// Workers AI · dad joke modeWhat did TEM say to itself? "I'm a little short.
| Τοπική Εναλλακτική Μονάδα (Greek) | |
|---|---|
| ISO 4217 | |
| Code | none |
| Unit | |
| Nickname | TEM |
| Demographics | |
| Date of introduction | circa 2010[1] |
| Official user(s) | None |
| Unofficial users |  Greece (region of Magnesia)
|
| Issuance | |
| Central bank | None. (Local exchange trading system) |
| Website | www |
TEM (Greek: Τοπική Εναλλακτική Μονάδα ("Alternative Monetary Unit"); abbrv: TEM[3] ) is a local exchange trading system (LETS) popular in Volos, Magnesia, Greece.[4][5][6][2]
History
[edit]TEM launched on June 15th 2010,[7][8] the currency was created in the Greek port town of Volos, as the citizens sought to adopt a local currency traded based on non-monetary contributions into the system, akin to a barter system.[3] Wrote The Christian Science Monitor in 2012, "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."[3] Vouchers were made available for people who hadn't yet, or couldn't, create an online account. Accounts only allowed 1,200 tems to be held, to prevent hoarding. Also, no-one was allowed to owe more than 300, to prevent debt.[5]
Among co-founders were Maria Choupis. Volos mayor Panos Skotiniotis stated the Greek Parliament had been "very supportive" of the project.[3] Starting with 50 members, it had 800 members by 2012.[8] By March 2012, the Guardian reported that system had been actively adopted by locals after being live for 18 months.[5]
In 2015, it was reported the currency remained popular in Greece,[9] especially as a downturn in Greece and limited liquidity resulted in informal bartering becoming more frequent.[10]
See also
[edit]
- European sovereign-debt crisis
- Local exchange trading system
- Ovolos, a similar system in Patras, Greece.
References
[edit]- 1 2 Donadio, Rachel (2011-10-01). "Battered by Economic Crisis, Greeks Turn to Barter Networks". New York Times. Retrieved 10 October 2012.
- 1 2 Lowen, Mark (2012-04-11). "Greece local exchange trading system (LETS) popular in Volos". BBC News Europe. Retrieved 10 October 2012.
- 1 2 3 4 McCartney, Kelly (2012-05-05). "Greek town creates its own alternative currency". Christian Science Monitor. Archived from the original on 2012-10-10. Retrieved 10 October 2012.
- ↑ "Ditch the euro? As crisis swirls, many Greeks already are with alternate currency scheme". Washington Post. 2012-05-21. Retrieved 21 May 2012.[dead link] Alt URL
- 1 2 3 Henley, Jon (2012-03-16). "Greece on the breadline: cashless currency takes off". The Guardian. Retrieved 10 October 2012.
- ↑ "'People need some way out': Bartering takes hold in austerity-wracked Greece". NBC World News. 2012-06-15. Retrieved 10 October 2012.
- ↑ spiros. "τοπική εναλλακτική μονάδα (ΤΕΜ) → local alternative unit, local alternative currency, local complementary currency, local time-barter community currency". Greek Translation Forum.
{{cite web}}: CS1 maint: url-status (link) - 1 2 https://www.resilience.org/stories/2019-04-12/new-money-meets-the-cost-of-change-how-local-currencies-save-economies-and-communities-and-help-them-flourish/
- ↑ Roberts, Nadim (2015-08-13). "Alternative Currencies Flourish in Greece as Euros Are Harder to Come by". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-02-08.
- ↑ Alderman, Liz (22 August 2015), "Trading Meat for Tires as Bartering Economy Grows in Greece", www.nytimes.com, New York City: The New York Times, retrieved 21 July 2026
External links
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