Drachmas ? Won’t that be like paying Greeks in Monopoly money ?
Back in the late 1990s....I went off to vacation in Greece, which I admit, it’s a four-star place to vacation. And yes, I used Drachmas....although the bars would readily accept dollars in payment for drinking.
The thing about Greece and their economy...which is so fragile...is that there is strictly the freighter business, the tourism sector, and the agricultural sector. That’s it. They don’t manufacture anything worth discussing, from cars to even decent beer or wine.
What they were attempting to do for the past five or six decades....was trying to live like Italy, France or Spain...and they just weren’t in that position. They can’t manufacture cars. They can’t produce steel. And they can’t even produce four goofy singers like ABBA.
Among other benefits, renewed use of the drachma in this manner will permit Greece to remedy its catastrophically falling money supply. At present, the Greek public is moving massive sums in euros out of the country and holding euros in cash but not spending them. Since the drachma will have little value outside the country, the Greeks will spend it more readily for ordinary domestic transactions, especially for those that do not require expensive imported goods. This flood of liquidity will help revive Greece’s domestic economy, especially in regard to employment.
Voice 1: "I just came back from Europe and I have some drachmas on my hands."
Voice 2: "You have what on your hands?