Volker Wieland regarding possible options in Greece after the referendum (ARD-Tagesthemen)

After the Greeks said no in the referendum regarding the reform process and the Greek finance minister Janis Varoufakis stepped back time is pressing. The leaders of the eurozone will meet at a summit again and the European Central Bank (ECB) has changed the terms of the emergency liquidity assistance (ELA) as the Greek banks run out of cash.

In a TV broadcast in "Tagesthemen" Greece's various options are explained, among them so-called IOY as California issued in 2009. "If the Greek government was short of money, it could pay the pensions or the wages of its civil servants in IOYs. However, the government is not entitled to make them a common currency everyone would have to accept," Professor Volker Wieland said.

To the video of ARD-"Tagesthemen" (TV contribution of Sandra Scheuring starting at 13:20 min)