Former Greek Finance Chief Reveals ‘Plan B’ – Parallel Payment System

Former Greek Finance Minister Yanis Varoufakis had developed a covert emergency payment system that would work by hacking into government servers in the event of bank closures forced by the European Central Bank (ECB), local media reported Sunday, citing a recorded conversation they obtained.

ATHENS (Sputnik) – Varoufakis allegedly disclosed the so-called parallel payment system in a July 16 teleconference between hedge fund leaders organized by former British Chancellor of the Exchequer Norman Lamont. Continue reading

Germany plans for exit from eurozone of Greek ‘clowns’

London:  Germany has disclosed that it is making contingency plans for Greece to leave the euro as “make or break talks” are expected to end without agreement.

Wolfgang Schaeuble, Germany’s finance minister, said he was not hopeful that Greece and its creditors would reach agreement on the release of new bail-out funds.

With Greece set to default on a US$1.1 billion ($1.4 billion) debt repayment, Mr Schaeuble said that Angela Merkel’s government was making emergency plans for the country’s exit from the eurozone. Continue reading