Parallel currencies, Varoufakis’ plan B and the ongoing debate on Euro
Jacques Sapir, Directeur d'études Ecole des Hautes Études en Sciences Sociales, Directeur du CEMI-EHESS
Please cite the paper as:
Jacques Sapir, (2015), Parallel currencies, Varoufakis’ plan B and the ongoing debate on Euro, World Economics Association (WEA) Conferences, No. 2 2015, The European Crisis, 1st October to 1st December, 2015
This paper has been included in the publication
“The European Crisis”
The last round of the Greek crisis has epitomized the European institutions nasty behavior. It has also put on the forefront the issue of the Euro. The European Monetary Union has turned into an instrument of enforcement of austerity and deflation all over the Eurozone. Its nasty consequences are going far over the Eurozone by the way. The crisis ended temporarily with an agreement that was forced upon the Greek government. It will have enduring consequences. But, in the process of this crisis have emerged the possibility of another way. What has been called Yanis Varoufakis “plan B” was an attempt to create a parallel payment system, and possibly a parallel currency. It was not intended to be a short road for Greece to return to the Drachma but it could have been so. This paper is then to study the process of this so-called “plan B” in the light of previous experiment with parallel currencies.