European leaders announced Monday morning that they had reached a deal meant to resolve Greece's debt crisis, The New York Times reports. The new bailout for Greece would involve both "serious reforms" and "financial support," said Donald Tusk, president of the European Council.

Last week Greek voters issued a surprisingly loud and clear statement of support to Greek Prime Minister Alexis Tsipras, and defiance to European authorities and the International Monetary Fund. In the referendum celebrated on July 5, the Greeks said no to the bailout deal proposed by the country's creditors.

The agreement on the new bailout deal is tough on Greece, but better than alternatives that have been discussed in the frantic negotiations of last week. It appears that Grexit – the forced exit of Greece from the Eurozone and perhaps from the European Union itself – has been avoided for now.

The question remains whether the current agreement and the detailed bailout plan that is expected to be unveiled in the next hours or days are solid enough to provide a stable and sustainable solution to the Greek crisis. The situation in Greece remains very difficult – so difficult, in fact, that the possibility of a parallel currency for Greece, either issued by the government or spontaneously established by the citizens themselves, remains plausible.

Writing at The Wall Street Journal, Christopher Mims notes that – although bitcoin is evolving much more quickly than some observers realize – the digital currency as it is cannot help the Greeks of today. But it could be of great help to the Greeks of tomorrow, or the citizens of other countries that fall into serious financial troubles.

Mims notes that Greek companies are already starting to do what is often done in times of currency crisis, paying suppliers and employees in IOUs, or scrip – an example of local currencies that can be spent a particular area in addition to a national currency, with or without the backing of the government and the status of legal tender. Other types of local currencies are Local Exchange Trade Systems, or LETS. The local currency WIR franc, established in the 1930 by Swiss WIR Bank in response to a failing economy and currency shortages, has been proposed as a conceptual model for a blockchain-based parallel currency, which will be introduced in a pilot project for a Greek island.