Greece: German FinMin Schaeuble is "hell-bent on effecting a Grexit” - Varoufakis

Former Greek Finance Minister Yanis Varoufakis said his erstwhile German counterpart Wolfgang Schaeuble is "hell-bent of effecting a Grexit,” in a recorded conversation with representatives from the Official Monetary and Financial Institutions Forum (OMFIF), released on Sunday. The ex-minister authorised OMFIF to release the recordings which originated from a telephone conversation on July 16, 10 days after Varoufakis resigned. The former minister also stated that Greek Prime Minister Alexis Tsipras had authorised him to come up with a “plan B,” which a “very able team” were formulating as negotiations over Greece’s third bailout continued. The plan involved creating a "parallel system" from the euro, for which Varoufakis and his team duplicated citizens' tax numbers, and "created reserve accounts attached to every number," which the Greek government could then potentially pay into without relying on capital from the European Central Bank. Varoufakis announced that mobile phone apps would have been used, with a feature that could transfer the money “to drachma at the touch of a button,” if a Grexit were to occur. OMFIF describes itself as an independent platform which aims to initiate dialogue and research in the fields of finance and general economics. Their main focus is on global policy and investment, particularly capital markets, and on financial regulation in relation to central banks, pension funds, sovereign funds and national treasuries.

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