Euro or Grexit? New technology offers an alternative. The Greek government could introduceterm-euros: claim on euros that for the time of one year act as a national currency that can be spent in Greece only. After one year the euros are available and can be spent everywhere.
Cyclos, the software that enables these term-euro’s, was recently selected by the international payment industry as E-pay Innovation Award Winner 2014.
When the government uses this innovation, it spend claims that become euro’s after one year. This means one year additional budget that, if spread over 6 years enables 16% more expenditures to solve the most urgent needs of the Greek population.
Cyclos software also enables to tax term euro’s that are accumulated and not put back to work for the Greek economy. This tax stimulates the use of this new national euro-based currency, resulting in a higher multiplier, more jobs and more income for local businesses, more goods and services created for and consumed by the Greek population, and directly and indirectly more tax incomes.
Another advantage: The production for the local market does no longer need to suffer because of external relations outside Greece. A stronger domestic economy also provides stronger local economic clusters that can be the base for exports.
STRO’s strategy was to realise pilots in Europe implementing this technology in the Digipay4Growthproject before seeking publicity. However, because of the urgent need for solutions in Greece, we decided to publish about this possible solution for Greece now.
For more information, please see the English proposal or Greek proposal as it was shared with several officials within Greek (governmental) organisations. Please feel free to share this proposal with others.