Giulio Tremonti Had Prepared A "Plan B" To Exit Euro, Testifies Savona
December 12, 2011 • 11:19AM

Prof. Paolo Savona, head of the Interbanking Deposit Insurance Fund of Italy, declared in testimony before a Senate Committee Dec. 8 that former Economy Minister Giulio Tremonti had prepared a "Plan B" to exit from the euro. If this is true, it casts more light on the cold coup that ousted both Tremonti and the Italian government in November.

Savona said, "A serious country should have had both a Plan A to stay in the euro and a Plan B to leave. Unfortunately, reality has shown that the government of the economy had neither the former nor the latter. And in fact, others have imposed a plan on us. This kind of criticism, I wrote about in August in a daily newspaper."

At that point Savona stopped, and leaked an unknown story. "I do not want to reveal professional secrets, but after that article, the Economy Minister called me and told me: 'Look we do have a Plan B.' I do not know whether this is true, but you members of Parliament can ask the government about it. It might be that there is a written plan."

Savona insisted that, in any case, "that plan is necessary. Since we do not have a political union, the current Treaty can be broken at any moment. We must be aware of it, and be building international alliances (China, the U.S.A.) and mobilizing resources which would allow us to face the situation."