Posted 5 years ago on July 12, 2012, 12:01 a.m. EST by Builder
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Printing money: How to create a currency
By Ben Morris Business reporter, BBC News
Greek parliament Creating a new currency would be a massive challenge for Greece
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European officials may not like it, but the prospect of Greece leaving the euro is still a serious possibility.
On Sunday, Greek voters handed a narrow election victory to the pro-bailout New Democracy party, preserving the deal that guarantees the country access to vital euorozone funds.
But investors' jubilation was short-lived, as market gloom soon set in once again, pushing share prices down and bond yields up.
If the European Union and IMF-backed reform programme falters in future, then Greece might still have to look for a new currency.
It would not be a simple case of resurrecting Greece's old currency, the drachma.
Changing currency is a complicated process that would take at least six months and probably much longer.
Over the last 20 years at the International Monetary Fund, Warren Coats has advised numerous countries on how to create currencies.
His clients have included nations that emerged from the Soviet Union including Kyrgyzstan and Kazakhstan.
Mr Coats has also helped Iraq and Afghanistan and, most recently, Southern Sudan to launch new money.