Greece's Cuban Path to a Parallel Currency

Parallel currencies work best when backed up by coercion

Time to enter a parallel (currency) universe?

Photographer: LOUISA GOULIAMAKI/AFP/Getty Images

The idea of a parallel currency for Greece is worthy of consideration, with even German Finance Minister Wolfgang Schaeuble broaching the possibility as Greece fails to reach an agreement with its creditors. It could work -- albeit not in the way suggested by the pretty models circulated by economists in recent months.

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