Former Greek FinMin Varoufakis’ Alternative Currency Plan

Wednesday, July 5th, 2017
Last Update: 19:09

Former Greek finance minister Yanis Varoufakis had an alternative plan to pay public sector employees during Greece’s hard bailout negotiations with creditors in the Spring of 2015, said close associate Glenn Kim on Monday.

Glenn Kim

Kim, who serves as adviser to current Finance Minister Euclid Tsakalotos, spoke at an Italian parliament event organized by Beppe Grillo’s Five Star Movement, a Kathimerini newspaper report says.

The adviser said that Varoufakis had a plan to give civil servants vouchers amounting to 10 percent of their monthly salaries which they could use to pay their tax obligations. If the system was successful, it would be expanded to other sectors of the economy as well.

The “fiscal currency” plan, as dubbed by Varoufakis, was drafted at a time when Greece was close to a head-on collision with European Institutions and the International Monetary Fund over the country’s bailout. A clash with creditors could have resulted in Greece’s bankruptcy and exit from the common currency bloc.

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