Idea for Greece to leave Euro

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    Idea for Greece to leave Euro

    There is talk in the media about Greek banks having to close for a time while new notes and coins are printed up.

    I have an idea that would make this unnecessary:

    At the moment Greek Euro notes have a different serial number, and the Euro coins have a different design on the back. I'm not sure about the cent coins- maybe someone can confirm yea or nay- but haven't they got a separate currency already?

    I believe I am correct in thinking that Ireland kept its coins the same shape as UK ones when it changed from the pound to the punt. Couldn't Greece do the same thing?

    In due course, bank notes deposited at banks could be over-printed with something to make it easier to identify the Greek numbered ones.

    Can anyone see a flaw in this, and maybe confirm about the cent coins?

    #2
    Originally posted by JK0 View Post
    At the moment Greek Euro notes have a different serial number, and the Euro coins have a different design on the back. I'm not sure about the cent coins- maybe someone can confirm yea or nay- but haven't they got a separate currency already?
    That's euro notes printed by the Bank of Greece, and euro coins minted by them.

    Like in the US where there's the name of the state on dollar bills iirc.

    Comment


      #3
      Deckchairs and the Titanic spring to mind.
      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

      Comment


        #4
        Originally posted by mind the gap View Post
        Deckchairs and the Titanic spring to mind.
        On recent experience that's Italy not Greece !

        ML
        Refer Mad Regulators to Arkell vs Pressdram.

        Comment


          #5
          [QUOTE=jjlandlord;374553

          Like in the US where there's the name of the state on dollar bills [/QUOTE]

          Only on the older ones it's all printed by a Treasury Department, and any state name on the newer federal bills relate to print location.
          Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

          Comment


            #6
            The Euros in Greece would be stamped with a mark that says "Drachma" avoiding the need for new notes.

            As the wheels fell off in 2008 we have borrowed and fudged postponing the inevitable need for collapse and rebuild that is part of the cycles of markets.

            Given the amount of debt racked up to help Greece we have made it much worse for them and the others that the fallout will affect.

            And that's all of us.

            It's five years too late and going to be much harder and longer than it needed to be.
            Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

            Comment


              #7
              We Are Watching The Greek Banking System Collapse Right In Front Of Our Eyes

              This article was highlighted on Chris Martenson today. It says that Greeks have spent all week taking their Euro savings out of Greek banks before they are converted to Drachmas and inevitably devalued.

              It suggests that Greece may not even make it to the next election before this happens, because Greek banks are rapidly becoming insolvent, and unable to pay out Euros.

              http://etfdailynews.com/2012/05/17/w...o-ewi-ewp-vgk/

              Comment


                #8
                Originally posted by leaseholdanswers View Post
                Only on the older ones it's all printed by a Treasury Department, and any state name on the newer federal bills relate to print location.
                So basically same as Euro notes/coins: differences only relate to print location.

                Originally posted by leaseholdanswers View Post
                The Euros in Greece would be stamped with a mark that says "Drachma" avoiding the need for new notes.
                IMO this would not stop the notes being Euros because they would still be legal Euro tender.
                E.g. if I stamp a euro (or pound) note it's still worth the euro (or pound) facial amount.

                This would need the eurozone to pass a regulation to the effect that any euro note so-stamped is void.

                Comment


                  #9
                  Berlin printing new Euronotes (X) en masse, ECB withdrawing Greek notes (Y)

                  Here's an odd development: The supply of Y-prefix notes has almost disappeared throughout Europe. Now ostensibly this is so that when Greece leaves the Euro, there will not be loads of Y-prefix notes floating around that traders won't want to accept.

                  However, if you look at The Slog's earlier post, you can see that they have disappeared in Greece also. There cash machines are also spitting out X-prefix notes. How odd. I wouldn't have thought Berlin would want the Greeks to get their hands on non-Greek Euros.

                  http://hat4uk.wordpress.com/2012/05/...-notes-y-20-2/

                  Earlier post:

                  http://hat4uk.wordpress.com/2012/05/...-in-greece-40/

                  Comment


                    #10
                    I just thought of an explanation:

                    Maybe they have to put German Euros in the cash machines for the time being because the Greek printing presses are busy printing Drachmas!

                    Comment


                      #11
                      The problem with conspiracy blogs is that it in their interest and a default setting, to hear hooves and think Zebras.

                      Euro with any prefix are still going to be valid, any reversion to drachma will treat the Euro as a foreign currency ( though I am sure there will be a parallel euro funded economy for some time, it's X in Da but Y in Euros at "honest Zorba's" tractor emporium).

                      Germany and the ECB are not going to pay Greece to print Euro's and subsidise them, or risk someone printing Euro's in a local QE in a " if we're going down, so are you"

                      Now that would be a conspiracy theory worthy of posting.
                      Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                      Comment


                        #12
                        Originally posted by leaseholdanswers View Post

                        Germany and the ECB are not going to pay Greece to print Euro's and subsidise them, or risk someone printing Euro's in a local QE in a " if we're going down, so are you"

                        Now that would be a conspiracy theory worthy of posting.
                        That is exactly what The Slog said was happening back in March. I pointed it out in my other thread on 6th April.

                        http://hat4uk.wordpress.com/2012/03/...ian-economist/

                        Germany and the ECB don't have to pay Greece to do it. Greece have the printing presses and the paper and ink. Why wouldn't they print Greek Euros? It must cost only pennies per note.

                        Comment


                          #13
                          Originally posted by JK0 View Post
                          That is exactly what The Slog said was happening back in March. I pointed it out in my other thread on 6th April.

                          http://hat4uk.wordpress.com/2012/03/...ian-economist/

                          Germany and the ECB don't have to pay Greece to do it. Greece have the printing presses and the paper and ink. Why wouldn't they print Greek Euros? It must cost only pennies per note.
                          Because the Y prefix allows them to be flagged should they try QE, so that retailers banks and hopefully the better informed will not accept them.

                          In view of the insolvency of Greece, they are being paid to print them.

                          If there were "greek " euros you would have the same problem as Scottish notes, they are often refused, even though , as it is with E & W and Scots currency, that whether it is legal tender is matter of agreement between the parties, not banks.
                          Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                          Comment


                            #14
                            Hmm, so when is printed money backed by nothing a loan, and when is it QE?

                            They sound like the same thing to me.

                            Comment


                              #15
                              Originally posted by JK0 View Post
                              Hmm, so when is printed money backed by nothing a loan, and when is it QE?

                              They sound like the same thing to me.
                              I am not sure what your point is, but QE is simply increasing money supply, which in proportion, and in this age of electronic money and internal bonds, is less inflationary than it might have been in the past.

                              They are yes the same thing when the QE or the money has nothing to back it up.

                              In the case of Greece it's only the loans and that they use Euros are the only reasons they are not Zimbabwe. They are however still "ph(%^&*£d" and refuse to accept it.

                              Unpalatable as it is several European "kids" had a "house" bought for them with subsidy, and started to live and spend using their "parents" credit ratings.

                              The parents are now almost forced to help them out or face the fallout.

                              IMHO we have postponed it too long, and while Union seemed exciting in the good times, in the bad times it means the pain is shared,but people in the EU are not ready to accept the consequences
                              a; paying it all back
                              b: the kids moving in ie unification
                              c: cutting them off
                              d; that you can't keep using the credit cards to maintain a lifestyle
                              e: that changes are required

                              hence the lack of defining political movements,, the need of coalitions, and tied governments, as well as the rise of the right.

                              Something has got to give before we all collapse. Greece as a people have to accept that they cannot afford to live as they expect. They simply don't have the economy to support it. And the only way to attract investment or secure government loans is to leave, thereby voiding their debts. Otherwise someone else has to take on the loans and do we or the Germans want to?

                              No, the parents have problems of their own....
                              Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                              Comment

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