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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Lafazanis, leader of a hardline faction in the ruling Syriza party that has argued for a return to the drachma, said the move would have allowed pensions and public sector wages to be paid if Greece were forced out of the euro.
Athens' failure to reach an agreement with its international creditors on a new bailout program before the previous aid package expired on June 30 fueled speculation that the country might leave the Eurozone and return to the drachma.
There are growing fears of a run on Greek banks as the public scrambles to get euro out in case a hasty return to the drachma wipes out their savings.
One side of the tetra drachma coins depicts Alexander the Great, while the other side depicts the Greek god Zeus sitting on a throne with an eagle on his outstretched right arm.
Here, Elter had concerns about the cost risk associated with the large dollar and foreign currency expenditures needed to perform a contract with the price stated in drachmas. Elter was prompted to study the exchange rate for the two years preceding the solicitation.
When I go through my old lira, pesetas, francs and drachma, I am reminded of the true meaning of being "in the Navy," and seeing something unique outside the United States.
But no ancient Greek, particularly not Pindar (538-418 BC) who could command very high fees (he was given 10,000 drachmas, equivalent to 43 kilos of silver, by the Athenians for a few lines in the 470s), would have understood the point that Beazley was making in comparing a pottery vase to a gold one.
Twenty deutschmarks would inoculate a child against all six major killer diseases and 8,000 drachmas would feed one hungry person every day for a week.
MILLIONS of people across Britain may not realise that francs, pesetas, drachmas and lire they have stored away after holidays and business trips are about to become worthless, the Government has warned.
Contracts have been exchanged on the purchase of the Greek Skaramangas shipyard, west of Athens, by the German company Howaldtswerke-Deutsche Werft AG-Ferrostaal AG (HDW), for Euro 6.16 million (2.1 billion Drachmas), according to the Greek industrial development bank ETBA.
It began when Greek officials tried unusual means to safely transport a large amount of cash in bundled, used bills -- 220 million drachmas, or about $546,400.