Geithner’s Book Reveals Plan for Greek Euro Exit

According to the new book written by former U.S. Treasury Secretary, Timothy Geithner, a plan for Greece’s exit from the Eurozone had been presented in late July 2012, by the German Finance Minister Wolfgang Schaeuble. The book entitled “Stress Test: Reflections on Financial Crises,” published on Monday, reveals that during a meeting of Geithner with the German Finance Minister on the North Sea island of Sylt in July 2012, Schaeuble claimed that several Eurozone countries were in favor of Greece leaving the single currency. This way, Germany and other EU countries could create a firewall around the remaining members. The former Treasury Secretary described this argument as “frightening,” adding that he had informed the US President Barack Obama upon his return to Washington, who was “also deeply worried.” According to Geithner, Schaueble’s plan was based on the assumption that with Greece out of the Eurozone, Germany would be able to provide financial assistance to the rest of the Eurozone countries as the German people would be less reluctant about this than they were about saving the Greeks. After the meeting with the German Finance Minister, Geithner met in Frankfurt with  European Central Bank President, Mario Draghi, who assured him that a Greek eurozone exit was not being planned.

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