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Cash is King - and Greece

The Greek referendum will be an interesting exercise. At some point the Greek government runs out of cash. After that point no-one gets paid. I suppose they can start by holding back on big payments, but after a point salaries are not paid, pensions are not paid, suppliers are not paid.

Cash becomes "king" because no-one will give the government any credit unless they are forced to.

The government could print a "new drachma", but I am not sure what that would be exchangeable into.

They cannot simply refuse to pay the outstanding debt because the other countries would not accept that and they cannot isolate themselves.

If they are going to hold a referendum they will need to do this quickly.

Comments

Jake Maverick said…
you mean like Russia did once? seemed to work out alright for them....

and i thought cash had been made illegal, effectively, in Greece? tryout there before eveywhere.....you can't get more fascist than that!
Jake Maverick said…
please let me have access to money/ bank account again...or failing that guns so i can consider doing a Moat?
it's a, b or c

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