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Varoufakis Drachma introduction Plan

Varoufakis Drachma introduction Plan

14 July, AtoZForex.com, Lagos – Greece former finance minister, Yanis Varoufakis is getting some more media attention. Following his allegations that Germany’s agenda was to realize a Grexit, he has again revealed his own agenda while in office. One of which includes Varoufakis Drachma introduction plan, before resigning his position.

An agenda which may have cost him his position as finance minister since the Prime minister and his cabinet did not agree with his ideology. Thus, the prime minister and his close allies put to vote whether Yanis Varoufakis should remain in government. The vote took place shortly after the mandate. The majority voted against Varoufakis staying in government with the ratio 4:2, the former finance minister had no choice but to leave.

Yanis Varoufakis while speaking to UK’s New Stateman, discussed about the hidden agenda he had put in place without the knowledge of the Greeks. Varoufakis opened up saying he had warned the Greek cabinet that the Europe Central Bank will try to force a deal by closing all of Greece banks. Consequently, when they did he would fulfil 3 of his plans;

  • Issue euro denominated iou’s
  • Apply a “hair cut” to the bonds issued by Greek to Europe central bank in 2012
  • Reducing Greece’s debt and to Seize control of the bank of Greece from the ECB

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Since there was no constitutional provision allowing any European country to be expelled, Varoufakis was sure that Greece would not be driven out by the Eurogroup. Varoufakis was of the believe that Greece could win a better deal only by making Grexit a reality. The referendum, according to Varoufakis would give Syriza the opportunity they needed to make such moves.

Varoufakis explained that this drastic plan for Greece cost him his job. In full details, a crucial vote held by six Syriza’s inner cabinet members on Sunday night ended with a ratio of 4:2, the votes were against Varoufakis plans.

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Yanis Varoufakis also confirmed that he had Grexit in mind right from his first day in office, he said:He wasn’t clear back then what his views were, on the drachma versus the euro, on the causes of the crises, and I had very, well shall I say, ‘set views’ on what was going on. A dialogue begun … I believe that I helped shape his views of what should be done.” Still Tsipras digressed from him at the last with the view that Varoufakis could not guarantee that the Grexit would be successful.

A week before the mandate, Haris Theoharis had declared to the parliament and various TV channels that: “Greek Treasury and Government officials were working out a plan to return to Drachma.” Theoharis was right all along. Though Tsipras was not in support of Drachma’s plan, and Varoufakis was unable to advance with the implementation of the plan due to “lack of expertise”.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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