The European Commissioner for Digital Economy and Society Günther Oettinger argued that it is not rational to start new negotiations if Greece continues to reject reforms, in an interview for German tabloid Bild.
Mr. Oettinger noted that EU resources should not be used to fund the Greek budget and argued that the Greek authorities should probably begin issuing IOUs in order to pay wages and pensions.
IOUs may be used to cover payments due to a shortage of euros, however mass circulation would make these IOUs a de facto parallel currency, which may then be converted into a new drachma.
The German Commissioner noted that the adoption of a parallel currency would mean that Greece is suited to remain in the Eurozone.
