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News Link • European Union

Greece Is Using A Bartering System In Lieu Of The Euro

•, Mark Lowen
 As Greece wonders whether its debt crisis will eventually spell its exit from the euro, one town, Volos, has formed an alternative local currency

A few months ago, an alternative currency was introduced in the Greek port city of Volos. It was a grass-roots initiative that has since grown into a network of more than 800 members, in a community struggling to afford items in euros during a deepening financial crisis.

The handicrafts stall at Volos central market lies at the end, just past the homemade jams. After perusing what there is on offer, Hara Soldatou picks out a set of decorated candles, delighted with her purchase. “They cost me 24 TEM, which I built up by offering yoga classes,” she says.

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