[errolurberozy]

I'm not sure he can read.

[Lypepuddyu]

Please specify the irony, tard...

[AdobebePhoto]

There are definitely implications to adding more zeros to denominations.

[imporesweemo]

My guess would be whatever ratio they converted into the euro at.

That would be ~340 drachmas per euro, according to Wikipedia. My guess is they would want to pick a ratio that would make converting prices into drachmas simple, so they might go with 100 drachmas per euro.

[RarensussyRen]

Good riddance.

[d1Bc25UP]

Please specify the irony, tard...

The irony.

[xanaxist]

The currency would float, how much it would devaluate would depend on how many dollars Greece is able to attract through exports, tourism, foreign investment, and if thet get poor enough, remittances from Greeks outside Greece.

The two big issues is what would happen with the Greeks who have saved money in Euros (Banks will probably not be able to return that money), and what happens with private loans.

In Argentina we decided to turn the private loans into Pesos and screw instead the people who saved money in dollars by turning their savings into Pesos, at a very low rate. Someone will have to get screwed.

[TodeImmabbedo]

The irony.

[Retapleapse]

Oerdin, sovereigns can do whatever the **** they want. If the Greeks did it, it would be treated as a sovereign default by the international credit markets.

I'm curious why the EU hasn't taken a harder line on banks agreeing to write downs since that seems the only way (well, short of Germany pawning all it's silverware) to avoid a default. When the US bailed out Mexico in the 1994 Clinton made all the banks agree to a certain percentage of debt reduction right off the bat plus agree to roll everything remaining over at the current terms or the US wouldn't agree to co-sign anything. The end result was the banks had to give something to get something so Mexico's financial position actually improved. The EU isn't taking on any Greek debt and none of the debt is getting written down so all they're doing is agreeing to backstop loses should Greece default; that does kick the can down the road a bit but it doesn't solve the real problem (they owe more then they can reasonably pay) and that's unlikely to change any time soon especially since they're stuck with the same interest rates as far better run countries with completely different economies.

[Clielldub]

I've just been reading about the Latin monetary union. I don't think I was ever aware of it before.

[nicegirlflor]

do you know how desperate the greeks were to get into the euro? like italy, they had to cook the books... And therein lies the problem...

[KernJetenue]

The question still stands...how much is a Greek Urn?