A parallel currency in a parallel universe full of little parallel eurozones? German Finance Minister Wolfgang Schaeuble has reportedly said that Greece may have to invent a “parallel currency” alongside with the euro, if negotiations with the country’s creditors stall.
Business Insider reports that Bloomberg reports that hardliner Schaeuble reportedly tabled his parallel proposal during a private meeting with what it seems “parallel brains”..
Magic Wolfie
Grabbing Euro...
…Serving Greuro
Happy to present Two Parallel Euros
But two people who were present at the recent, private and apparently very secret meeting were unable to keep their mouths shut and leaked Schaeuble’s parallel euro concept to the press.
“Schaeuble mentioned the idea of parallel currencies at a recent meeting without endorsing it, according to two people who attended and asked not to be identified because the gathering was private. He also cited the example of Montenegro, which uses the euro but isn’t a member of the currency union, one person said.” (Bloomberg)
The two parallel people were also unable to elaborate on the issue or reveal what and how exactly this parallel Greek currency would work. Neither could they elaborate on one key question:
A Greuro parallel to THE Euro with same or less value?
Puzzled as well about the “parallel currency” Business Insider dug in the issue and even asked experts.
“The government could issue this “parallel currency” and demand that it have the same value as the euro, but if the public didn’t have confidence in it a black market could open up. Capital Economics says this could create a “dual pricing system” in which the parallel currency was worth less than the euro, destabilising the whole economy.”
Aside from kidding, I don’t dare to believe that FinMin Schaeuble seriously made such proposal. Rather blame the usual “parallel suspects” who leak lots of crap around aiming to increase pressure on the Greek government to giv in to creditors’ demands. We have been watching this film since 2010, right?
UPDATE: German Finance Ministry dismissed the Bloomberg scenario saying:
@markets Report is inaccurate. This sort of scenario is not up for debate.
PS And if we manage to survive this parallel universe of media scenarios, we will happily enjoy non-stop nirvana, free from suffering and desire and blackmailing and pressure.
Ooommmmmmmmmm
Greek in meditation position, bearing the parallel Om currency on his chest.
Parallel Universe or Parallel Brain? That is here the question 🙂
Given the incompetent and highly unprofessional management of everything by the Germans in particular in the eurozone crisis, nothing would surprise me. There is no serious theoretical underpinning of their economic “ideas” [lunacies, in reality], no professional planning of different possible scenarios and outcomes of policy… Just the personal opinions of inflated egos with no background in economics or public policy.
Even when the IMF has got involved, they have managed to make basic and serious errors — and continue to do so to this day. The whole thing reeks of nepotism, politics and amateurishness. Schaeuble is quite capable of claiming that the Sun orbits the Earth, if it suits his mood.
All idiots, except for the Greeks…
Only contradicts somehow your theory of being an eternal victim of foreign dark forces.
You are not the inventor of the classical di-lemma, no?
My theory of what? You are dribbling down your bib.
If the Balkans are still flooded with old German money this might be an ugly trick to get the D-Mark back – 1:1 – invented by Mr. Genius Unsinn himself.
NO THEY WON’T
ALL THEY HAVE TO DO IS DECLARE BANKRUPTCY & MOVE ON WITH A CLEAN SLATE.
THEY MAY HAVE TO REPAY 10 CENTS IN EVERY DOLLAR THAT THEY OW IN INSTALLMENTS.
BUT NOT WITH THE INCOMPETENT VAROUFAKIS AS FM