Monday, May 21, 2012

Goodbye Euro, Hello Drachma - Yahoo! News

Goodbye Euro, Hello Drachma - Yahoo! News

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......Goodbye Euro, Hello Drachma

..By Anthony Ventre

.PostsWebsite .By Anthony Ventre
Yahoo! Contributor Network – 7 hrs ago....This story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world’s most popular websites. Do you have a story to tell? Become a Yahoo! contributor....EmailNew: Now the email button gives you a quick and easy way to start a conversation.


Greek debt drags on the survival chances of the European Union, especially if the larger economies of Spain and Italy follow Greece. German Chancellor Angela Merkel says she's fighting to keep Greece in the EU. The Germans have also said the EU could take the hit and go on if Greece defaults. Somewhere there is a contingency plan for a Greek exit from the EU, and according to the New York Times, Europe is getting used to the idea.

What would be the currency impact if Greece is kicked out?

Greece would go back its original currency, the drachma. That is easier said than done since there is no exchange rate. The value of the drachma could drop as low as 40 percent of a euro. Everything bought and sold in Greece would become more expensive. The flip side is Greece would become cheaper for tourists with stronger currencies.

So now would be a good time to visit Greece?   Click the headline--read the rest.

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