I wasn't aware of that, John. However, there are two points here. The first is that "cash notes" are only half the equation - the accounting side would also need to be moved over. I'll be completely honest here and say that I can't envisage how messy that will be, but I think that it will be very messy. Since contracts are signed several months into the future (e.g., Travel companies' contracts with Greek hotels), the accounting side would necessarily take several months to convert. On the "cash" side, just issuing new notes in new drachma form would not get rid of the euro as the de facto man-in-the-street currency. I suspect we would have a dual pricing system for years, with some imported goods only available in the "bullion" currency of the euro, while local produce would eventually trade in drachma. The degree would depend on how scarce the euro was as a printed note.
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Re: Greek money
Date: 2015-07-08 04:23 pm (UTC)On the "cash" side, just issuing new notes in new drachma form would not get rid of the euro as the de facto man-in-the-street currency. I suspect we would have a dual pricing system for years, with some imported goods only available in the "bullion" currency of the euro, while local produce would eventually trade in drachma. The degree would depend on how scarce the euro was as a printed note.