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Greece Considers IOU Currency after NO to EU Demands: Reports

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The Greek government is working to boost liquidity in Greece as Greek banks remain closed after a NO vote win in a referendum that rejected a take-it-or-leave it deal offered by the country’s creditors.
Top Syriza officials told The Telegraph on Sunday night that “they are considering drastic steps to boost liquidity and shore up the banking system, should the ECB refuse to give the country enough breathing room for a fresh talks.”
According to the report Greek Finance minister Yanis Varoufakis said: “If necessary, we will issue parallel liquidity and California-style IOU’s, in an electronic from. We should have done it a week ago,” .
Mr. Varoufakis reiterated that this is not a prelude to Grexit but a legal action within the inviolable sanctity of monetary union.
The decision will take place tonight, at an emergency meeting the finance minister is holding with the private banks and the governor of the Greek central bank, Yannis Stournaras.
The cash reserves of Greece’s four big banks are lasting only until tomorrow, according to Louka Katseli, head of the Hellenic Bank Association, who said ATM machines will run out of money within hours after the vote.
Greece’s banks have been on holiday and under capital controls since the announcement of the referendum last week, while Greek depositors are allowed to withdraw €60 a day per account.

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