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Greece could use ‘parallel currency’ as desperation grows

Posted on 08 May 2015

European Central Bank board member floats the idea of an “IOU” system to pay civil servants if country runs out of euros. Greece could start using a “parallel currency” to pay its civil servants if it runs out of cash, one of the European Central Bank’s board members has suggested.
Highlighting the desperate situation faced by the country, Yves Merch, a member of the ECB’s executive board and governor of Luxembourg’s central bank, told Spanish newspaper La Vanguardia that Greece could resort to using “exceptional tools” to pay its obligations………………………………………..Full Article: Source


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