GREECE: THE DRACHMA - ONE OF THE WORLD'S OLDEST CURRENCIES - IS ABOUT TO BE REPLACED BY THE NEW EURO CURRENCY
Record ID:
647077
GREECE: THE DRACHMA - ONE OF THE WORLD'S OLDEST CURRENCIES - IS ABOUT TO BE REPLACED BY THE NEW EURO CURRENCY
- Title: GREECE: THE DRACHMA - ONE OF THE WORLD'S OLDEST CURRENCIES - IS ABOUT TO BE REPLACED BY THE NEW EURO CURRENCY
- Date: 5th December 2001
- Summary: ATHENS,GREECE (RECENT)(REUTERS-ACCESS ALL) 1. STOCKSHOT - WIDE VIEW OF ACROPOLIS 0.05 2. VIEW OF PARTHENON 0.10 3. CU HOARD OF ANCIENT GREEK COINS FOUND ON ACROPOLIS 0.16 4. VARIOUS OF SCU/CU SILVER DRACHMAS FROM THE SIXTH CENTURY B.C., GODDESS ATHENA AND OWL SYMBOLS (4 SHOTS) 0.59 5. CU DRACHMAS OF ALEXANDER THE GREAT (4TH CENTURY B.C.) DURING HIS REIGN 1.04 6. VARIOUS OF MINTING MACHINE SPEWING OUT THE SLUGS TO MAKE COINS (6 SHOTS) 1.34 7. CU GREEK EURO COINS, OWL MOTIF OF TETRADRACHM IN TOP RIGHT CORNER, EUROPA MYTH COIN ON TOP LEFT 1.41 8. VARIOUS EURO BILLS BEING PRINTED AND BILLS (4 SHOTS) 2.06 9. (SOUDNBITE)(English) BANK OF GREECE DEPUTY GOVERNOR NIKOLAOS GARGANAS SAYING: "There is, a sort of sentiment, for such an old currency (drachma) but as I have said before, the new currency brings macroeconomic advantages; more financial stability, more investment, trade, higher rates of growth, a higher standard of living". 2.28 10. STREET SCENE IN SHOPPING DISTRICT OF ATHENS 2.34 11. MV/CU PEOPLE WITH SHOPPING BAGS AT WINDOW 2.44 12. CUS PRICES IN WINDOWS IN EUROS; MV PRODUCTS IN WINDOWS (3 SHOTS) 2.59 13. SMV STALL IN ATHENS FRUIT MARKET 3.05 14. (SOUNDBITE)(Greek) FRUIT STALL OWNER SAYING: "We are fully informed about the euro, but we don't know what to expect. I hope we will handle it alright but without a doubt, in the beginning, we will have some problems. But we will just have to get used to it, won't we?" 3.23 15. MV PEOPLE BUYING FRUIT 3.27 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 20th December 2001 12:00
- Keywords:
- Location: ATHENS, GREECE
- Country: Greece
- Reuters ID: LVA7HJP8X1KBF3K8LIBGN34YVF17
- Story Text: One of the world's oldest currencies is about to be
laid to rest.
After more than 2,500 years, the drachma - the currency of
philosophers, poets and kings - will step aside for the new
Euro currency.
Some have called the drachma the mother of all
currencies; it was one of the first coins to be used to
replace the barter system.
The first known coins appeared in Asia Minor sometime
around 600 BC in the kingdom of Lydia where round pieces of
gold and silver, used for trade, were stamped with official
symbols. Thus the first coin was born.
The Greeks, already using pieces of various types of metal
for trade, swiftly adopted the idea and spread the system of
an authorised state coinage.
The currency travelled far and wide through traders and
merchants selling wares across Europe and the Muslim world,
and Greek civilization played a leading role in shaping the
monetary horizon.
Alexander the Great also spread the currency across great
expanses of his conquered territory, using it for his military
campaigns and giving it the status of an international
currency.
According to some historians the Parthenon cost 4,200,000
drachmae to build, according to others, even the penny draws
its roots from the drachma, as does the ancient Roman
denarius.
For centuries the drachma actually disappeared from usage,
during times under occupation such as the period of Ottoman
rule when it was replaced by other currencies. It did not
reappear as the national currency until 1833.
In an effort to hold on to the memory of the drachma, the
Greek Euro coins have adopted Greece's rich numismatic
history.
The one Euro coin is a copy of the ancient Greek
tetradrachm and the four drachma coin portrays an owl, a
symbol of wisdom used by the Greek goddess Athena between 560
and 530 B.C.
The five euro coin depicts the myth of Europa, a maiden
abducted by the god Zeus disguised as a bull. It is believed
the name Europe may be derived from this myth.
Many are sad to see the famous drachma disappearing into
history but say the Euro will be a stable currency more
dependable than the volatile drachma.
Europe's newest Eurozone member, Greece adopted a number
of belt-tightening fiscal policies to bring the economy in
line in time to become the 12th country to adopt the
currency.
Greece had been left out of the first single currency wave
in 1999 for failing to meet the economic criteria but in two
years Europe's poorest member scrambled to qualify and became
a member of the Eurozone in January 2001. At the head of the
campaign was Greek Prime Minister Costas Simitis, launching
economic reforms and reducing inflation.
It meant having only a year to prepare for the Euro but
officials said the handover should be smooth.
The Bank of Greece has sent positive signs for the economy
in the first year of the Euro, predicting lower inflation and
higher GDP growth compared with the Eurozone average. It will
be needed, say analysts, as Greece will have to continue to
improve its economy and keep inflation under control.
Bank of Greece Deputy Governor Nikolaos Garganas said
although people feel a certain sentiment towards the drachma,
the euro will bring a higher standard of living and more
stability to the country.
The public is mixed between confusion over rates,
uncertainty over the euro but also an eagerness for the new
money.
The public will be struggling with the currency however,
as there are more coins with the Euro than with the drachma,
and drachma denominations are in the thousands, euros are
not.
Shopowners said they have educated themselves but still
expect problems with customers until drachmas completely
disappear from circulation.
Drachma banknotes will be accepted until February 28 2002,
and the rate will be 340.75 drachmas to the Euro.
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