THE Axarquia has proposed a novel way to solve the euro crisis.
For the last 24 years the Malaga region has used its own currency which has its roots in the Arab heritage of the area and is worth its weight in silver.
Now its creators claim the ‘axarco,’ which is available in both silver coins and paper notes, could be expanded to replace the much weaker euro.
The aim of the Axarco Foundation, formed in 1988 by local politician Antonio Gamez Burgos, is to use ‘an economic resource of real value.’
“People trust the axarco and not the currency in circulation, as there are a lot of doubts about what will happen with the euro,” said Jose Luis Gamez, son of the founder and president of the foundation, who also believes it could boost tourism in the area.
Currently, the axarco is not supported by any government or central bank, but it does have an official value as it is made of real silver.
Indeed, the largest coin, equivalent to 30 euros, contains 20 grams of silver.
There are also 10-gram and four-gram coins, with the currency becoming popular among coin collectors due to its rarity.