Implementation and legal risks implied if Greece IOUs introduced

The logistical organisation needs to be put in place swiftly and smoothly while social order needs to be maintained at Greece.

As seen in Argentina, introducing IOUs could risk backfiring into full force devaluation. In the case of Greece, creating a parallel currency could be seen as a first step to Grexit and not as a temporary solution as in California. Conversely, if the IOUs introduced fail to be seen as a credible means of exchange or do not offer attractive characteristics, they would rapidly disappear in the private sector.

The IOUs would be at risk of breaching the EU Treaty. Indeed, Article 128 states that "the banknotes issues by the ECB and the NCBs shall be the only such notes to have the status of legal tender within the Union". As long as Greece remains within the EU, the IOUs could be used as a medium of exchange but would not have the privilege of a legal currency.