Yanis Varoufakis Revealed Secret Plans for Parallel Greek Payment System in Recorded Phone Call

Former Greek Finance Minister Yanis Varoufakis said he was authorized by the country’s prime minister, Alexis Tsipras, to come up with an emergency plan for a parallel payment system, which could lead the country to the drachma, according to a recording of a call with investors released today.

Varoufakis spoke to the investors on July 16, 10 days after he resigned. The recording was released with his approval and in the interest of transparency, according to the Official Monetary and Financial Institutions Forum, which describes itself as an independent platform for dialogue. Details were first reported by Kathimerini newspaper on Sunday.

“We were planning to create, surreptitiously, reserve accounts attached to every tax file number, without telling anyone, just to have this system in a function under wraps,” Varoufakis said in the recording.


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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam