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.
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.
On a larger scale, twenty-seven silver water-jars whose weights hover around 1,000 drachmas each, weighed in total exactly 4.
All those old francs, pesetas and drachmas which people have lying around in drawers at home will be little use to anyone travelling abroad once they cease to be legal tender at the end of February, but they can be of real value to charities like Age Concern.
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.
Spanish pesetas, Greek drachmas and US dollars are the three currencies most likely to be left unchanged after a holiday abroad.
Hochtief, which refuses to budge on this issue, is asking for a 3% cut of all domestic ticket fares, equivalent to 4,000 drachmas on a local return ticket.