Financial innovations involving the Greek drachma.



Publisher: International Monetary Fund in Washington, D.C

Written in English
Published: Pages: 49 Downloads: 289
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Edition Notes

Includes bibliographical references.

SeriesIMF working paper -- WP/97/14
ContributionsInternational Monetary Fund.
The Physical Object
Pagination49 p. ;
Number of Pages49
ID Numbers
Open LibraryOL16807204M

  Innovation and Invention; Health. If they aren’t cutting them now, they won’t cut them in real terms under the Greek drachma. Yes, the currency, if introduced at par with the euro, would.   Greece defaulted in the amount of € billion to the IMF in The financial crisis was largely the result of structural problems that ignored the loss of tax revenues due to systematic tax.   The Greek Government, moving to narrow a gaping trade deficit and bolster the economy, announced tonight a 15 percent devaluation of the drachma and said it . Use the free World Coin Price Guide on to check Greece 20 Drachmai prices before you purchase.

In the era of the Greek drachma, German leader Angela Merkel would not have delayed a hair appointment to keep Greece solvent, let alone to save its lovechild in Nicosia, a Balkan money-changing city hard up against the border of the Turkish mercenary state in northern Cyprus. That financial haircut, however, called also for a 7% trim from.   Even large Greek exporters that might benefit from a devalued currency are opposed to a return to the drachma, fearing damage to the country’s image as a place to do business.   That means a Greek with 1, euros in the bank would have about euros worth of drachma after the conversion. Short-term pain, for sure, according to Phillip Ammerman, a Greek . While the financial system of Greece had become better in current years as a result of the manufacturing growth and tourism, right now the nation faces a great and rigorous monetary catastrophe. Since , the country has been using the euro currency, which substituted drachma.

The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European group of states is known as the eurozone or euro area and includes about million citizens as of The euro, which is divided into cents, is the second-largest and second-most traded currency in the foreign exchange market after the United States dollar.   Exposure to GreeceDirect exposure of U.S. banks to the Greek government is relatively small. Direct U.S. exposure to Greece more generally includes the Greek government and the Greek private sector. The BIS defines “other potential exposures” as derivative contracts, guarantees, and credit commitments. In the Greek context, liabilities were building up in, shall we say, creatively engineered financial innovation, for years prior to the bailout. Greece is an example of a country that goes to great extremes to not try collecting too much in taxes. Second of all, this is built on the growth paradigm. Translation for 'drachma' in the free English-Greek dictionary and many other Greek translations.

Financial innovations involving the Greek drachma. Download PDF EPUB FB2

Financial innovations Involving the Greek Drachma by Papaioannou Michael G During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets.

Title: Financial Innovations Involving the Greek Drachma Created Date: 2/11/ PMCited by: 2. Financial innovations Involving the Greek Drachma. Author/Editor: E. Gatzonas ; Michael G. Papaioannou.

Publication Date: January 1, Electronic Access: Free Download. Use the free Adobe Acrobat Reader to view this PDF by: 2. Book Description: During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets.

The paper analyzes the characteristics of these financial instruments which are traded in organized exchanges and over-the-counter (OTC) markets, and evaluates the conditions under which they have. Downloadable. During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets.

The paper analyzes the characteristics of these financial instruments which are traded in organized exchanges and over-the-counter (OTC) markets, and evaluates the conditions under which they have evolved. Papaioannou, Michael G. and Gatzonas, E.K., Financial Innovations Involving the Greek Drachma (January ).

IMF Working Paper No. 97/14, Available at SSRN: = Michael G. Papaioannou (Contact Author). Financial innovations Involving the Greek Drachma. By E. Gatzonas and Michael G. Papaioannou. Abstract. During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets.

The paper analyzes the characteristics of these financial. The drachma was Greece's national currency from to 1 Januarywhen euro banknotes and coins were put into circulation in Greece, at the same time as in the other euro area countries.

On 28 Februarythe transition to the euro was completed, drachma banknotes and coins ceased to be legal tender and were replaced by euro banknotes. The drachma (Greek: δραχμή Modern: Ancient: [drakʰmέː]; pl.

drachmae or drachmas) was the currency used in Greece during several periods in its history. An ancient Greek currency unit issued by many Greek city states during a period of ten centuries, from the Archaic period throughout the Classical period, the Hellenistic period up to the Roman period under Greek Imperial Coinage.

InGreece joined the Latin Monetary Union and the drachma became equal in weight and value to the French franc. The new coinage issued consisted of copper 1, 2, 5 and 10 lepta coins (with the 5 lepta coin bearing the name obolos and the 10 lepta, diobolon (two obols), silver coins of 20 and 50 lepta, 1, 2 and 5 drachmae and gold coins of.

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: Chapters: Greek drachma, Charon's obol, Ancient Greek coinage, Danake, Coinage of the Social War, Talent, Obolus, Seleucid coinage, Stater, Attic talent, Tetradrachm, Thraco-Macedonian, Mina, Greek lepton, Cistophorus, Bergaios, Coinage of Side, Sylloge.

12 Devastating Consequences if Greece Returns to the Drachma 06/28/ pm ET Updated A worker cleans the word ''NO'' written in Greek with spray paint early morning calling for a ''No'' vote in the upcoming referendum, at the entrance of a suburban railway station in northern Athens, Sunday, J Get the best deals on greek drachma when you shop the largest online selection at Free shipping on many items | Browse your favorite brands | affordable prices.

Drachma, silver coin of ancient Greece, dating from about the mid-6th century BC, and the former monetary unit of modern Greece. The drachma was one of the world’s earliest coins.

Its name derives from the Greek verb meaning ‘to grasp,’ and its original value was equivalent to that of a. Greek Drachma: The former basic unit of currency in Greece. The Greek Drachma was an ancient currency unit used in many Greek city states. The drachma. Home Codes and stuff Currencies Greek drachma.

Financial acronyms The entire acronym collection of this site is now also available offline with this new app for iPhone and iPad. Information on currency: Greek drachma. Currency code (ISO ). "The monetary model in the presence of I(2) components: long-run relationships, short-run dynamics and forecasting of the Greek drachma," Journal of International Money and Finance, Elsevier, vol.

19(6), pagesDecember. A Greek newspaper has suggested that Greece is secretly making preparations to issue the drachma currency back into circulation, following the outcome of the recent 'no' vote in the referendum and following the deterioration of its relationship with the Eurozone.

The newspaper, Kathimerini. Greece has nearly run out of cash and experts say the country could soon be forced to print a new currency. This step-by-step guide explains how the nation could re-introduce the drachma. Greece continues to face a sea of financial quagmires and fiscal uncertainty.

It has just encountered another round of revenue shortfalls, this time from taxation that will result in a double. WASHINGTON -- The Greek financial nightmare is a reminder of why countries benefit from having their own currencies.

In the old days, a flexible drachma could have been devalued to. Silver drachma = gram @ 90% = gram of silver; Gold coin = 20 drachma = gram gold blended or g pure gold at 22/24 carats.

Divide that by 20 gives g of pure gold for 1 drachma. So we have: g gold = g silver; Ancient ratio of gold to silver is. Professor Holt repeatedly uses a ratio of in his book. Fears Greece may exit the euro and revive the drachma abound, but attempting a return to the currency Athens left behind would have tragic results, Goldman Sachs said.

If Greece restores the Drachma, social, private and financial interests can be re-aligned; prosperity can be reignited. Issued through the central bank and domestic retail banks, the Drachma can underpin a programme of public works expenditures, and in parallel, through multiplier processes, the spending of newly earned income to revive private activity in Greece.

Once Greece was liberated in the second modern Drachma was launched, at an exchange rate of 50, old Drachma to one new. Once again the inflation Hydra reared one of its heads. Inin an attempt to curb inflation Greece joined the Bretton Woods system – the first fully negotiated monetary order - with the exchange rate.

The Greek Financial Crises: Getting by with the Half-Drachmai. For the most part, it’s true, but then there are those uncommon exceptions, like the Greek half drachma notes from the early 20th century. For this month’s article, we are going to explore why some of these notes were cut in half, and how they helped Greece’s government.

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: Chapters: Coins of ancient Greece, Greek drachma, Charon's obol, Ancient Greek coinage, Danake, Coinage of the Social War, Talent, Obolus, Seleucid coinage, Stater, Attic talent, Tetradrachm, Thraco-Macedonian, Mina, Greek lepton, Greek phoenix, Cistophorus.

The following 5 drachma coins have circulated in Greece until the introduction of the Common European Currency on January 1, Results 1 - 24 of 5 drachmas - Aristotle. Aristotle ( BC) was a Greek philosopher and scientist, who shares with Plato and Socrates the distinction of being the most famous of the ancient philosophers.

Detailed information about the coin 1 Drachma, Paul I, Greece, with pictures and collection and swap management: mintage, descriptions, metal, weight, size, value and other numismatic data.

If Greece forced an exchange rate of, say, one euro to one new drachma, this could impose huge losses on foreign banks because such a rate would not hold on the markets. The Bank of Greece issued Greek Drachma banknotes in 10 different denominations, including this Greek Drachmas banknote (Great Eleusinian Relief).

They are part of the Greek Drachma banknotes series. The Bank of Greece started issuing these Greek Drachma banknotes in They were withdrawn from circulation in # - Five Greek drachma with the image of Aristotle portrait isolated. Similar Images. Add to Likebox # - Greek Drachma and euro coin on bank note.

Similar Images. Add to Likebox # - Vintage greek Drachma coins on european banknotes. Similar Images. By Laura Alfaro, Dante Roscini and George Serafeim The economy of Greece is in the depths of despair – a fitting topic for a Greek tragedy.

As investor Wilbur Ross has poignantly put it.