James Mates

Europe Editor

As Europe Editor, James Mates reports and adds analysis to the most significant stories and complex events taking place in Europe. James also regularly presents ITV News programmes.

  1. James Mates

Will Greece have to print its own currency?

Greeks queue outside a bank in Athens today Credit: Reuters

The banks aren't open today and it seems very unlikely they're going to open tomorrow.

The money taps have been turned off by the European Central Bank and until they get switched back on again, the Greek banks cannot open.

But you can't run a major economy when people can't get money out of the banks, when firms can't pay people because they can't do bank transfers, when companies can't pay for goods or imports.

If those money taps aren't turned back on by the ed of the week and the banks aren't re-opened, Greece will have to start producing some form of alternative currency - even if they don't call it the Drachma.

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