What if Greece had to get a new currency?

RUN_RABBIT_RUN

http://www.bbc.co.uk/news/business-16981897

i thought this was a good take on the what ifs of the greek situation, what is scary is how coneivable it all is

it would be nice if we could take some solace at not joining the silly single currency euro club but unfortunately i think all of this would have massive ramifications for our own country if it became reality

AndyGuil

There will be lots of new currencies if the Eurozone breaks up.

Wookster

Thanks for the spot. Listening to it now.

DJFearRoss

Iceland is recovering quite well.

AndyGuil

DJFearRoss wrote: »

Iceland is recovering quite well.

It is good in the long term. It is the short term mess it will cause that is the worry. A lot of money, jobs and credit are lost, but the countries recover in the long term.

wellused

I heard a scenario where Germany should leave the euro and let the single currency find its true level of course Germany won't do this as having a weak currency suits them.

Generali

One problem which the article fails to mention is that debts of local companies to foreign banks would still be denominated in EUR. If the New Drachma falls substantially against the EUR, it is likely that many large companies would be insolvent.

IronWolf

Lets all be grateful to George Soros for costing the UK government billions in the ERM debacle, which was the main factor in us not joining the Euro

Mistral001

Greece WILL leave the Euro.

The devaluation that will take place as a result of the return of the Drachma will mean that prices of many consumer goods like cars and electronic goods will increase, but it will be a big boost to tourism, agriculture and what little manufacturing there is in Greece. It will also mean that companies from outside Greece will look to it as a possible place to invest.