The fourth option is to issue a parallel currency, redeemable only domestically, to fund government spending — essentially an IOU. This would be the most extreme option, but it would take care of the funding problem. It could easily be construed as a preliminary step to Grexit — a departure from the euro — or even as an act of Grexit. What is the meaning of a single currency when you have two of them?
Here we go. Euro is finally ready to be unbundled. Enjoy the ride!