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.From jewellery to food, electrical parts to clothes, everything here is on sale through a local alternative currency called TEM.
It works as an exchange system. If you have goods or services to offer, you gain credit, with one euro equivalent to one TEM.
You can then use your “savings” to buy whatever else is being offered through the network, leading to some rather original exchanges of goods.
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It’s all reminiscent of an ancient bartering system returning to today’s Greece.
“I can get language classes or computer lessons in return”, says Stavros Ntentos from his stall where he sells children’s underwear.“It’s a very good idea because we need to make people realise we can all buy and sell something; we don’t only need euros.”
“We have reached the bottom of our lives and we now have to think in a different way,” says Tasos, a vegetable-seller.
Co-existing currencies
The whole system is organised online, with members holding TEM accounts, which are debited with each virtual transaction.
The founder, Yiannis Grigoriou, stands next to the computer bank at the market, surveying proceedings.
“It’s attractive because people find hope here. They find things to give and take,” he says.
So could the TEM become the dominant currency in Volos?
“I don’t know”, he says, chuckling. “We’ll see about that.”
Yiannis Grigoriou, who founded the system, believes his approach could have a bright future
Exiting the eurozone has been a frequently-discussed scenario over recent months, as Greece has sunk deeper into its worst recession in modern history.And while some in the country see TEM as an alternative – “the euro is a thing of the past,” explained one shopper – it seems more like a back-up than a viable replacement.
The mayor of Volos, Panos Skotiniotis, insists the euro is not in danger from TEM.
He stands by the project, but says the two currencies can co-exist.
“We support the initiative because it’s a very good way out of the deep economic and social crisis,” he says.
“It’s an initiative that supplements the euro but doesn’t replace the euro. Greece is in the eurozone, we want to remain in the eurozone, we think we must remain in the euro.”
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