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MR. TSIPRAS, START ISSUING YOUR NEW DRACHMA . . . THERE IS NO TURNING BACK!|
Tell the creditors, foreign and domestic, that Greece is returning to its own sovereign currency, that was first exchanged for Euros at 340.75 Drachma/Euro, and that all debts private and public shall be converted back according to the same exchange value, automatically, at 12:00 AM of July 1, 2015.
To the creditors, it is going to be "take it or leave it", this peg of the Drachma to the Euro, is based on what Greece had to give up to get the Euro, and thus, is what Greece has to pay for the Euros it borrowed, no more and no less. Creditors cannot enforce their loans to be collected in Euros or other currencies, because the Bank of Greece does not have those foreign currencies, which are henceforth banned as a medium of exchange in Greece. Only the Greek Drachma may be used to buy and sell, or to borrow or pay off debts, beginning 12:00 AM of July 1, 2015.
If enforced, it will be like an evil spell cast off by a benevolent one. It will be like the Sleeping Beauty waking up with the kiss of her Prince. The Euro will simply be replaced, and things will continue to be bought and sold, borrowed and lent, with the exception that the Bank of Greece can henceforth increase the liquidity of the system to guarantee those loans, provided they are denominated in Drachmas, and issued by a Greek bank. There can be no bank runs on Greek banks paying in Drachmas, because the government of Greece will print those Drachmas through Quantitative Easing, like the ECB has printed a trillion Euros, as an inalienable right of its national sovereignty.
If Greece wants to, it can then seek out other countries to borrow in their domestic currencies, payable in same, to serve as the reserve of its new currency, and make it acceptable to foreign exporters to Greece. If Greece is exporting its tourism and port services to China, then simply borrowing Yuans as its reserve currency should suffice to keep its people employed. China would have no objections to Greece wanting to use other foreign currencies, like the British Pound, as another reserve currency, as it makes China's loans to Greece even more secure. This is about saving a democracy from being trampled upon by those who have taken over its right to print its own money, and returning such a right to its own people, without widespread unemployment and starvation.