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Paying the bills in Greece...


The desperate cunning scheme to get Greeks to pay property taxes by bundling them with electricity bills didn’t last long. You guessed it, people stopped paying their electricity bills [to the PCC] and now it looks like the power company – which had to be bailed out last month – has stopped even trying to collect the levy.

The PCC experience suggests we really could be moving towards the IOU stage of this crisis as liquidity issues bite.

Say, I've got an idea!

Why not just print some drachmas and give them to people? Oh, wait...

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