The Minister of Finances Yanis Varoufakis has rejected the possibility of Greece issuing a parallel currency, the so-called “geuro”, as proposed by Deutsche Bank’s former chief economist Thomas Mayer.
As he was arriving at his office, Mr. Varoufakis told journalists that “there is only a political solution” and stressed that “in a negotiation there are mutual concessions”.
One of the major benefits of issuing a parallel currency, according to Thomas Mayer, is that Greece would be able to preserve its competitiveness, without having to abandon the euro.
