Greece could default without exiting Euro?

FXStreet (Mumbai) - A Wall Street Journal (WSJ) article says amid the Greek deal impasse, some European officials are toying with the idea of Greece defaulting on its rescue loans but still keeps the Euro currency.

The article says, “The idea of keeping Greece in the euro despite a default was briefly discussed by senior officials from Eurozone finance ministries last week, although many of them harbor serious doubts about if it would work, according to people familiar with the talks...”

However, in reality, Greece is likely to issue a parallel currency to pay wages and pensions in case it defaults on its rescue loans.