Greece now operating with two currencies

Rigid reform of the Greek economy and punitive taxation is failing to havethe desired impact as entrepreneurs find new and creative ways of bending the rules, writes Yanis Varoufakis

IMAGINE a depositor in the US state of Arizona being permitted to withdraw only small amounts of cash weekly and facing restrictions on how much money he or she could wire to a bank account in California.

Such capital controls, if they ever came about, would spell the end of the dollar as a single currency, because such constraints are utterly incompatible with a monetary union.