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SPAINISH TOWN REINTRODUCES PESETAS TO BOOST ECONOMY
Dick Hanscom forwarded this article, as did Loren Gatch, who writes: "A city in Spain is reintroducing the Peseta as a parallel currency to the Euro. It can't be done officially, of course, but I wonder if it's a harbinger of things to come in the Eurozone."
-Editor
Shopkeepers in Mugardos want anyone with forgotten stashes of the old cash at home to come and spend it. It is nine years since the peseta was official currency in Spain. But Spain's economic crisis has forced some to be inventive. The hard times have seen thousands of businesses close and more than two million jobs go. More than 60 shops in Mugardos, a small fishing town in Galicia on Spain's northern coast, are accepting the peseta again for all purchases, alongside the euro. It is an attempt to get cash registers ringing - and help lift the town out of a long and painful economic slump. Shopkeepers were sceptical at first, but they now say the scheme is a great success. People are travelling into Mugardos from outside just to spend the old currency they never got round to converting. One man visited the local hardware store this week with a 10,000-peseta note he had found at home, and had no idea what to do with. He is now the happy owner of a sandwich toaster.
To read the complete article, see:
Spain town reintroduces peseta to boost economy
(www.bbc.co.uk/news/world-europe-12657225)
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