Mercury Rising 鳯女

Politics, life, and other things that matter

More fiddling around while Europe burns

Posted by Charles II on July 27, 2015

Ambrose Evans-Pritchard (of Whitewater/Vince Foster fame; who else?), the London Torygraph:

Varoufakis reveals cloak and dagger ‘Plan B’ for Greece, awaits treason charges
Former Greek finance minister Yanis Varoufakis claims he was authorised by Alexis Tsipras to look into a parallel payment system

A secret cell at the Greek finance ministry hacked into government computers and drew up elaborate plans for a system of parallel payments that could be switched from euros to the drachma at the “flick of a button”.




Well, but, see, that’s not what happened:

4h ago14:08

And here’s the official statement from James Galbraith, the US economist who worked with Varoufakis on his continency plan:

I spent five months from early February through early July in close association with the Greek Finance Minister, Yanis Varoufakis, and was part of the Working Group that did contingency planning for potential attempts to asphyxiate the Greek government, including aggressive moves to force the country out of the euro.

Since a great deal of public confusion has now arisen over this effort, the following should be stated:

    1. At no time was the Working Group engaged in advocating exit or any policy choice. The job was strictly to study the operational issues that would arise if Greece were forced to issue scrip or if it were forced out of the euro.
    2. The group operated under the axiom that the government was fully committed to negotiating within the euro, and took extreme precautions not to jeopardize that commitment by allowing any hint of our work to reach the outside world. There were no leaks whatever, until the existence of the group was disclosed by the former Finance Minister himself, in response to criticism that his ministry had made no contingency plans when it was known that forces within the Eurozone were planning the forced exit of Greece.
    3. The existence of preliminary plans could not play any role in the Greek negotiating position, since their circulation (before there was a need to implement them) would have destabilized government policy.
    4. Apart from one late, inconclusive telephone conversation between MP Costas Lapavitsas and myself, we had no coordination with the Left Platform and our Working Group’s ideas had little in common with theirs.
    5. Our work ended for practical purposes in early May, with a long memorandum outlining major issues and scenaria that we studied.
    6. My work in this area was unpaid and unofficial, based on my friendship with Yanis Varoufakis and on my respect for the cause of the Greek people.


Why is Ambrose Evans-Pritchard still employed?


4 Responses to “More fiddling around while Europe burns”

  1. jo6pac said

    Why is Ambrose Evans-Pritchard still employed?

    I haven’t a clue and I wonder why Ives Smith has him over at her site so much?

    • Charles II said

      I have my hesitations about Yves, Jo. There’s a temptation when one senses that things are wrong, but the mainstream seems to think they’re fine, to listen to anyone who agrees– so-called confirmation bias. It’s very hard to overcome that. And I don’t by any means think that voices should be shut out.

      But some voices are so very obviously ideologically driven that they have to be taken very skeptically. I find that lacking at Naked Capitalism. I try in posting here to stay aware that none of us have inside information, that we’re just making our best guesses based on what’s out there. I think we have a pretty good record of prediction, and a pretty good record of admitting when facts proved us wrong.

      • jo6pac said

        Yes, on NC they censored all other ideas on Greece exit. I tried to add a great interview with William Black and Michel Hudson and it never made on line for long. Oh well there is some good writing there so there’s that.

        Thanks to you and PW writing and ideas.

      • Yes, yes, and yes.

        Yves seems to have a weakness for gold bugs and hardcore right-wing fantasists like AEP, whose output those of us who wre paying attention during the 1990s know all too well.

Sorry, the comment form is closed at this time.

%d bloggers like this: