Can’t Greece print the Euros that it needs to avoid financial chaos in its banks?

greeceflagWhat if Greece print the Euros that it needs?

The common answer to this question is that Greece can’t do it. But that’s not so straightforward.

Greece can create euros under the cover of the Emergency Liquidity Assistance (ELA) program.  And the Bank of Greece, through the Mint of Greece (IETA), can print euro banknotes.

The IETA need to have authorization from the European Central Bank to print Euros, but if the situation becomes chaotic, to avoid more chaos, Greece politicians can be tempted to do it illegally (or to do it with some sort of agreement from the European politicians).

See also:
Billions of Millionaires: making everyone rich by printing money
Greece after the default: creating jobs and economic growth

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What if Greece just printed the Euros it needs?
Bank of Greece, IETA