Greece Dismisses Reports of Introducing Second Currency

Greece has no intention to introduce a second currency in the country, government spokesman Gabriel Sakellaridis said at a press briefing Monday.

ATHENS (Sputnik) — Commenting on an article published earlier in the day by the German daily Handelsblatt about the possible introduction of a parallel currency, dubbed the Geuro, Sakellaridis said:

"Under no circumstance is such a scenario being considered."

The concept of the Geuro was first put forward by Deutsche Bank’s head of research, Thomas Mayer, in May 2012. Mayer then stated that Greece’s best chance of survival, while remaining in the Eurozone, would be to opt for its own parallel currency, the Geuro.

According to Deutsche Bank’s chief economist, the Geuro could be used for debt repayments, while the euro — for everyday internal payments.

Greece's total debt to the troika of international creditors comprising the European Union, the European Central Bank (ECB) and the International Monetary Fund (IMF), currently stands at around $270 billion.

The country's massive debt led to speculations about its possible withdrawal from the Eurozone.

By Tuesday, Greece is expected to repay 750 million euros ($845 million) to one of its creditors, the International Monetary Fund. However, there are fears that Athens might struggle to make the payment.