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The EU’s Secret Plan for a Catastrophic Grexit

Dendrinou, Victoria, Varvitsioti, Eleni (2019), “The EU’s Secret Plan for a Catastrophic Grexit“, Bloomberg, June

The top-secret plan had been filed away in 2012, the previous time Greece had teetered on the edge of default. It was code-named “Croatia’s Accession to the European Union” to disguise that it was a doomsday scenario for the country farther south. Any hint it even existed would have sent Greece deeper into crisis, spooked financial markets, and shaken confidence in the euro itself. Then in early June 2015 a fresh round of default negotiations seemed to be at an impasse. Not till negotiations ended on July 13, 2015, did the EU and Greece agree to a third bailout. In the meantime, the EU’s preparations for catastrophe continued, as detailed in this excerpt adapted from Viktoria Dendrinou and Eleni Varvitsioti’s book, The Last Bluff.

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