Documentary Reveals Secret 'Plan B' for Greek Exit from Eurozone in 2015

A new documentary titled 'Sto Hiliosto' (To the Millimeter) has revealed that European officials developed a secret contingency plan, codenamed 'Albania', for a potential Greek exit from the Eurozone during the 2015 financial crisis.

Key points

• Former European Commission President Jean-Claude Juncker disclosed that he proposed taxing Greek shipowners to cover a funding gap, a suggestion rejected by then-Prime Minister Alexis Tsipras.
• European officials estimated that a new Greek national currency would have lost 60% to 80% of its value immediately following an exit.
• Former International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn admitted to technical errors in the initial bailout program, citing overly rapid reform demands.
• Former EU Commissioner for Economic and Financial Affairs Pierre Moscovici criticized former IMF official Poul Thomsen for his perceived hostility toward Athens during negotiations.

Why it matters

The revelations provide new insight into the high-stakes negotiations and the extent of contingency planning by international creditors during the height of the Greek debt crisis.