Wednesday, July 8, 2015

Gianis Baroufakis and the "California Option"

The following article is from on how Greek businesses may be already reproaching their goods and services...IN DRACHMAS!  It also states how former Greek Finance Minister, Gianis Baroufakis, even considered using the IOU approach as a currency solution for Greece if it can't switch immediately over to a national currency like the old Drachma it had for...THOUSANDS OF YEARS!

See this article below...

Greek Businesses Now Listing Prices In Drachma
Tyler Durden's pictureSubmitted by Tyler Durden on 07/08/2015 13:45 -0400

Earlier today, Kathimerini reported that the Greek government, facing an acute cash crunch and staring down the possibility that the country will soon face a shortage of critical imported goods, is making preparations for the introduction of an alternative currency. 
“According to reports, the … parallel currency design process has begun. By today's standards, government funds [will] fail to service the obligation to pay wages and pensions at the end of the month,” the Greek daily said. 
The report, which was promptly dismissed by the finance ministry as “completely unsubstantiated”, comes on the heels of comments from former FinMin Yanis Varoufakis that the Greeks were considering the so-called “California” IOU option. 
Amusingly, Greek businesses do not appear to be waiting for the official word from Athens to fall back on euro alternatives. 
The image below was sent in by a tourist who went to a cafe in Greece where the menu prices are now back in Drachma:


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