News Summary: Local currencies take root in Greece

AP News

5/21/2012 11:34:45 AM - AP News

SMALL MOVEMENT: A small but growing minority in about a dozen Greek towns are using an alternative exchange system to help them survive the country's economic crisis, which has put the question of Greece's participation in the euro currency union into question.

NEW NETWORKS: The city of Volos has Greece's first and biggest local alternative currency network, with 600 members and 30 affiliated businesses.

HOW IT WORKS: Members take payment for their goods and services in Local Alternative Units, abbreviated in Greek as TEMs, and use them to obtain goods and services from other members in the network.