The Full Audio Recording Of Varoufakis' Drachma Plan B

Tyler Durden's picture

On Sunday, in "Reports Of Secret Drachma Plots Leave Tsipras Facing Fresh Crisis", we outlined an alleged "cloak and dagger" (to use Ambrose Evans-Pritchard's words) plot spearheaded by Yanis Varoufakis, to set up a parallel banking system for Greece that could be activated in the event pressure from Brussels and the ECB crippled the country's ability to transact in euros. 

According to a recorded teleconference between the former FinMin and "international hedge funds" heard by Kathimerini, Varoufakis planned to create secret accounts using tax filer numbers for individuals and corporations which he would obtain by hacking into the troika-controlled General Secretary of Public Revenues. Greeks would be made aware of the accounts' existence in the event the banking system ceased to function altogether, and Athens would effectively facilitate payments through the new system in defiance of the EMU. Clearly, this would not have been well received by Brussels - especially the bit about hacking their software - but ultimately, because the new system would be entirely controlled by Varoufakis' finance ministry, it could be converted to the drachma immediately.

Ultimately, the revelations have exacerbated an already fragile political situation which was inflamed last week after FT reported that Left Platform leader Panayotis Lafazanis convened a "secret" meeting at the Oscar Hotel in Athens on July 14 at which he attempted to convince Syriza hardliners to storm the Greek mint, seize the country’s currency reserves, and, if necessary, arrest central bank governor Yannis Stournaras. Now, Tsipras must fight to convince the opposition lawmakers who have been instrumental in helping him pass two sets of bailout prior actions that their efforts are not being subverted in secret by members of Tsipras' own party. If he fails, their support could dry up quickly leaving the PM with no support from either side of the aisle.  

Having thus set the stage, we bring you the full audio recording of Varoufakis' teleconference in which the Tsipras-backed parallel payment system is outlined. 

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Razalghoul's picture

What a clown, they didn't have the mandate to print their own currency but had the mandate to defy the referendum and bend over to the troika

Cognitive Dissonance's picture

Interesting that this is all coming out now and not before the fact.

SheepRevolution's picture

Something says me that this so called Plan B still might come to play one day..

Cognitive Dissonance's picture

At the very least I suspect the present Greek government is trying to 'prove' they weren't just a bunch of Greeks stuffed in a tiny clown car.

Damage control writ large.

VinceFostersGhost's picture



I absolutely refuse to listen to this crap.


You can't make me.

invisible touch's picture
invisible touch (not verified) VinceFostersGhost Jul 27, 2015 7:48 AM



( bypass the fucking drachma )

asteroids's picture

A fucking facinating 23mins. But, let me help. Skip to 7mins and then to 16mins. Bottom line, Yannis couldn't figure out a way of moving from 5 people to 1000 people in order to implement "Plan B" without trpping the Troika.

Headbanger's picture

Holy shit, if the Greeks aren't living up to their ancestral sneaky tricks!

And I bet the Troika accounts would be hacked by what else....    Wait for it!


'Ol Zeus & Co must be so proud.

saints51's picture


Have Mr. Panos narrate the whole debacle to the Germans.

nightwish's picture

This was a man with a plan

stewie's picture

Yeah, and a bit of a Drachma Queen too!


Badabum, tchiiiii ;o)

Ghordius's picture

so Varoufakis had a secret plan that involved breaking Greek law, hacking into ministerial computers, stealing private citizen and company information

lo and behold, a secret Varoufakis conspiracy of the criminal kind. I'm sure this will boost his book's sales and make him even more a hero of the Neo-Leftists

nightwish's picture

Get real. How much more criminal is this man's actions from the corrupt machinations of the EU cartel? Does he personally uproot the sovereignties of other countries to affect his own monetary enslavement on them? Eurogroup sanctioned corruption by a group of sinister crooks acting in concert must make their criminality more acceptable to you, but if it comes from just one guy, and even if he has the sovereignty of his country driving his actions, then well that's different... 

skistroni's picture

A former minister conspiring to deprive me of my personal liberties in order to save me from the bad Europeans who were about to deprive me of my national sovereignty is thus a hero in your book, I suppose. 

Ghordius's picture

this man? Varoufakis? he is a frigging Greek lawmaker, for criminy. he was elected to make or change Greek law, according to his conscience, by people that believed he had one

his very first words in the tape of this interview are already showing he has not understood this: "first I have to admit we had no mandate to exit the EUR..."

the whole sovereignty principle is based on people that do fight for this sovereignty, and the prerogative of a sovereign to break any deal with foreigners that is deemed bad for the country...

... as long as you can stomach the consequences, of course

"corrupt machinations"? well, which ones? just recently Tsipras wanted ECB support for reopening the Greek stock markets... while keeping up the capital controls that the Greek Government, i.e. the Tsipras Cabinet wants to uphold

you know what this means? that the Tsipras gov wants to discriminate between non-Greeks, being then able to sell and get their funds out of Greece... and Greeks being able to sell but not to get their funds out of Greece

EU treaties forbid both. but EU treaties and derived laws can't force a national government not to discriminate against it's own citizens. so much for "machinations" or "where is the sovereignty"

get real yourself. who has the army, the police, in Greece? the Greek government, not anything beginning with eu-

no1ninja's picture

He is just saying the truth.


They did not have a mandate for an exit.  Their mandate was to negotiate some breathing room and pay off the creditors over A) a longer duration or B) a smaller creditor profit.


Once the vote came in, he was asked to resign.   So blaming him is a little naive.  


Ghordius's picture

he has a mandate, and only one: to vote in Parliament according his conscience, and to act, if appointed as minister, according to his conscience and Greek Law

btw, the last package law that Tsipras proposed while saying "not believing in it"? Varoufakis voted yes, one of 230 out of 300

falak pema's picture

Its called "raison d'etat" when you run government...You ARE the law.

All he is saying to do this "hacking" is that the Troika had already DE FACTO broken Greek "sovereignty". He was trying to counter that "raison de la Troika" dictat.

Ghordius's picture

when you run government, you are actually in two positions: to make/change the law... and to be the first servant of the law. all else is indeed dictatorship or tyranny

joak's picture

Oh come on be serious for a change Ghordius. Where is it written in the Greek constitution that the country has to be run by foreign entities ? There is the letter and the spirit of the law. Sometimes breaking the law is something required for the common good. If you head to the hospital with a dying passenger and the light is red while the streets are deserted, will you "break the law" or wait ? The law is there as a framework to prevent issues/crime, at the end what matters is the intentions and the outcome.

overmedicatedundersexed's picture

"I love it when a plan comes together"..greece needs serious help from the A TEAM.

CrimsonAvenger's picture

Certainly no shortage of fools to be pitied.

Max Victor's picture


It sounds to me like Greace needs to declare the EU a gang of Economic Terrorists  - exit the EU "Terrorist Regime" imediately  -  have an immediate transition of money making powers to  - The NEW bank of Greace  =  (government treasury bank)  and issue a new currency in line with the offer made by the Russian people.


Then Take the EU to court along with all the other economic terrorist BASTARDS!

Ghordius's picture

you are actually repeating - with different words, of course, and adding Russia and courts, all less then necessary - the path that the German Federal Finance Minister Wolfgang Schäuble suggested to Greece. just saying, he suggested "take a vacation from the EUR"

buzzsaw99's picture

that's okay. greece has been on double secret probation since the beginning of the semester, lulz

VinceFostersGhost's picture



They took the bar man......the whole fukin bar!!!

Joe A's picture

Basically he wanted to retake the system take was taken over by the Troika.

Peter Pan's picture

I may be totally mistaken but I find it incredible that a government minister is considered a hacker ( or is obliged to hack) simply because he is after information relating to his own country's citizens but which he cannot readily access because outsiders have control.

To me it seems like strangulation of the highest order.

The Germans must be gloating that this time round their attempt at genocide will be totally within the "law". 

Ghordius's picture

the point in this is not "the access of outsiders", but the "need to know". specifically, does a minister have the right to privately download every tax information of the citizens and private companies for the private purpose of a private... conspiracy?

the "strangulation of the highest order" was insofar that he did not want to sign a ministerial order to get that download, and he did not want to propose a law that would have allowed him to do at his discretion

at a certain point, we just have to remember the two main options:  Rule of Law versus Rule of Men

stocks up everything else down's picture

Well now we know why Varoufakis was forced out, he wanted to solve a problem instead of kicking the can.  Doesn't he know extend and pretend is the only acceptable course of action?  

Peter Pan's picture

You are far more correct than you realise. About 4 years ago I had a discussion with a man who at one time was the shadow minster for finance in Germany. When I confronted him with the fact that there was no way Greece could or would ever pay back the debt, he agreed and said that the problem had to be stretched out because Germany would not be able to pay the price of a Greek default or contain the damage at that time.

stocks up everything else down's picture

Well now we know why Varoufakis was forced out, he wanted to solve a problem instead of kicking the can.  Doesn't he know extend and pretend is the only acceptable course of action?  

Max Victor's picture



Its A very simple solution  -    Set up the  "NEW Bank of Greace"  (exchequer controlled bank)  


And then  "Crowd fund" - the New Bank of Greace.  


Temprorealy Write off all existing debt because it was an act of economic terrorism under official investigation and legal proceedings.   


Ask every Greak and person around the world to invest into the New Bank of Greace!


I would give £5 to end this economic terrorism once and for all!



Catullus's picture

Start at around 3:45. He goes over the plan...

The key to setting this up is that he says in the beginning he was most concerned about having the state control the clearing system for money.

Thing that's DUMB: there's no reason for the Greek gov't to set up these reserve accounts. ALL THE GREEK GOV'T HAD TO DO WAS SAY 'WE WILL ONLY ACCEPT TAXES IN GOLD OR SILVER'. Boom parallel currency. But the greek gov't would have no control of it.

And that's the key here. They're more concerned about control.

Ghordius's picture

+1. all he needed was to propose a simple new law in the Greek Parliament, in his authority as Member of Parliament and appointed Finance Minister:

"all taxes have to be paid in...(insert here)". and this could as well have been freshly printed Greek Gov IOUs, or fresh Drachmas

his problem was nevertheless that he always wanted to spend more then what his ministry gets in

and so he moans against "Troika supervision" in a ministry where he did nothing to improve it's effectiveness, too busy to study how to hack in it, or so it seems

of course, that simple law would not have got much support. wonder why.../S

Marco's picture

Just because I love laughing at bimetallists ... would that be at a fixed gold/silver ratio?

Or just at the floating day rates for both in a real currency? (Like say the Euro.)

The only advantage to the Drachme is that they can print it and thus "rescue" their financial system without help from the ECB (just with massive inflation). With silver/gold they'd still be stuck with broken banks.

Kina's picture

Cue Troika-Trolls... must get Varoufakis 


Seems he was the ONLY one thinking about Greece and Greeks.


Meanwhile Germany - Troika trying to arse-rape Greece into oblivion, simply to scare France. ffs

Cold-Pragmatism's picture

So these clowns couldn't do things the right way, by running a government properly, so they decided to do things the dishonest way, by breaking into financial systems, illegally stealing information, or better yet rob the Central Bank!

These clowns are not just communists, but are a pair of incompetent, idiotic, crooks!

In days of yore, a pair like Tsipras and Varoufakis, would be immediately rounded up and shot for subversion, conspiracy to commit state larcenary, and conspiracy to break and enter financial systems not under their auspices.

Communists never change, if they can't get their money the way they want, they will always resort to thieving, stealing or robbing. Fortunately, Tsipras and Varoufakis are idiots, god for bid if they had an iota of ability to do anything right!

Well one thing is for sure, the world and Europe (especially Turkey, Albania, Bulgaria and Macedonia) do not have to worry about Greece going rogue or on the war path. For if they did, they would botch it up! BWAHAHAHAHAHA!

This is so funny...Twit Tsipras and Vacuous Varoufakis running a country!

Greece!! You are better off with Buster Keaton and Charile Chaplin, at least they knew they were clowing around when they did things, whereas, Tsipras and Varoufakis don't know how big a clowns they really are!

What a sad country you are Greece, you have clowns for leaders, and fools that vote for them.

Those few in Greece who grieve and understand the travesty of common sense and ability that is displayed by your clown leaders, I sympathize for you. If you can, leave Greece, for the lunatics are turning your country into an asylum for the insane!

Anybody that goes to Greece for anything IS MAD! For as long as these lunatics are in charge!

Peter Pan's picture

I repeat my earlier comment to the effect that it is non-sensical to accuse a man elected by the people of illegally breaking in into systems that contain information about his own nation's citizens.

And while I agree that leadership in Greece has been poor, you should take a very close look at the leaders in your own country and you will (if honest) come to the same conclusion about them as you do for Greece.

Cold-Pragmatism's picture

If it wasn't for Putin saying no to Greece, these two clowns would have implement their criminal plan, and then where would Greeks be!

I think Putin did a bigger favour than people realize, by getting Greece cornered into the EU plan.

I hate to admit this, for I'm no fan of Putin's, but I am beginning to suspect that Putlin is a lot sharper that all the European leaders combined.

Putin is one hell of a crafty politician! And I say that with more worry than praise.

Catherine The Great would have very much liked Putin, I dare say.

Peter Pan's picture

You are perhaps half right in the sense that by keeping Greece in the Euro Putin in some respects has a Trojan horse in the Euro which he might be able to use to good effect by way of vetos, info etc etc.

Son of Captain Nemo's picture

What a lot of people fail to realize is that University of Texas faculty and students alike are a "stable" for CIA recruiting.  Deep pockets and international business interests abound and I'm sure Varoufakis was either bribed or committed willingly for some extra investment money through Georgy Soros.

When he mentioned soliciting his computer buddy at Columbia University to build a "parallel system" that pretty much sealed if for me after I heard it!

Who is that coffee colored gentlement on Pennsylvania Avenue that is allegedly an alumnus of that hallowed ivy league institution who was somewhere else moonlighting ... while he was getting his bachelor's degree that also has an extensive list of graduates on it's payroll to the "Mother Ship" in Langley?

johnlocke445's picture

I don't understand where any laws were broken. Just because V. wanted to break into the troika system does not make him a criminal. I would love to hack into the CIA and learn their secrets, but it doesn't mean that I will do it.

stewie's picture

Wow I'm very impressed by V and his plan.  He should have called on Anonymous to hack the database for him.  He probably had Tsipras's balls implanted in his own bag, which in retrospect would explain a lot...