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.
Following are the middle exchange rates for leading currencies against the euro, according to Reuters: CURRENT HIGH LOW US Dollar 1.2261 1.2342 1.2155 Japanese Yen 110.72 111.53 109.24 British Pound 0.8468 0.851 0.8453 Swiss Franc 1.4158 1.422 1.4109 Danish Crown 7.4402 7.4406 7.4388 Greek Drachma - - - Norwegian Crown 8.0039 8.0566 7.9548 Swedish Crown 9.697 9.7866 9.6561 Australian Dollar 1.4683 1.4835 1.4679 Canadian Dollar 1.2948 1.3068 1.2952 Hong Kong Dollar 9.5546 9.6073 9.4548 Russian Rouble 37.953 38.156 37.9005 Singapore Dollar 1.7224 1.7291 1.7184
Greece, Blue Circle's other major European market since it acquired Heracles General Cement and Halkis Cement for pounds 391 million in April, saw sales up four per cent but warned that a weakening Greek drachma against sterling would hit earnings.
The Danish Krone has a +/- 2.25% fluctuation band either side of parity against the Euro, whereas the theoretical band for the Greek Drachma (the only other currency that participates in EMS II's exchange rate mechanism) is +/- 15% compared to its own central rate.EU analysts were not counting on a Danish initiative before the United Kingdom holds its own referendum.
It's headed by ex-British Gas boss Cedric Brown who has another chance to prove he can do the business.Australian Dollar..................2.40 Belgian Franc....................58.97 Cypriot Pound....................0.84 Danish Krone....................10.77 French Franc......................9.59 German Mark......................2.85 Greek Drachma................477.01 Irish Punt..............................1.15 Italian Lira..........................2830 Dutch Guilder......................3.22 Portuguese Escudo........293.09 Spanish Peseta................243.24 Swiss Franc........................2.34 Turkish Lira....................628237 US Dollar............................1.57FOR Stock Exchange prices dial 0906 360 92 then the two numbers to the LEFT of each share.
Research by travel giants Lunn Poly shows the pound has grown in value by almost 50per cent against the Greek drachma in the past five years.
Similarly, the Greek drachma has fallen 12 per cent, and again it will lead to inflated prices once you are there.
LONDON, October 13, SPA--Following are the middle exchange rates for leading currencies against the euro, Reuters reported: CURRENT HIGH LOW US Dollar 1.4792 1.4803 1.4762 Japanese Yen 133 133.25 132.55 British Pound 0.9405 0.941 0.9347 Swiss Franc 1.5167 1.5177 1.5161 Danish Crown 7.4435 7.4441 7.4438 Greek Drachma - - - Norwegian Crown 8.3108 8.3393 8.3 Swedish Crown 10.3293 10.343 10.273 Australian Dollar 1.6306 1.6328 1.6274 Canadian Dollar 1.5282 1.5308 1.5266 Hong Kong Dollar 11.4645 11.4723 11.4415 Russian Rouble 43.669 43.6925 43.5875 Singapore Dollar 2.0667 2.0681 2.0562
In this context, the revaluation of the central rate of the Greek Drachma as of January 17 will support further disinflation in Greece (see last issue of European Report).The government is committed to continue applying moderate wage increases in the public sector in 2000 and beyond.
That would bring about bigger falls against other European currencies - including those of the popular holiday destinations like the Spanish peseta and the Greek drachma.
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.