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Greek Drachma Makes Mysterious Appearance In Hotel Bill
In the wake of Sunday’s dramatic referendum, there’s been no shortage of redenomination chatter and drachma dreaming.
Indeed, speculation has run rampant since deposed Greek FinMin Yanis Varoufakis opened the floodgates by telling a UK newspaper that the government was ready to go the “California” route with IOUs. Just yesterday Kathimerini reported that Athens was preparing to launch a parallel scrip in order to meet its obligations to pensioners and public sector employees and anecdotally, there’s some evidence to suggest that Greek businesses are in the midst of reverting to the drachma as we speak.
As a reminder, the image below was sent in by a tourist who went to a cafe in Greece where the menu prices appear to be back in Drachma:
On Thursday, Bloomberg is out with what it calls "the first sighting of the new Greek drachma," and although we'd like to think that the menu shown above (which we posted some 24 hours ago) actually qualifies as the "first" sighting, we were still very interested to see that the "NGD" has shown up on a receipt from the Hilton.
Here's Bloomberg with more:
Between June 28 and July 4 at a Hilton hotel in Athens, transactions on a Bloomberg reporter's Visa credit card issued by Citigroup Inc. were posted as being carried out in "Drachma EQ."
The inexplicable notation -- bear in mind, the euro remains Greece's official currency -- flummoxed two very polite customer service representatives and spokesmen for the companies involved. It depicts a currency changeover that the Greek government and European officials have been working for over six months to avoid.
Citigroup and Visa Inc. declined to comment. A Hilton Worldwide Holdings Inc. spokeswoman said that the Athens hotel had billed the customer in euros, not drachmas.
Draw your own conclusions.
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How much was the Bloomberg bill for Greek hookers?
It was free, professional courtesy don'cha know.....
Has the Drachma ever really gone out of existence?
Does anybody know if it was declared defunct when Greece joined the EU?
I don't think so.
TYLERS CHECK THIS OUT
"Post Euro Drachma (XGD)On Bloomberg terminals, Post Euro Drachma (XGD) was shown. According to Bloomberg, this was just "an internal function which is set up to test." [19] "
https://en.wikipedia.org/wiki/Greek_drachma
Old Drachmas still have value!
http://www.leftovercurrency.com/banknotes/greece/greek-drachmas.php
http://coinmill.com/EUR_GRD.html
Two ounces of Drachma mixed with one ounce of Ouzo makes for a great aperitif.
It's 'Deja Vu' all over again Tylers.
http://www.zerohedge.com/news/2015-07-08/it-has-begun-greek-businesses-n...
edit. have to lay of the ouzo even if i like to prop up the Greek economy...
3 Courics, a Beanie baby, and a Chucky Cheese token...plus or minus on the Courics...
Can i buy some Victoria Nuland's all homemade cookies in draghmas?
its all Greek to me
intresting, probably a mistake...
... a pre-emptive, fully planned and tested, covert, mysteriously funded, anonymously implemented, conveniently attributable, plausibly deniable, one off non-recurring mistake.
Errr mer gurd, lurk. You're sur right...
FUCK THE EU....
death to the MoneyChangers....
please.
EU just needs to extend to fri market close. Who knows what Mon brings.
Greek drama makes mysterious appearance on Z/H.
Enough for fuck-sake.
I'm guessing these are local acts of rebellion by independent business owners - go you guys! Hell, if the Greek government can't bring back the Drachma, create a citizen's council to do it yourselves.
How many thousand new drachmas per Euro?
The answer to that could be .01, 1, or 100,000 and it wouldn't make a difference. All that matters is that the figure is backed by something more stable than the vicissitudes of political football that "monetary policy" inspires.
Juust wait until the Italian Lira makes a comeback! It will be like the Zimbabwe currency.
That's of no importance,because SELLING EUR GRD will be than a profitable trade,because the EURO is from 2008 terminal .
EUR burial preparations are in the final stage,
That's of no importance,because SELLING EUR GRD will be than a profitable trade,because the EURO is from 2008 terminal .
EUR burial preparations are in the final stage,
dutch's fat fingered cousin?
Initially or ultimately?
According to that reciept 217 Drachma Equivelants equal 241 Euros. So about 1.2 Euros per Drachma.
How would that appear on your credit card? Some kopecks?
Nothing wrong with a country having competing currencies. A currency monopoly is a recipe for gross abuse.
We do in the US. Its called a cash discount. Usually digital/paper x100 = 1/2 tax % liability.
When cash becomes illegal, it will gain purchasing power.
They should give a bill in Drachma to Goldman Sacks for fucking them over in the first place.
Gollum Sachs, the current worldwide Drach-ula.
Explain for me this, Tylers. If you had the chance to start a brand new currency, would you call it the drachma? To me, that sounds like a foriegn expletive or disease. Shit, just call Weiden+Kennedy in Portland, tell them you need a new name and logo, something like the Nike swoosh.
Also, what is the hang-up with putting the pictures of dead people on the money? That is valuable advertising space, lots of eyeballs! This is the perfect marriage of product placement and money!
The itunes 10!
The Samsung 20!
The Jurassic Park (tm) 50!
The Frito Lay/Cheetos 100!
Git to work, bitchez!
Completely unrealistic, you forgot Coke and Pepsi!
The original currency of the modern Greek state wasn't the drachma but the phoenix, named after the mythological bird that, rising from the ashes of the incineration of its previous body, is born anew.
AND THEY ALL HAVE TO BE RAINBOW COLORED CUZ IT'S ALL GHEY ALL THE TIME NOW!!!!
Why do people automatically asume that it's drachma? I've seen a lot of menus where "450" means $4.50.
Because if you are correct then there is really no BS story to click.
If they are using the Euro why does the bill say the total is $241.04??
The 241.04 is the bill in USD.
The Drachma EQ is 217.21
Assuming they 'meant' Euros, that is about 1.12 exchange rate which is in line...
Makes sense - the Drachma 2.0 would probably be pegged 1 to 1 with the Euro initially to facilitate trade and conversion, until forced conversion, de-pegging and devaluation.
Fuck the EU!
No, Tyler, not "California IOUs", but German style MEFFO Bills or OEFA Bills, which worked like a Charm for a desperate Germany in the 1930s. How ironic an poetic would that be?
Call them FETTA* Bills. Opa!
* Financial Equivalent Temporary Tools for Assets.
How much aside from a pile of dogshit will these cutesie one nation currencies be worth outside the homeland? What genius would accept drachma as payment for exports to Greece?
Depends on how many of them and for what product, as exporters will soon find.
Exporters from the outside of Greece will determine their honest worth and the blackmarket on the inside Greece will do the same.
Which is more than you can say for the vast majority of fiat currencies out there.
Full faith and credit of the Greek Govt. will be an absent factor in considering value.
So... what exactly do you export?
That would be China and Russia after reaching an exchange agreement with the Yuan or Ruble.
WTFUD
If you don't like the Greek drama on ZH, can I ask why are you clicking on the article and why are you commenting on it?
Best for you to logoff and go view what the Kardishans are going. I am sure that would be so much more exciting. At least I dont have to scroll past ( and unfortunately read) your pointess complaints.