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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In the old days, a flexible drachma could have been devalued to boost exports and economic growth.
Other sources have claimed the country has started printing drachmas in preparation for a euro exit.
People are terrified by the prospect of returning to the drachma and some believe it's good to fill their cupboard with food products," said Vassilis Korkidis, head of the ESEE retail federation.
The exposure to the Greek government debt that has sent shock waves through the banking system would be a drop in the ocean compared to the effects of a Greek default and a return to the drachma.
The prospect of national bankruptcy and a return to the drachma appeared to be slowly sinking in among Greeks, who must now choose between the pain of spending cuts demanded in return for aid and an even more painful existence outside the euro.
Asked by a reporter whether Cyprus would return to the pound if Greece adopts the drachma, Shiarly offered:
Travel giants Thomas Cook found that Britons in Greece - where the pound has strengthened 28 per cent against the drachma - are pounds 140 better off on a pounds 500 exchange.
A 60million drachma windfall from a famous Cup win over Panathinaikos last year has been frittered away - as has the cash from the sale of five star players last summer.
For thirsty seamen are swapping dollars and drachma notes for DRINK.
Recent developments in global markets, particularly the Asian crisis, have revived pressure on the Greek drachma, resulting in rising market interest rates.
A survey of over 300 managers in the magazine shows roughly 57 percent want Greece to drop out of the euro and reintroduce the drachma.
Opinion polls show voters want the government to do all it takes to stay in the euro even if they disagree with austerity reforms, and top officials have warned in the past days that a return to the drachma would be hell.