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Tuesday, July 7, 2015

IOU-currency would put Greece in line to quit euro

By John O'Donnell and Alastair Macdonald FRANKFURT/ BRUSSELS (Reuters) - The thinning oxygen supply to Greek banks could leave Athens with little choice but to introduce a form of second currency, European officials believe, a temporary means of freezing its membership of the bloc but one that risks its ultimate exit. Facing a massive budget shortfall, California's then governor Arnold Schwarzenegger issued more than 300,000 IOUs, known as warrants, with a value of almost $2 billion, to pay taxpayer refunds and others due money from the state.


READ THE ORIGINAL POST AT uk.news.yahoo.com