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Speculation over Greece


FOREX Bank has previously broached the subject of Greece’s possible withdrawal from the EMU project and the Euro. Greece joined the Euro in 2001 and had its currency, the Drachma, fixed at 340.75 per Euro. Will we be taking Drachma once again when we go to Greece? If so, will the new currency code be GRN, with the “N” meaning “new”?

According to fresh reports many Greek merchants are only dealing with cash payments and at the same time there isn’t much money in the country’s ATM’s. Traders’ unwillingness to accept payments by card may be based on the uncertainty of the country’s financial future. The Euro may become hard currency if the Greek people don’t accept the salvage package in conjunction with the new round of elections on the 17th of June, and in doing so reintroducing the Drachma. Empty ATM’s are apparently due to people hoarding cash.

Although we can’t verify these claims, it may be well worth making sure a large part of your spending money is in cash when travelling to Greece.

Just going to Greece is the simplest way of giving the country a much needed boost. Remember though, according to previous recommendations from both Greeks and Swedes, make sure you get a receipt. It’s not the black market that needs a boost.

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