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EU Court defends the ECB’s right to cover up its illegal closure of Greece’s banks

Summary:
The European Union Court today delivered its verdict: European citizens cannot be allowed to find out whether the ECB acted legally in closing down Greece’s banks in June 2015. Why? In the wording of the three judges, because such disclosure would affect the ECB’s “space to think in 2015 and also after 2015”. If this sounds like an Orwellian decision, it is because it is an Orwellian decision. On 29th June 2015 the ECB decided to close down Greece’s banks. Why? The ECB acted in a naked attempt to prevent the newly-elected Greek government from renegotiating the country’s public debt, fiscal policy and reform agenda. Using Greece’s banks, instead of its… tanks, the ECB spearheaded a coup d’ etat against a

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Yanis Varoufakis
An accidental economist Let me begin with a confession: I am a Professor of Economics who has never really trained as an economist. But let’s take things one at a time.

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