Greece given permission to print its own euros

The Gyro is here!

"But the ECB has a public face, President Mario Draghi. He didn’t want history books pointing at him. So the ECB switched gears. It allowed Greece to sell worthless treasury bills with maturities of three and six months to its own bankrupt and bailed out banks. Under the Emergency Liquidity Assistance (ELA), the banks would hand these T-bills to the Bank of Greece (central bank) as collateral in exchange for real euros, which the banks would then pass to the government. Thus, the Bank of Greece would fund the Greek government.
Precisely what is prohibited under the treaties that govern the ECB and the Eurosystem of central banks. But voila. Out-of-money Greece now prints its own euros! The ECB approved it. The ever so vigilant Bundesbank acquiesced. No one wanted to get blamed for Greece’s default."
 --http://www.testosteronepit.com/home/2012/8/8/greece-prints-euros-to-stay-afloat-the-ecb-approves-the-bund.html

Problem solved!  Greece can print its own euros, in unlimited quantities from now into perpetuity.  At least that is the way they understand it.

The transaction seems a little complicated.  It looks like:

Beginning status:
Greek government (GG) can print T-bills, needs Gyros
Banks can print IOUs temporarily
NBG can print Gyros, needs T-bills.

 Transactions:
 GG (T-bills) <==>  Banks (IOUs)
NBG (gyros) <==> Banks (T-bills)
Banks (gyros) <==> GG (IOUs)

Ending status:
GG has gyros
NBG has T-bills
Banks have nothing, except a small transaction fee
Everybody is happy!