Friday, May 11, 2012

Banks prepare for the return of the drachma


Drachma coins are on display in this picture illustration taken in Athens November 11, 2011. Greece's prime minister designate will name a new crisis cabinet on Friday to roll out painful austerity measures and calm the political turmoil that has threatened to bankrupt Athens and force it out of the euro zone. REUTERS/Yiorgos Karahalis (GREECE - Tags: BUSINESS)

(Reuters) - Banks are quietly readying themselves to start trading a new Greek currency. Some banks never erased the drachma from their systems afterGreece adopted the euro more than a decade ago and would be ready at the flick of a switch if its debt problems forced it to bring back national banknotes and coins.

http://www.reuters.com/article/2012/05/11/us-banks-drachma-idUSBRE84A0DC20120511

BBC: How does Greece leave the Euro? http://www.bbc.co.uk/news/business-15575751

http://en.wikipedia.org/wiki/Greek_drachma


“Drachma Clauses”: Planning for Greece’s Exit from the Eurozone



http://www.zerohedge.com/contributed/2012-16-21/%E2%80%9Cdrachma-clauses%E2%80%9D-planning-greece%E2%80%99s-exit-eurozone