New book details EU’s top-secret Grexit, humanitarian disaster plan filed in 2012

A top-secret Grexit plan designed by the ECB, the EU and its financial mechanisms has been detailed in a new book entitled The Last Bluff and authored by Eleni Varvitsiots, the Brussels correspondent of the Athens daily Kathimerini Eleni Varvitsioti and Bloomberg's Viktoria Dendrinou.

Presented by Bloomberg with lengthy excerpts today, the account documents the fact that the path to Grexit had been prepared both in 2012 and in the first six months of 2016 when Alexis Tsipras had come to power and Yanis Varoufakis was managing the Greek economy and supposedly preparing a clash and falling out with creditors.

"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," Bloomberg reported.

"A small team of 10 EU economists and lawyers huddled on the 15th floor of the Charlemagne building…. the 157-page "Albania Contingency Analysis & Plan, Sovereign Default 2015" was all about what to do to minimize the economic and humanitarian catastrophe should Greece be forced out of the EU and the euro zone," the authors write, noting that the false reference to Albania was meant to mask the Grexit danger which would trigger an even greater disaster for the country and the eurozone.

"The second chapter, Managing Exit, looked at the stark costs of a Grexit. At that point, Greece owed €342 billion ($387 billion in current dollars) to the European Financial Stability Facility, the European Central Bank, the European Investment Bank and other euro zone governments… Plan B assumed that once Greece defaulted to a creditor such as the ECB, it would be impossible for the governing council of the ECB to continue to accept Greek...