Greek town starts to ditch the Euro


by Sunny Hundal    
9:05 am - May 28th 2012

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BBC World carried this news report last week of a Greek town that has turned to a ‘barter system’ to replace the Euro.

But is it viable?

The local Greeks have simply created an alternative currency and an alternative ‘bank’ of sorts to manage their affairs. It’s hardly a return to the barter system.

But the upside is that if the Euro does collapse, at least the local economy here is more cushioned.

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About the author
Sunny Hundal is editor of LC. Also: on Twitter, at Pickled Politics and Guardian CIF.
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Reader comments


1. Paul

Quite right, It’s not a barter system. BBC should be ashamed of their ignorance.

It’s a local currency, as was developed in hundreds of places during the US Great Depression, precisely like the Brixton pound, and now the Bristol pound (though the latter has the advantage of council buy in, allowing participating business to pay business rates in it, I understand).

Greece is dependent for its food supply on imports.

2. Luis Enrique

If the only challenge Greece faced exiting the Euro was the provision of a new currency, there would be no problem.

3. So Much For Subtlety

So they can all swap locally produced jams. Excellent.

How are they going to pay off their share of the Greek national debt?

4. pjt

So now it is Liberal Conspiracy’s turn to admire tax evasion? Because that’s the point of these barter systems. Other than that, they could completely go on with using the euro (or the GBP or U.S. dollar or whatever).

http://ptaipale.blogspot.com/2012/03/market-economy-invented-in-greece.html


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