WASHINGTON POST: …A large majority of Greeks want to remain in the euro zone, and many do not see a “no” vote in the referendum as a rejection of the currency. But without serious talks toward a new bailout plan, the European Central Bank may feel that its rules oblige it to pull the plug on emergency assistance for Greek banks.
If that were to happen, the only way for Greece to maintain a functioning financial system would be a quick government decision to print an alternative currency.
The mechanics of a currency switch would be chaotic, if technically simple, with a return to the drachma or a new national coin of any other name potentially taking the early shape of government- or bank-issued IOUs. Greece, which now prints euros, as do the other nations that share the currency, could within weeks alter its ¬presses to churn out national bills — or outsource the task to specialized companies abroad… (more)
