Necessity is the mother of invention.
When Christos Papaioannou noticed his car needed new tires, the Greek computer engineer bought them with euros—but used an alternative currency, called TEM, to pay his mechanic for the labor.
His country has avoided a catastrophic exit from the common currency, at least for now. But a small but growing number of cash-strapped Greeks, who are still grappling with strict money-withdrawal limits, have found another route in TEM and other unconventional payment systems like it.
Before then, Ms. Sotiropoulou said she was only aware of two such programs. No official record of the number of alternative currencies and local bartering systems appears to exist in Greece. But according to an Athens-based grass roots organization called Omikron Project, there are now more than 80 such programs, double the number in 2013. They vary in size, from dozens of members to thousands.
– From the Wall Street Journal article: Alternative Currencies Flourish in Greece as Euros Are Harder to Come by
Hundreds of millions of people throughout the Western world are being forced to admit an obvious, yet uncomfortable reality.Democracy is dead. Your vote and your voice doesn’t matter. Not at all.
No group of people understand this as intimately as the Greeks. They voted for one thing, got something else, and in the process were unceremoniously reminded of their political irrelevance. The Greeks are now in a position to show the rest of us how it’s done. Communities need to take matters into their own hands and tackle challenges at the grassroots level. Nowhere is this more impactful and necessary than in the monetary realm, and some Greeks are already leading the charge.
From Alternative Currencies Flourish in Greece as Euros Are Harder to Come by:
When Christos Papaioannou noticed his car needed new tires, the Greek computer engineer bought them with euros—but used an alternative currency, called TEM, to pay his mechanic for the labor.
His country has avoided a catastrophic exit from the common currency, at least for now. But a small but growing number of cash-strapped Greeks, who are still grappling with strict money-withdrawal limits, have found another route in TEM and other unconventional payment systems like it.
“Money is sparse right now, but people still have the same skills and knowledge they had before the crisis,” said Mr. Papaioannou, part of a cooperative that founded TEM in the port city of Volos and one of nearly 1,000 registered users of the alternate currency there.
“Money is sparse right now, but people still have the same skills and knowledge they had before the crisis.”
