Greece’s Syriza weaves scheme for default, return to national currency – media

Tuesday, June 16, 2015
By Paul Martin

RT.com
June 15, 2015

A wing of Greece’s anti-austerity Syriza party is eyeing a plan to default on government debt and replace the euro with its own national currency in case negotiations on a bailout with its creditors fail, media have reported.

The plan envisions a default similar to the one implemented by Iceland during the 2008 financial crisis, along with the nationalization of the Greek banking system. The party faction considers the continuing negotiations with European creditors useless, The Telegraph reported Monday citing sources familiar with the matter.

It also foresees controlling capital movements and the establishment of a sovereign central bank to serve as a basis for a new financial system.

The introduction of a dual currency is possible, the source said, but would violate the terms of membership in the eurozone, which could mean a quick return to Greece’s previous currency, the drachma.

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