What about a completely free-floating drachma
, whose price would be set entirely by the currency markets?
You have a plan to take us back to the drachma
," said Theoharis, who headed the government's revenue service in a previous conservative-led coalition.
The bank, with 15 Greek branches, said that all its branches were ready to cope with the expected return of the drachma
Michaelidis Editions' list of the 12 majors with their 1994 turnovers in billions of drachma
, followed by the number of stores they owned, includes: Nike (146, 75), Veropoulos (103.
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.
Not surprisingly, the Germans reject the Greek positions arguing these are in direct contravention of the articles of the loan agreement which referred to zero interest and that the currency of the loan was the drachma
The party, which finished second in the poll, had pledged to rip up the bailout package keeping Greece afloat, prompting fears that European partners could cut off funds and push the country back to the drachma
, sharply devaluing bank deposits.
HSBC has already reduced its exposure to Greece, and has also trained staff at its branch network in the event of any contingency regarding managing Information Technology systems, branch funding, how to deal with customers and how to update ATM systems to dispense drachmas
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.
GREECE is the best value holiday destination, according to American Express, because the drachma
has weakened by 11.
The drop in the Greek drachma
and a number of currencies in the Far East and Africa resulted in a decrease in net revenue in guilders, which was partly offset by the higher dollar rate obtained.
The biggest fear of the Greeks from an exit is a massive devaluation of the drachma
which would drastically reduce the value of their savings.
Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma
were fanned by rumours that a radical leftist leader may win the election.
The debt crisis in the nation had prompted rumours that the bank was considering the adoption of its former currency, the drachma
, to reassert control over its finances.
Thomas Cook says it will change Austrian schilling, Belgian franc, Finnish mark, French franc, German deutschmark, Greek drachma
, Irish punt, Italian lira, Luxembourg franc, Dutch guilder, Portuguese escudo and Spanish peseta notes into sterling between now and the end of February 2002.