Latvian central bank head and ECB man Illmars Rimsevics hasn't been mincing his words today
Aside from this comment that Greece took themselves to the exit door threshold with the referendum, he later added that the introduction of another currency in Greece is a very realistic scenario
How real is the possibility of Greece printing their own money?
Long time ForexLive reader Si also says that it's a very real possibility. German politician and leader of the EU parliament Martin Schulz is onboard with that too after saying that Greece will have to introduce another currency if they voted no
The cards are mostly held by the ECB and Nowotny spoke out against any attempts at a parallel currency by saying that "Every currency created outside of the ECB's monopoly would be classed as counterfeit"
It's one thing printing a currency, yet another getting that currency recognised outside of your borders. The Greeks could print money to use domestically but that doesn't solve paying for imports. There's a million and one other problems to consider. Do they peg it, do they float it? etc etc
The dual/new currency can of worms is a big one and one that the ECB, at least, won't want opened
Si rightly points out that if Greece does go down that road, and if they particularly print euros, then that is a big fat sell signal for the euro
The only question that remains, whose heads go on the notes
Greece could fire up the printers
