For weeks commentators have been discussing the
possibility of Greece leaving the eurozone and how a return to the
drachma might be facilitated. But when it comes to currency, the
drachma is not Greece's only option. If Greece does exit the
eurozone an alternative currency could emerge or an already
existing one could be adopted. In some parts of Greece social
entrepreneurship, technology, and skepticism of politicians have
already given rise to alternate trading mechanisms and created an
environment where cyrptocurrencies could become increasingly
popular.
As the euro crisis worsened many Greeks began hoarding euros, and more recently there have been small runs on banks. Spending on goods has gone down and prices have been rising. In the Greek city of Volos social entrepreneurship has resulted in a modest but inspiring solution to this trend. One Volos resident started TEM, an online bartering system that allows residents to purchase groceries and other goods in exchange for services while keeping their euros to pay the rent.
With a Greek exit form the eurozone a very real possibility such examples of social entrepreneurship may well become more and more common as the crisis deepens.
Greeks have contradictory opinions on the euro. While the overwhelming majority of Greeks want to stay in the eurozone, a majority of the Greek public is also strongly against the austerity measures required in the bailout agreement. George Zarkadakis, a Greek novelist, journalist, and entrepreneur, explained the political paralysis in Greece to Reason. “The Greek idiocy was that nobody wants to reform," he says. "Greece is a state-controlled economy, the Greek political class wants to rescue their civil service and nothing has been done in the past two years.”
Read more: http://reason.com/archives/2012/07/06/alternative-currencies-rise-eurozone-cri
As the euro crisis worsened many Greeks began hoarding euros, and more recently there have been small runs on banks. Spending on goods has gone down and prices have been rising. In the Greek city of Volos social entrepreneurship has resulted in a modest but inspiring solution to this trend. One Volos resident started TEM, an online bartering system that allows residents to purchase groceries and other goods in exchange for services while keeping their euros to pay the rent.
With a Greek exit form the eurozone a very real possibility such examples of social entrepreneurship may well become more and more common as the crisis deepens.
Greeks have contradictory opinions on the euro. While the overwhelming majority of Greeks want to stay in the eurozone, a majority of the Greek public is also strongly against the austerity measures required in the bailout agreement. George Zarkadakis, a Greek novelist, journalist, and entrepreneur, explained the political paralysis in Greece to Reason. “The Greek idiocy was that nobody wants to reform," he says. "Greece is a state-controlled economy, the Greek political class wants to rescue their civil service and nothing has been done in the past two years.”
Read more: http://reason.com/archives/2012/07/06/alternative-currencies-rise-eurozone-cri
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