Since the new drachma
would depreciate rapidly, Greece would presumably experience a strong economic upturn within one or two years, because Greeks would buy fewer imports and tourism would see an upturn.
The funds would be raised from the Bank of Greece, which would create new drachma
, in a similar fashion to the Bank of England's quantitative easing programme.
"The transfer from one to another currency is a complex procedure but if Greece reintroduces the drachma
, then our export to Greece will probably decline additionally because Greece will only work at placing its products, Petkovski explains.
"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 launch a new currency called the new drachma
. One ND will be worth [ETH]100, and at a stroke they will absolve themselves of 99% of their debt!
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.'
Following are the middle exchange rates for leading currencies against the euro, according to Reuters: CURRENT HIGH LOW US Dollar 1.2669 1.2722 1.266 Japanese Yen 112.16 112.67 111.96 British Pound 0.8358 0.8384 0.8334 Swiss Franc 1.334 1.3397 1.331 Danish Crown 7.4547 7.4565 7.4536 Greek Drachma
- - - Norwegian Crown 8.0491 8.0985 8.044 Swedish Crown 9.4767 9.545 9.4715 Australian Dollar 1.4443 1.4516 1.4441 Canadian Dollar 1.3076 1.3257 1.3082 Hong Kong Dollar 9.854 9.9015 9.853 Russian Rouble 39.0513 39.1825 39.0185 Singapore Dollar 1.7469 1.7522 1.7459
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
) coins and 115 drachma
He promptly delivered the coins to the authorities who in turn delivered them to Aleppo Department of Archeology and Museum.Director of archeological excavations at Aleppo Department of Archeology and Museum Yousef Kanjo said the box contained two groups of silver Hellenistic coins: 137 tetra drachma
) coins and 115 drachma
coins.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.
In which country did the euro replace the drachma
It should be noted that before the introduction of the euro, the value of Greek coins was tiny and the smallest banknotes in circulation were 100 drachma
bills, worth less than 30 eurocents.