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.
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The positive impact of the higher exchange rate obtained for the dollar was limited by the devaluation of the Greek drachma, the drop in the Indonesian rupiah, the Singapore dollar and a number of currencies in Africa.
The bonking-and-booze tackiness of both Ibiza Uncovered and its sister programme on Greece, saw sales slump of Spanish pesetas and Greek drachmas, respectively.
Britons get 50per cent more Greek drachmas and 30per cent more Spanish pesetas than five years ago.
The oldest currency I have collected is the Greek drachmas, then comes the Islamic dirhams and dinars, the Maria Theresa Thaler, A.
What I'll treasure the most is my collection of Italian lira, Spanish pesetas, French francs and Greek drachmas, as these are four of the 12 European currencies that have been replaced by the new Euro.
Olympic Holidays is highlighting the fact that visitors are getting about 15 per cent more Greek drachmas for their pound than they were a year ago - while with the Cyprus pound they are getting 20 to 25 percent more for their money.
The total monthly balance of all accounts processed by DELTA is in excess of 50 Billion Greek Drachmas ($200 million).