IT’S been a busy day at the market in downtown Volos. Angeliki Ioanitou has sold a decent quantity of olive oil and soap, while her friend Maria has done good business with her fresh pies.

But not a single euro has changed hands — none of the customers on this drizzly Saturday morning has bothered carrying money at all. For many, browsing through the racks of second-hand clothes, electrical appliances and homemade jams, the need to survive means money has been usurped.

“It’s all about exchange and solidarity, helping one another out in these very hard times,” enthused Ioanitou. “You could say a lot of us have dreams of a utopia without the euro.”

In this bustling port city in Greece, locals have come up with a novel way of dealing with austerity — adopting their own alternative currency, known as the Tem. As the country struggles with its worst crisis in modern times, with Greeks losing up to 40 per cent of their disposable income as a result of policies imposed in exchange for international aid, the system has been a huge success. Organisers say some 1,300 people have signed up to the informal bartering network.

For users such as Ioanitou, the currency — a form of community banking monitored exclusively online — is not only an effective antidote to wage cuts and soaring taxes but the “best kind of shopping therapy”. “One Tem is the equivalent of one euro. My oil and soap came to 70 Tem and with that I bought oranges, pies, napkins, cleaning products and Christmas decorations,” said the mother of five. “I’ve got 30 Tem left over. For women, who are worst affected by unemployment, it’s like belonging to a hugely supportive association.”

Greece’s deepening economic crisis has brought new users. With ever more families plunging into poverty and despair, shops, cafes, factories and businesses have also resorted to the system under which goods and services — everything from yoga sessions to healthcare, babysitting to computer support — are traded in lieu of credits.

Other grassroots initiatives have appeared across Greece. Increasingly bereft of social support, or a welfare state able to meet the needs of a growing number of destitute and hungry, locals have set up similar trading networks in the suburbs of Athens, the island of Corfu, the town of Patras and northern Katerini.

But Volos, the first to be established, is by far the biggest. Until recently the city, 200 miles north of Athens, was a thriving industrial hub with a port whose ferries not only connected the mainland to nearby islands but before Syria’s descent into civil war was a trading route between Greece and the Middle East. Once famous for its tobacco, Volos was home to flour mills and cement factories, steel and metal works.

But, today, it is joblessness that it has come to be known for in a country whose unemployment rate recently hit a European record of 26 per cent, surpassing even that of Spain. — The Guardian, London

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