Local Currency Helps Greeks Survive the Crisis

The most important thing has been the local exchange trading system, the TEM, a form of barter system introduced by Volos residents because so many people were struggling to afford items in euros.

In the three years since I have been trading in TEM, by offering English and guitar lessons, second-hand clothes and bric-a-brac, I have earned and spent 9,500 TEM.

One TEM is equivalent to one euro but scarcer goods and services within the TEM network become more important and then there is no price control so people can charge what they want. To get an idea of the costs and what’s available, I had a week’s holiday with my two children last summer on Mount Pelion, north-east of Volos, which cost 270 TEM and e30.

I had two years of shiatsu massage at 20 TEM a session. I also buy lots of our family’s clothes and shoes with TEM and regularly buy ready-meals with it.

Read the full article at Daily Express


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