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US economist Galbraith sheds light on Varoufakis plan

TAGS: Politics, Business

The Plan B for Greece that was drafted by former Greek Finance Minister Yanis Varoufakis foresaw the declaring of a state of emergency, the immediate nationalization of the Bank of Greece, the transformation of bank deposits into a New Drachma and emergency public order measures, according to a book by American economist James Galbraith, Varoufakis’s chief coordinator for the plan.

In the book, “Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe,” which has been translated into Greek, Galbraith describes in detail Varoufakis’s plan for moving Greece to a parallel banking system last year.

Those privy to the Plan B – or Plan X as Varoufakis is said to have called it – would meet in conditions of high secrecy involving secure communications and the depositing of cell phones in hotel refrigerators.

According to Galbraith, during the transition phase, the ministries of Defense and the Interior would have been responsible for public order, fuel supplies would be controlled, while employees at important public institutions (schools, hospitals, police) would be mobilized.

Even though there was a high-level meeting about the plan, Galbraith said the prime minister did not ask to be briefed, so work on the endeavor ended with the submission of an extensive memo in May.

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