Varoufakis and De Masi apply to EU court for release of report on legality of ECB actions in 2015

Yanis Varoufakis, co-founder of the Democracy in Europe Movement 2025 (DiEM25), and German Eurodeputy Fabio De Masi filed a petition with the European Union’s General Court, asking for the release of a legal opinion reviewing the legality of the European Central Bank’s (ECB) decision to shut off liquidity in Greek banks in 2015.

Varoufakis, who was finance minister for the first half of 2015, and De Masi had directly asked the ECB for a copy of the legal opinion commissioned by bank itself, but were turned down, they said on the DiEM25 site, adding at the time that they would pursue the matter legally.

In a statement on their recent action to the court, they said that European institutions like the ECB need to be checked in a democracy, otherwise European institutions will be representing only specific bank interests to the detriment of whole societies, as they did in Greece’s case in 2015.

The ECB’s move to shut down liquidity, they have said, forced the Greek government to accept the third memorandum and Prime Minister Alexis Tsipras to impose austerity measures on the country.