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Greek Bailout Talks to Begin Amid Secret Drachma Currency Plans

27.07.2015 16:06

Negotiations are due to get underway Tuesday over a 95 billion dollars third bailout for debt-stricken Greece as reports emerged that the left-wing Syriza government is actively considering setting up a parallel currency ready for a return to the drachma.

Crucial talks over the bailout were due to have started last Friday, but a number of factors — neither diplomatic nor logistical — meant that they have been delayed. The three creditors — the International Monetary Fund (IMF), the European Central Bank (ECB) and the Eurozone countries will meet to discuss the latest bailout plan, which has required emergency legislation in Athens, as swell as a series of even worse austerity measures than the Greeks rejected in the referendum.

The Greek Government is meeting Monday to discuss the latest plan, as it emerged that former finance minister Yanis Varoufakis called a telephone conference on 16 July, during which he said that he had hired an IT expert to set up a parallel banking system.