Was it genuinely impossible to arrange a Grexit given complex logistics
of introducing a drachma? Though he doesn't engage logistics problems,
here - http://cadtm.org/Greece-Alternatives-to-the - in one of his
as-usual excellent articles on debt, Eric Toussaint suggests more than a
dozen measures that could be taken, e.g. these three:/
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/**//The Greek authorities also had the opportunity to create an
electronic currency (denominated in euros) for internal use in the
country. The public authorities could raise pensions and salaries in the
public services and grant humanitarian aid to people by opening credit
accounts for them in electronic currency that could be used for several
kinds of payment: electricity and water bills, payment for transport and
taxes, purchases of food and basic goods, etc. Contrary to a baseless
prejudice, even private businesses would do well to voluntarily accept
the electronic method of payment as it will allow them to sell their
goods and settle payments to the government (payment of taxes and for
the various public services they use). The creation of this additional
electronic currency would reduce the country’s needs in euros.
Transactions in this electronic currency could be made by mobile phones
as is the case today in Ecuador./
//
/The restrictions on capital flows must be maintained while the price of
consumer goods must be controlled.//
/
//
/... the Greek people will soon understand that if they want a future
that includes justice and emancipation, Greece must get out of the euro
zone. In this case, the above propositions remain valid, especially the
socialization of banks similar to the nationalization of France’s
banking system after the Liberation. These measures should be combined
with a significant monetary reform, inspired by the system implemented
by the Belgian government after World War II. This reform will
specifically aim at deflating the incomes of those who got rich at the
expense of others. The principle is simple: during the changeover to
another currency, there should be no automatic parity between the old
and the new currency (the existing euro against a new drachma, for
example) beyond a certain limit. The amount exceeding the limit must be
blocked in an escrow account and its origin must be justified and
authenticated. In principle, any amount exceeding the specified ceiling
will be exchanged at a less favourable rate (for example, two former
euros against one new drachma). When a criminal origin can be proved,
the sum may even be forfeited. Such monetary reform would distribute
part of the wealth in a more socially just manner. Another objective of
the reform is to reduce the money in circulation in order to fight
inflationary trends. To be effective, strict control over capital
movements and foreign exchange must be established.../
//
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