Greece May Start Printing IOU Currency
Greece has rejected the terms of the Eurozone and this is a teachable moment.
Something that couldn’t go on forever, won’t…
Defiant Greeks reject EU demands as Syriza readies IOU currency
Greek voters have rejected the austerity demands of Europe’s creditor powers by a stunning margin, sweeping aside warnings that this could lead to the collapse of the banking system and a return to the drachma.
Early returns in the historic referendum showed the No side -Oxi in Greek =- running at 61pc versus 39pc for the Yes side as the Greek people turned out en masse to vent their anger over six years of economic depression and national humiliation. A volcanic revolt appeared to have swept through Greek islands…
Top Syriza officials say they are considering drastic steps to boost liquidity and shore up the banking system, should the ECB refuse to give the country enough breathing room for a fresh talks.
“If necessary, we will issue parallel liquidity and California-style IOU’s, in an electronic form. We should have done it a week ago,” said Yanis Varoufakis, the finance minister.
IOU’s are as good as real money, right?
Think it can’t happen here? Guess again.
Read a comprehensive round-up post on the situation in Greece at Legal Insurrection.
As usual, Iowahawk provides excellent analysis…