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What is very clear, from Warren's talk is that the conversion from Euro to Drachma can be easily done -- he talks of the Lira, but the mechanics are the same for the Drachma.The Government establishes the demand for the Drachma by not only the tax requirement, but also, that all commerce in Greece be done using the Drachma -- this includes all the auditable payrolls. The government spends the Drachmas by using Drachmas for all its expenses. Companies and individuals that have Euros but no Drachmas get them by exchanging the Eu's for Dr or by selling goods and services to the Dr holders. The Eu's that the Government gets are used to repay the ECB loans. If the Greek government is smart in the quantity of Dr released, it can hold on to the Eu/Dr parity.viola no need to exit the EU only the Euro Zone. What is killing the Greeks is thinking of money in terms of the "Gold Standard"
Let us pray for a transcription. Very tedious and tiring to try to make out the English with the continual interjection of the necessary translation, not to mention the lack of clarity owing to the microphones.
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