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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Under the plan, which the report said went back to before Tsipras was elected in January, transactions through the parallel system would have been nominated in euros but could easily change into drachmas overnight, he was quoted as saying.
This will naturally bring the economy to a standstill unless a new fiscal bail-out package is offered or Greece returns to the drachma.
Based on Bank of Greece figures, I estimate that the cost of applying this enhanced conversion rate for deposits would be 190 billion drachma or e1/495 billion with another 70 billion drachma (e1/435 billion) to cover the mismatch of banks' assets and liabilities that remained in euros because they are governed by foreign law.
Based on Bank of Greece figures, I estimate that the cost of applying this enhanced conversion rate for deposits would be 190bn drachma or [euro]95bn with another 70bn drachma ([euro]35bn) to cover the mismatch of banks' assets and liabilities that remained in euros because they are governed by foreign law.
The possible return of the drachma due to its depreciation will make the Greek products even cheaper and our products more expensive and in this case, further decline of our export to Greece should be expected.
Any possible return to the drachma will be a real nightmare at least for the first few years," George Provopoulos told the Kathimerini newspaper.
They will then launch a new currency called the New Drachma.
Ladbrokes - next country to leave Euro: ion: 1-5 Greece, 5 Italy, 6 Portugal, 10 bar; 1-2 Greece to announce intention to leave Euro before end of 2011; 5-4 Greece to revert to drachma by end of 2011; 2012 US election: Evs Barack Obama, 2 Mitt Romney, 13-2 Rick Perry, 20 Herman Cain, 25 bar; Republican nomination: 4-7 Mitt Romney, 3 Rick Perry, 8 Herman Cain, 16 bar.
One of the things I loved about Greece, and there are many, was the drachma.
In a statement, Trichet said that if Greece were to leave the eurozone and revert to the drachma, it would be the 'worst possible option.
Yousef Kanjo, the director of archaeological excavations at Aleppo Department of Archaeology and Museum, said that the box contained two groups of silver Hellenistic coins: 137 tetra drachma (four drachmas) coins and 115 drachma coins.