Greece Considers IOU Currency after NO to EU Demands: Reports

greek banks

The Greek government is working to boost liquidity in Greece as Greek banks remain closed after a NO vote win in a referendum that rejected a take-it-or-leave it deal offered by the country’s creditors.

Top Syriza officials told The Telegraph on Sunday night that “they are considering drastic steps to boost liquidity and shore up the banking system, should the ECB refuse to give the country enough breathing room for a fresh talks.”

According to the report Greek Finance minister Yanis Varoufakis said: “If necessary, we will issue parallel liquidity and California-style IOU’s, in an electronic from. We should have done it a week ago,” .

Mr. Varoufakis reiterated that this is not a prelude to Grexit but a legal action within the inviolable sanctity of monetary union.

The decision will take place tonight, at an emergency meeting the finance minister is holding with the private banks and the governor of the Greek central bank, Yannis Stournaras.

The cash reserves of Greece’s four big banks are lasting only until tomorrow, according to Louka Katseli, head of the Hellenic Bank Association, who said ATM machines will run out of money within hours after the vote.

Greece’s banks have been on holiday and under capital controls since the announcement of the referendum last week, while Greek depositors are allowed to withdraw €60 a day per account.


  1. I can only say one thing to Greece. What you have done is increadable brave, you choosed your own destiny. Walk on Greece, walk on. Only poor people react like this. I visited poor countries the poor people wll always say, stick your money op yours! we rather eat dirt and be poor then become corrupt to money. I prayed to Jesus today that Greece would vote No. Thanks Mr. J.

  2. The immediate way to boost liquidity is to bring out the Drachma to run side by side with the Euro within Greece at two drachmas for each Euro,
    This will restore liquidity immediately and more importantly and above all else it will immediately restore the CONFIDENCE of the GREEK people.

  3. If the commies in our government had an ounce of creativity they would shift to bitcoin. An existing currency out of the control of any government or bank.

  4. Here. take this IOU I promise to pay you back your money. I swear. Look at my track record of paying back debts if you don’t believe me.

    Clearly any new “currency” by our Marxist government will be very popular.

  5. Does not work. Two for one rate of Drachma is absurdly high, nobody would give euros at that rate. Correct exchange rate would be something like 1 nuDrachma = 1 Zimbabwe dollar or whatever it was this week.

    Greeks will hand around monopoly money and pretend it is real, and thing people are fooled.

  6. I agree Phil it would be a smart move or why use cash at all
    why not electronic transactions only

  7. Poor people are poor because they do not adapt to new and better ways, they have limited access to currency that allows them to commit capital to grow business.
    The wealth of nations is created by business people who are progressive, who take initiative and who harness both knowledge and the power of work to create prosperity by giving the average person in society access to goods and services that will improve their lives, and jobs to work and earn an income.
    This free enterprise capitalist system is what Greece has in its origin and existence as a society, Greece and the Greek people excel at trade and tourism and farming and creativity in developing business to serve their needs.
    Greece has gotten to where it is because of a few politicians doing deals with their European counterparts, not because of any deficiency in the ability of the people.
    Nations where Governments have left capitalism produce and prosper have become the leading powers in the world, where Governments interfere to any great extent introducing socialism nations head on a path to failure.