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Greece's Next Step: Overdue Debt and IOUs
Greece’s dramatic decision to close its banks and impose capital controls has averted -- at huge cost to the economy -- a bank run and limited the flight of euros out of the country. A perilous week still remains ahead. Importantly, none of these desperate efforts will generate new cash for a government that is facing difficulties paying its bills. That means officials will have no choice but to seriously ponder the use of IOUs to meet domestic obligations. Doing so, however, would move Greece one step closer to the introduction of a new currency to replace the euro. Related: Greece Default Watch After negotiations ... (full story)
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