Greece’s Yanis Varoufakis prepares for economic siege as companies issue private currencies
Greek finance minister says the country has a six-month stock of oil and four months of pharmaceuticals
By Ambrose Evans-Pritchard
TelegraphUK
03 Jul 2015
Greece has stockpiled enough reserves of fuel and pharmaceutical supplies to withstand a long siege, and has set aside emergency funding to cover all the country’s vitally-needed food imports.
Yanis Varoufakis, the Greek finance minister, said the left-Wing Syriza government is still working on the assumption that Europe’s creditor powers will return to the negotiating table if the Greek people don’t agree to their austerity demands in a referendum on Sunday, but it stands ready to fight unless it secures major debt relief.
“Luckily we have six months stocks of oil and four months stocks of pharmaceuticals,” he told The Telegraph.
Mr Varoufakis said a special five-man committee from the Greek treasury, the Bank of Greece, the trade unions and the private banks is working feverishly in a “war room” near his office allocating precious reserves for top priorities.
Food has been exempted from an import freeze since capital controls were introduced last weekend. Grains, meats, dairy products, and other foodstuffs should be able to enter the country freely, averting a potential disaster as the full tourist season kicks off.
The cash reserves of the banks are dwindling fast as citizens pull the maximum €60 a day allowed under the emergency directive – already €50 at many banks. “We can last through to the weekend and probably to Monday,” Mr Varoufakis said.
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