I promised in a previous post to explore the options for default within the Eurozone. Here is an idea from FP. The Greek government could meet its domestic obligations, such as pension payments, by issuing tradeable IOUs that could also be used to make tax payments — in effect, creating a parallel currency. This virtual money could also be used for other purposes: for instance, to recapitalize ailing banks. That would enable the Greek government to default on its EU creditors relatively painlessly, while remaining within the euro.