throughout the member countries, they call this project "completing the European Monetary Union."
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  • Last Update: Jul 27, 2015 11:23 pm
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