Greece should repeal legal tender laws and not print drachma

From today’s Open Europe news summary:
Ruparel: Greece is going to have to start printing its own money

Open Europe’s experts have been widely cited in the UK and international media discussing the latest developments in the Greek crisis. Writing for The Daily Telegraph, Open Europe Co-Director Raoul Ruparel argues that “The negotiations may rumble on for a bit but the gaps between Greece and creditors as well as within the creditors look too large to bridge. Ultimately, if Greece ever wants to reopen its banks it will have to start printing its own currency, marking an important step towards full Grexit.” Raoul also appeared on BBC Radio Four’s Today programme and on BBC Radio Two’s Jeremy Vine Show arguing that it will be very hard for Greece to avoid leaving the Euro now, since its demands remain incompatible with the political situation and democratic mandates of most other Eurozone governments. Raoul is also quoted by the International New York Times and El País. Open Europe’s Co-Director Stephen Booth is quoted by Die Welt arguing that Grexit would reinforce David Cameron’s argument in favour of a more flexible EU.

With all due respect I most vigorously challenge Mr. Ruparel that the Greeks should start printing their own money. Greece should repeal legal tender laws, as a starter, and allow the people to use whatever money they deem most useful. There is little doubt that the world, including the Greeks themselves, will have no confidence in a new drachma; it will be worthless upon arrival.
 
Pat Barron
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