Monday, 29 June 2015

Can the Greeks print their own euro notes?

Opinions vary as to whether the Greeks could start printing their own euros. They certainly have a printing facility at which euro notes can be printed. And they have the steel plates used to make the notes - they made the notes in circulation in Greece in the first place.

But do they have paper and ink? Certainly they will have some in reserve but in the banknote world paper and ink are tightly guarded. The inks are made in Switzerland (not an EU or euro country!) and the paper can be made in various places but not it seems Greece.

So the Greeks would have to buy the ink and paper from abroad and realistically any ECB supplier is not going to damage their future commercial prospects by supplying the Greeks. So the answer to the titular question is: yes, but probably not enough.

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