In the Greek port city of Volos, wherever you wander through the market area, one thing you won’t need in your pocket is money. Everything is on sale through a local alternative ‘currency’ called TEM.

TEM was introduced a few months ago, and it works as an exchange system. If you have goods or services to offer, you gain credit, and you can then use your “savings” to buy whatever else is being offered through the network. It’s all reminiscent of an ancient bartering system, however, the whole system is organized online, with members holding TEM accounts, which are debited with each virtual transaction.

And so this small community has developed a new tool to fight against the worst financial crisis that many have ever known. A simple bartering system, exchanging despair for hope.

Click here for the BBC article and video report: “Greece bartering system popular in Volos”