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Bernard Lietaer - On Saving Greece

posted 7 Sep 2012, 09:13 by Raymond Aitken   [ updated 7 Sep 2012, 09:31 by Raymond Aitken ]

Thomas Mayer, chief economist of Deutsche Bank, recently proposed to prevent the seemingly inevitable withdrawal of Greece from the EMU by introducing the "Geuro" as a national parallel currency. Mayer's suggestion is only the last in a series of similar proposals published by authors of different backgrounds, all proposing a parallel currency regime as a third way between fiscal union and Euro exit.

None of this will work unless the design of such a new financial architecture is not to be determined by banks and financial institutions alone, but should draw on the expertise, ideas and experience of heterodox thinkers and practitioners.

For example the proposal of Bernard Lietaer that the complementary currencies must be accepted in payment of taxes is key. This would really break the monopoly of the private banking cartel, and provide sustainable socio-economic and ecological benefits of the general population of Greece, and potentially of Portugal, Spain and other countries as well - all without debt. See : YES to a Parallel Currency approach for Greece!