The Euro Is Finished: Reporter Catches First Glimpse of Drachma in Greece

By Joshua Krause

Greece euro

With the situation rapidly deteriorating in Greece, many experts have predicted that Greece may be forced from the Euro. If that happens, then Greece will have to go through the lengthy and complicated process of creating a new currency, which would most likely carry the namesake of their pre-Euro currency, known as the “Drachma.” For now the Euro is still their official currency, but it seems that hasn’t stopped some financial institutions from jumping the gun.

A reporter for Bloomberg stayed at a hotel in Athens from June 28th to July 4th, but when they charged his Visa debit card, the online statement didn’t show his charge in Euros. Instead, it was recorded as “Drachma EQ.” Even stranger, it was in name only. The number of “Drachmas” he was charged was exactly the same as the number of Euros he would have paid. The reporter contacted the companies involved, which included Visa and Citigroup, and their representatives seemed genuinely confused by his statement. The next day, his financial statement went back to being listed in Euros. So far, neither company has offered an explanation for the “mistake” for lack of a better word.

While the world debates and prognosticates the fate of Greece and their currency, someone in the financial world obviously believes that they’re going to ditch the Euro soon. I suspect that they’re confident enough to be prepping their computers systems for the currency transition, and may have accidentally started a little early. Do they know something we don’t?


See also:

The Beginning of the End for the Euro



5 Responses to “The Euro Is Finished: Reporter Catches First Glimpse of Drachma in Greece”

  1. sovereigntea says:

    Soros & cronies to be booted out of Russia.

    George Soros’ Foundation About to be Given the Boot – The “Religion of Democracy” Will No Longer be Accepted In Russia – What Does General Joseph Dunford Jr. Declare?: Russia #1 Threat – Continued Aggressive Aggitation To Ignite WWIII – NGOs (Foundations) Operating in Russia “Undermine Patriotic Unity”
    This article appeared
    at Russia Insider

    A Bunch of Major US Foundations Are About to Be Booted out of Russia

    Russia’s upper house of parliament has unanimously urged the government to stop the work of 12 organizations, including:

    * the Soros Foundation
    * the National Endowment for Democracy
    * the MacArthur Foundation,
    * the Freedom House and
    * the East European Democratic Center

    MOSCOW, July 8 (TASS) – Russia’s upper house of parliament adopted on Wednesday a petition to the Prosecutor General’s Office, the Foreign and Justice Ministry asking them to consider the patriotic stop list of foreign NGOs for possibly including them to the list of undesirable organizations.

    The petition, backed unanimously by a total of 156 senators, reads that Russia “has faced the greatest attack on its national interests, values and institutions over the past quarter of the century.”

    • Surely this shows us Sovereigntea, that this whole BRICS etc etc etc etc process, isn’t all controlled opposition theatre Truman SHow?
      There does seem an air of unpredictability about things. Free will, healthy chaos entropy the Illuminati aren’t calling all the shots.
      I hope? Maybe this post is evidence?

      Maybe powerful white hats are at work after all, fighting the equally powerful dark hats. But at least theres a counterbalance stopping us going into total 1984.

      I hope

  2. sovereigntea says:

    Even the CFR are blaming the banksters.

    Surprisingly, despite endless lazy moralizing commentary to the contrary, Greece has very little to do with the crisis that bears its name. To see why, it is best to follow the money—and those who bank it.

    The roots of the crisis lie far away from Greece; they lie in the architecture of European banking. When the euro came into existence in 1999, not only did the Greeks get to borrow like the Germans, everyone’s banks got to borrow and lend in what was effectively a cheap foreign currency. And with super-low rates, countries clamoring to get into the euro, and a continent-wide credit boom underway, it made sense for national banks to expand private lending as far as the euro could reach.

  3. sovereigntea says:

    So European banks’ asset footprints (loans and other assets) expanded massively throughout the first decade of the euro, especially into the European periphery. Indeed, according the Bank of International Settlements, by 2010 when the crisis hit, French banks held the equivalent of nearly 465 billion euros in so-called impaired periphery assets, while German banks had 493 billion on their books. Only a small part of those impaired assets were Greek, and here’s the rub: Greece made up two percent of the eurozone in 2010, and Greece’s revised budget deficit that year was 15 percent of the country’s GDP—that’s 0.3 percent of the eurozone’s economy. In other words, the Greek deficit was a rounding error, not a reason to panic. Unless, of course, the folks holding Greek debts, those big banks in the eurozone core, had, over the prior decade, grown to twice the size (in terms of assets) of—and with operational leverage ratios (assets divided by liabilities) twice as high as—their “too big to fail” American counterparts, which they had done. In such an over-levered world, if Greece defaulted, those banks would need to sell other similar sovereign assets to cover the losses. But all those sell contracts hitting the market at once would trigger a bank run throughout the bond markets of the eurozone that could wipe out core European banks.

    Clearly something had to be done to stop the rot, and that something was the troika program for Greece, which succeeded in stopping the bond market bank run—keeping the Greeks in and the yields down—at the cost of making a quarter of Greeks unemployed and destroying nearly a third of the country’s GDP. Consequently, Greece is now just 1.7 percent of the eurozone, and the standoff of the past few months has been over tax and spending mixes of a few billion euros. Why, then, was there no deal for Greece, especially when the IMF’s own research has said that these policies are at best counterproductive, and how has such a small economy managed to generate such a mortal threat to the euro?

  4. Lynn says:

    It is all controlled to destroy lives and infrastructure. A quiet war is going on and they think we wont notice.

    They want full spectrum dominance… !!

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