Senior government officials confirm considerations of “drastic measures” in order to boost liquidity and the banking system, should the ECB refuse to help Greece.
According to the Minister of Finances Yanis Varoufakis, who spoke to the Telegraph, there are thoughts about introducing a parallel currency and electronic IOU’s, similar to how it was carried out in California.
The Finance Minister noted that «if necessary, we will issue parallel liquidity and California-style IOU’s, in an electronic form. We should have done it a week ago«.
Mr. Varoufakis has nevertheless disputed the reports and responded via his Twitter account that “Greece’s position in [the euro] is non-negotiable. Liquidity will be restored with an agreement» and added that Europe will not be left with parallel currencies.