The Greek bank holiday was not as unexpected as people may think after all.
The first three episodes of Paul Mason’s new documentary “This is a Coup” look into the days leading into the July 5 Greek referendum. Mason gets exclusive live access to behind the scenes developments in the Greek government, including the thoughts of Greek Prime Minister Alexis Tsipras‘s current Finance Minister Euclid Tsakalotos and former Finance Minister Yanis Varoufakis.
Following a ministerial cabinet meeting on June 21, Varoufakis shared his concern to Mason that European institutions would respond to Greece’s latest proposal in such a way that would force Greece to close its banks.
“My very strong suspicion is that the powers that be at least within the Eurogroup have made up their minds that they will give us an offer that we can’t possibly sign up for. And as result there will be bank closures on Tuesday following the Euro summit meeting,”
When asked if he is ready for that event Varoufakis was candid.
“Of course not,” he said. Nobody is ever ready for Armageddon”.
Varoufakis’s suspicion became reality with a short delay. The emergency Euro summit and multiple Eurogroup meetings were unable to reach an accord as Greece’s new offer was rejected. Upon a new proposal by Greece’s creditors, Tsipras called for a referendum, June 26. As the European Central Bank decided to halt emergency liquidity assistance to the frail Greek banks, the government shut them down June 28 and and imposed capital controls. While banks opened three weeks later, capital controls are in effect to this day.
You can view the third episode of the documentary below.
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