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Cities Issue Local Currencies, Why Not Greece?

Numerous cities and regions have issued, and currently issue their own currencies. One of the first was Worgl in Austria in the 1930s, and there's a currency called "Ithaca hours" in Ithaca in the US. Plus currently in the UK, the cities of Bristol and Lewis issue their own "pounds". And for all I know there are others in the UK.

Those currencies of course run alongside another currency (the pound in the case of the UK) which serves a bigger "common currency area". So if Greece issued its own Euros (or Drachmas to give the currency another name), that would be the direct equivalent of the Bristol or Lewis pound.

So do local currencies really make sense? Because if they do, that strongly suggests that a Greek local currency would make sense.

Local currencies arise for two reasons. First, as in the case of Worgl, there can be inadequate… Read More …