Greek Drachma

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Greek Drachma

The former currency of Greece. It was introduced in 1832, two years after Greece's legal independence from the Ottoman Empire. During the Nazi occupation in the early 1940s, the drachma suffered from hyperinflation. Inflation slowed after the end of World War II, but remained high until Greece joined the Bretton Woods System in 1953, when the drachma was pegged to the U.S. dollar. After the end of the Bretton Woods System, the value of the drachma gradually declined until it was replaced by the euro in 2001.