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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.