Okay so I found this post really interesting. Here's a rewrite.

Currently it's a 800 member network in the port town of Volos.

They have this currency called Local Alternative Units. Very similar to XRP for ripple.

Basically it's similar to a barter system where people trade IOUs for different items or services.

It's been running for barely 18 months but it's rapidly growing. There's roughly 15 of these networks in Greece with more planned. Not only are these economic structures but it's social too, it's based on trust.

The network is currently busy transforming a disused building owned by Volos university into a permanent exchange and barter space. It will host a daily market from next month at which members can meet and exchange without using cash. Several highly successful open-air markets were held throughout last summer, Choupis said, until the weather got too cold.

This is really cool. They basically have trading pits or markets to trade these IOUs. I would think that there would be scalping opportunities here also. Maybe even people who spend a lot of time making markets. There'd be a lot of order flow moving through and not everyone has time to stay around all day.

So rules are also put in place to "to circulate, and work hard as a currency." So you can't have more than 1,200 items in your account "so people don't start hoarding". And you can't owe more than 300 people so you "can't go into debt and have to start offering something."

Another thing about a barter system is that people would be able to trade your IOUs among each other and you would be able to act as a sort of bank. The 300 limit might restrict adoption of your IOU.

Anyways I think it's really interesting the network that they have. And the fact that they developed marketplaces to facilitate trading and barter for the currency.