As was said three years ago, this seems like the safest option in a worst-case scenario. If this backdoor method gains traction in Greece, it would no doubt help avoid a Russian and Chinese invasion via Athens and full economic breakup of the single currency bloc. Other embattled countries might string along.
European Central Bank board member floats the idea of an “IOU” system to pay civil servants if country runs out of euros
Greece could start using a “parallel currency” to pay its civil servants if it runs out of cash, one of the European Central Bank’s board members has suggested. His comments come as the country scrambles to reach a deal with international creditors and avoid a default.
Highlighting the desperate situation faced by the country, Yves Merch, a member of the ECB’s executive board and governor of Luxembourg’s central bank, told Spanish newspaper La Vanguardia that Greece could resort to using “exceptional tools” to pay its obligations.