Earlier today, Kathimerini reported that the Greek government, facing an acute cash crunch and staring down the possibility that the country will soon face a shortage of critical imported goods, is making preparations for the introduction of an alternative currency.
“According to reports, the … parallel currency design process has begun. By today's standards, government funds [will] fail to service the obligation to pay wages and pensions at the end of the month,” the Greek daily said.
The report, which was promptly dismissed by the finance ministry as “completely unsubstantiated”, comes on the heels of comments from former FinMin Yanis Varoufakis that the Greeks were considering the so-called “California” IOU option.
Amusingly, Greek businesses do not appear to be waiting for the official word from Athens to fall back on euro alternatives.
The image below was sent in by a tourist who went to a cafe in Greece where the menu prices are now back in Drachma:
Read the rest here...