| Cash is a scarce commodity in Greece. In June, Greek banks declared a surprise limitation on how much could be withdrawn from an account. At present, the government still limits the cash withdrawals of its citizens.
Of course, this is just the most recent development in a series of events that make up the cash squeeze. In response, Greeks have done what all people do when they cannot get enough currency – improvise. Since 2010, several alternative systems of payment for goods and services have cropped up in Greece. One is TEM, which allows people to accrue monetary credit online and then use that credit to pay others...............................................Full Article: Source
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