Greek town Volos stimulates economy with credit currency

As reported by Kelly McCartney in shareable and based on a video from BBC News that was posted on YouTube, the Greek port town of Volos has adopted a barter network – aided by a credit system called TEMs – to help its citizens get through an economically trough time.

People sign up for a TEMs network account, see what services they might offer to other folks in their area who are in need, and start amassing credits that can be cashed in for things they themselves need. TEMs can be used for everything from bakers to babysitters, teachers to technicians. In theory, the value of one TEM is equal to the value of one Euro.

Volos Mayor Panos Skotiniotis encourages other city governments to follow suit, saying: “This is a substitution for the welfare state, and that is why this municipality is encouraging it and wants it to grow.” The Greek Parliament is also very supportive, passing legislation to encourage various non-traditional forms of “entrepreneurship and local development.”

Read more in Shareable: Greek Town Taps Bartering for a More Shareable City

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