Spain town reintroduces peseta to boost economy

I cannot see how this will help them. In theory, the only people who would accept it as valid currency would be those who agreed to it. Otherwise they may as well work for nothing..

And where will all this old money come from? Just who has got stashes of the stuff lying around at home saved for a rainy day?

It's a kick in the teeth for the Euro, and kinda rightly so too.. It is a sign that many are willing to do whatever it takes to break away from a scheme that is binding tighter and tighter daily.

Things must be far worse than anyone is letting on if people are resorting to this now.. I can only imagine many people writing IOU's or having tally sheets for work/goods obtained etc.

If the report is anything to go by, anyone who visited Spain prior to the Euro may still have some old cash at their home.. so the tourists might benefit from this..

That cash can still be converted today, but only at the Bank of Spain itself, and it says a staggering 1.7bn euros ($2.4bn) of cash is still unaccounted for - stashed, perhaps, then forgotten; piles of coins that slipped down the backs of sofas; or even big notes kept by collectors. That is the reserve the shopkeepers of Mugardos are hoping to tap and give a desperately needed boost to business. Still, the Bank of Spain estimates that almost half the country's millions of missing pesetas will never be recovered - despite their value. It believes many left the country long ago, in the purses and pockets of tourists.

www.bbc.co.uk...

Rats leave a sinking ship... the wise do something before it has reached the keel line...

reply to post by Extralien


I've heard that using the Franc in France is still used, especially among the older populations.
I think it's easy to forget the Euro has only existed for 10 years, and currencies like the Franc and Peseta and sterling, are quite literally 1000+ years old.

Even if it does not do much help for the local economy I praise this move because it sets a precedent, the local communities can manage themselves and organized together can manage society better than some centralized plutocracy.

Good job Spain!

reply to post by Rockpuck


I've heard that too.. was trying to find some info on that but am not yet able to pick any up.

reply to post by Misoir


I agree with you completely. The real money exists in order for them to do this. They don't need to try to make their own money. It's also a kick in the teeth for those who do run the big money systems.

I keep saying it, as we all do, people have had enough of the way we are being led into dismal crisis after dismal crisis.

we all know there can and must be better ways to do everything, it's just finding the right time, the right minds and the right actions to get things going.

reply to post by Extralien


The Minute the Euro was Agreed upon as the new Currentcy , the Death Toll to the Wealth of Nations was Heralded . Your Leaders Betrayed you , they should all be held accountable Now.......RISE !

Going back to when the Brits changed from pounds, shillings and pence to pounds and pence (from 240 pennies in the pound to 100 pennies in the pound) overnight the new pound lost 100 old pence in value, and very few people noticed, most people don't believe it to this day.