May 21, 2013
Greeks Ditch Euro in Exchange for Local Trading
Posted on Jan 3, 2013
Residents of the Greek city Volos—some of whom have lost up to 40 percent of their disposable income—have taken to bartering or using alternative currency to survive the worst economic crisis in modern times.
Organizers say some 1,300 people have signed up for an informal bartering network. A currency known as the Tem, which constitutes a form of community banking monitored entirely online, is “not only an effective antidote to wage cuts and soaring taxes but the ‘best kind of shopping therapy,’ ” The Guardian reports.
“One Tem is the equivalent of one euro,” Volos resident Angeliki Ioanitou said. “My oil and soap came to 70 Tem and with that I bought oranges, pies, napkins, cleaning products and Christmas decorations,” said the mother of five. “I’ve got 30 Tem left over. For women, who are worst affected by unemployment, and don’t have kafeneia [coffeehouses] to go to like men, it’s like belonging to a hugely supportive association.”
—Posted by Alexander Reed Kelly.
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