Robert Naiman wrote: > So, the Economist concedes that the idea of a parallel currency is in play. > > "Some economists think that Greece could nonetheless avoid a sudden > departure from the euro. The government could pay some of its bills by > issuing its own IOUs direct to its domestic creditors. These notes > (“scrip”) would start to circulate at a steep discount to euros. In > effect, argues Thomas Mayer, an adviser to Deutsche Bank, Greece could > create its own parallel and depreciated currency while still remaining > in the monetary union."
Given the nature of this crisis, the Greek government would declare that its external debts are to be paid in this parallel currency. In effect, that's the same as dropping the euro. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
