Leaked information has revealed that Greece's notorious former Minister of Finance, Yanis Varoufakis, had a Plan B in case discussions with creditors failed, writes Prince Michael of Liechtenstein.
Having an alternative is perfectly reasonable and demonstrates responsible management, but explains some of the nonchalance he showed during negotiations.
It has also created much outrage within and outside of Greece.
With the aid of the Official Monetary and Financial Institutions Forum (OMFIF), an electronic system was created. This would help the government to pay its obligations by electronically crediting taxpayers with an ‘accounting unit,’ which could then become a currency. GIS commented on such a possibility in the past.
The OMFIF is a highly reputable organization comprising central banks and sovereign wealth funds. The way in which data were obtained in order to set up the system is therefore particularly appalling.
According to media reports, confidential taxpayer data on the tax administration system was illegally hacked and copied. This was done with the support of Varoufakis, the clear knowledge of the OMFIF, and the involvement of renowned United States economist , James Galbraith.
It shows how little rule of law and personal privacy is now respected, even by people in leadership positions, who should set a good example and not hack and steal data. The apparent complicity of the OMFIF is shocking.
Having said all that, Varoufakis’ contingency plan could still make sense, but only if carried out in a strictly legal manner.
We expect more from those in positions of high responsibility and trust. Guardians of democracy should never make the excuse that the ends justify the means.