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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This paper is the first to test the forward rate unbiasedness hypothesis for the Greek drachma after the abolition of capital controls, and this was done using a full VECM analysis, including a new test.
The applicants would also have to join the second version of the exchange rate mechanism, which currently links the Euro to the Greek Drachma and the Danish Krone.
Against the Greek drachma, the pound is nearly 13 per cent stronger, while the pound is more than 9 per cent stronger against the Portuguese escudo.
If the figures include the Greek Drachma and the Danish Krone, that are not part of the Euro zone from the outset, but which are the first members of the new ERM II, the fluctuation band is wider.
Calculating the value of the ecu includes taking into account the currencies of member states which will not take part in the euro experiment - the pound sterling, Danish crown and Greek drachma.
The pivotal rates for the Greek Drachma and the Danish Krone, both members of the European Monetary System (EMS-II) were also set on December 31.
If the Greek Drachma and the Danish Krone, the two currencies that will not be part of the Euro zone at the start but which will be the first members of EMS Mark II, are included, the fluctuation band becomes wider.
9 per cent increase against the Greek Drachma since April 1996 - 18.