tag:blogger.com,1999:blog-2761684730989137546.post3544962886074281282..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Chris Mayer — The US Debt Crisis that Will Never Happenmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2761684730989137546.post-38371536940412488832014-07-24T01:24:04.500-04:002014-07-24T01:24:04.500-04:00However, commercial banks - in Greece and elsewher...However, commercial banks - in Greece and elsewhere in the eurozone - can create deposits for individuals, corporations and governments, that is, promises to pay in euros.<br /><br />Such deposits are accepted as means of payment throughout the territory of the Monetary Union.<br /><br />A pity, really, that beleaguered governments of the eurozone failed to take advantage of this feature to settle their debts held abroad - and then exit the euro free of all burdens towards external creditors.Jose Guilhermehttps://www.blogger.com/profile/00313496015841693181noreply@blogger.com