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Greece and the euro
Lawpf2001
Posts: 177 Forumite
I have booked to go island hopping in Greece for two weeks with my girlfriend in June. It seems as if Greece is on the verge of leaving the euro and I am bit worried this may cause us some issues whilst we're away.
What would people consider doing moneywise whilst there? When abroad I usually just used a pre-paid card and withdraw from that. However, I assume if they were to leave the Greeks would pull all euros from the bank before they are converted. So obviously this could have big issues for us as we'll need access to money to pay for ferry tickets and food.
Any advice would be great thanks.
What would people consider doing moneywise whilst there? When abroad I usually just used a pre-paid card and withdraw from that. However, I assume if they were to leave the Greeks would pull all euros from the bank before they are converted. So obviously this could have big issues for us as we'll need access to money to pay for ferry tickets and food.
Any advice would be great thanks.
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Comments
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I am only repeating what I read int eh paper this morning. If they decide to leave, they will not announce in advance but do it on a weekend "when banks & businesses are closed". So, yes, you could be caught out. However, it also says that they need a few months to print the new drachma etc. and don't expect them to quit until that is in place so if you are going in June,you should be back before anything happens.
It didn't say if there will actually be a problem getting your hands on the new currency but who knows??0 -
They might stop using the Euro officially but would they prefer if you paid them in Euro's or a rapidly falling new currency - err tough one I'd say.
You couldn't stock up from the ATM's though you'd need them in your pocket first.0 -
If you can afford it take some Dollars or Sterling - 20 years ago I would have said Dollars or Deutchmarks - in an unstable economy there is always room for hard currency.The truth may be out there, but the lies are inside your head. Terry Pratchett
http.thisisnotalink.cöm0 -
Why take USD? That means two currency conversions (i.e. paying the bid/offer spread twice) and offers no advantage to the OP. Taking GBP is more sensible. However, the best option is to withdraw plenty of EUR from cash machines before any Greek euro exit.adouglasmhor wrote: »If you can afford it take some Dollars or Sterling - 20 years ago I would have said Dollars or Deutchmarks - in an unstable economy there is always room for hard currency.0 -
When greece leaves the euro how will it work?
They will have to change to the "new drachma" overnight so all the money in your bank account will be changed to drachma's.
All the money in your pocket will be euros,should everybody be holding euro cash? as the euro is valuable but the drachma will be almost worthless and when will this flight to withdraw cash euro start a run on the banks....any answers?Political?....I dont do Political....well,not much!0 -
Whatever happens the euro will allways be accepted in greece at an agreed flexible exchange rate,the same as any foreign currency.Political?....I dont do Political....well,not much!0
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Nobody knows, although it's likely that it would be announced suddenly at the beginning of a weekend, when banks are closed, leaving no opportunity for people to remit their EUR abroad to avoid it being converted to GRD. There's talk of over-stamping all EUR banknotes held in Greek banks to show that they've become a temporary form of GRD. There's also talk of exchange controls and border controls as well as Greece's exit from the EU and Schengen. EUR/GRD will rocket, leaving those with unbanked EUR cash the winners. Whichever way it's done (if at all), it will be a total mess.When greece leaves the euro how will it work?
They will have to change to the "new drachma" overnight so all the money in your bank account will be changed to drachma's.
All the money in your pocket will be euros,should everybody be holding euro cash? as the euro is valuable but the drachma will be almost worthless and when will this flight to withdraw cash euro start a run on the banks....any answers?0 -
You will find that you will get excellent exchange rates in Greece already so dont bother bringing heaps of Euros,just bring sterling.Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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Anybody want to take a punt at when IT will happen (not that anybody can say exactly what IT is)... ?0
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