Finland Times

Nordnet's chief economist Martin Paasi estimates that Greece is likely to be forced to deliver themselves a parallel currency to the euro, as early as in a few weeks.

''Following the outcome of the Greek referendum, Greece is experiencing market pressure, during which time it is almost likely to be forced to create a parallel currency to the euro. It will allow the Greek internal market to remain operating in some way '', the Nordic Equity and Mutual Fund broker representative Paasi stated.

According to Paasi, the key to the situation in Greece is the European Central Bank ECB.

''The ECB needs to re-assess the value of the Greek loan collateral. Probably there would be a need for additional guarantees and Greece has none”, Paasi added.

Even over a week ago Danske Bank's chief economist Pasi Kuoppamäki estimated that Greece might succeed in postponing the country's financial collapse by the creation of some kind of parallel currency. 

''Perhaps the government could pay the salaries and pensions from some of the promissory notes, against which would later be received in euros', said Kuoppamäki.

The credibility of the arrangement would be however, according to Kuoppamäki, quite frail.

Aktia's chief economist Anssi Rantala points out that in particular firms suffer if raising limits are tightened and the banks remain closed, or if Greece becomes more of a cash economy.

“There is current tension as to whether Greece will, at the end of the month, pay pensions and salaries. One possibility is the introduction of a parallel currency or other commitments, but they could only be a temporary solution” said Anssi Rantala.

Rantala also believes that the Greek government understood that the vote received was a mandate which can deteriorate quickly, especially if the ordinary working citizens find life unreasonably difficult.