If Greece were to return to the drachma
, it would take years to achieve stabilisation and "progress achieved over decades will be wiped out," he warned.
I think we may be seeing a return of the drachma
in the not too distant future and I suspect that if that is the case you will get even more of them for your pound than in the past.
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.
By March 1998, it was 323/1, and the Greek government devalued the drachma
by 14 percent.
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.
The mina was a unit of both weight and value, equivalent to 100 drachmas
(and one drachma
comprised six obols).
The new per-second rates are 3.6 GRD (Greek drachma
) peak and 2.7 GRD off-peak (1GDR=approx.
Skai TV was fined 25 million drachma
(U.S.$95,000) for its A Lithines Istories (True Stories), and a 30 million drachma
(U.S.$115,000) penalty was handed to Antenna TV for its Epitelous Mazi (Together at Last).
(The ECU is a currency basket whose value is based on the currencies of the eleven euro participants, as well as the Danish krone, the Greek drachma
, and the British pound sterling, whose issuers will not initially be among the euro group.) Thus, the value of the two highest euro notes--200 and 500--will be about $240 and $600 respectively.
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
In the old days, a flexible drachma
could have been devalued to boost exports and economic growth.
Markets plunged again yesterday amid growing fears Greece would exit the single currency and bring back the drachma