Does Greece use Euro dollars or Drachmas?
 

Sorry is this is a rather naive question but I was wondering if Greece (and Italy for that matter) still use Drachmas (and Lira in Italy) or do they use Euro dollars now? Is the exchange rate better or worse for Euro dollars? <BR> <BR>Sorry if this has been asked before or if this seems like a stupid question. <BR>Thanks! <BR>Ang

Ang <BR> <BR>At the moment the drachma is still used. <BR> <BR>Greece has just become the twelfth country to join EMU and the drachma is now linked to the Euro at a fixed rate of 340.75. Greece will now have to work to the same transition timetable as the other countries participating in EMU and the drachma will therefore disappear in early 2002 when Euro notes and coins are introduced. <BR> <BR>Hope that helps. <BR> <BR>Bill <BR>

Please don't call them Eurodollars! <BR> <BR>Euro notes and coins are not in use until Jan 2002. Until then, you must still pay for goods in drachmas and liras. <BR> <BR>You will see prices quoted in both currencies (this is to help local people get used to the 'worth' of a Euro, compared to their local currency). <BR> <BR>Also, the exchange rates within the Eurozone are all fixed, now (i.e. the Deutschmark doesn't fluctuate againt the Franc), so you will see US$ quoted against the Euro - but you won't be able to touch and feel the Euro, until 2002. <BR> <BR>And please, please, please, don't call them Euro dollars! Even tho' I'm from the UK (and we're not in the Eurozone), I'd still like them called by their proper name - the Euro!

Thank you for your help Bill <BR> <BR>Liz, thanks for the information......however, EXCUUUUUUUSE ME FOR NOT CALLING THEM THE CORRECT TERM. THERE IS A NICE WAY OF CORRECTING SOMEONE AND ALSO A VERY RUDE WAY. I GUESS YOU CHOSE THE LATER. I'M NOT AN IDIOT...I DON'T NEED THINGS REPEATED FOR ME.

Don't sweat it Ang, Eurodollars do exist - they're just very different from the Euro. And I don't think Liz meant to be rude.

Brian, <BR>I should've know the other banker in the crowd would pipe up re: Eurodollars. ;) <BR>Pam

Dear margaretbrian <BR> <BR>(By the way, are you one person or two?) <BR> <BR>You provide "Ang" with a false sense of "correctness" when you say that eurodollars exist without explaining what they are. This website - - http://wfhummel.cnchost.com/eurodollars.html (note: no "www") - - explains eurodollars reasonably well. The key thing to note is that none of us ordinary mortals (i.e., non-international balance of trade settlers) will ever have them. <BR> <BR>I didn't think that Liz was rude. Ang said that she was naive, and Liz wanted to correct a badly abused term that makes tourists and travelers sound dumb if they ever use it. <BR> <BR>And by the way, Ang, if you want to see what drachmas look like (or currency from almost anywhere!) try Ron Wise's wonderful "money page" at http://aes.iupui.edu/rwise/notedir/mappage.html (once again, no "www") - - the single best webpage of its kind I have ever seen. <BR> <BR>Best wishes, <BR> <BR>Rex <BR>

Sorry, Ang, but I don't think Liz was rude at all. There is no connection whatsoever between euros and Eurodollars. <BR> <BR>Introduction of the euro will take place no later than January 1, 2002, very likely somewhat earlier. The drachma and local currencies in the other 12 countries in the eurozone will cease to be legal tender as of July 1, 2002. <BR> <BR>Do note that I have not capitalized "euro". The official pronouncement is that it is not capitalized ... except in German. <BR> <BR>You can find a fairly thorough primer on the euro for travelers at www.twenj.com/euro.htm <BR> <BR>Ed

Ed, distribution of euro banknotes to the general public will start on January 1, 2002. Not earlier, not later. <BR>A set of coins will -in some countries- already be distributed in December 2001. <BR>Different countries will have different periods in which you can still use the old currency. Here in the Netherlands, it will be only in the month of January 2002 that you can use euros and guilders. After that, it is only euros. However, banks will change any "leftovers" of the old currencies for many years to come.

Ang, I'm sorry, I certainly didn't mean to be rude, and I'm sorry if I came over that way to you. <BR> <BR>Communicating just in writing (rather than tone of voice, facial expressions etc as well) is not easy, and I'm sorry if my words sounded rude - I really didn't mean them that way. <BR> <BR>Thanks, Rex, for pointing out that 'eurodollars' do actually exist (albeit they're nothing to do with euros). I can see, now, why the confusion arises. <BR> <BR>I must admit, I've seen the word 'eurodollars' applied to euros, a couple of times before, and I wasn't happy about it. I assumed (wrongly, I see now) that some Americans assume that the US's 'might' as a world power will lead all countries to name their currencies similar to US dollars. <BR> <BR>I'm glad to know that it's straighforward confusion, rather than a US attempt at world domination! (JOKE - in case I'm not making myself clear again!)

Sjoerd: <BR> <BR>Actually I saw a release from the EU some months back that stated euros would be released somewhat earlier than the planned 1 January date. This decision had been taken to assure adequate distribution. As it is bureaucrats are quite displeased with both government and corporate preparations for the euro. <BR> <BR>Ed <BR> <BR> <BR> <BR>

Liz, I know you were just joking, but... <BR>don't forget the Canadian dollar, Australian dollar, Cayman Islands dollar...several countries call their currency the dollar and I'm assuming it's not because they want to be just like the U.S.

The term dollar, I have read, originated in what is now Joachimstal, Czech Republic where coins were minted and used as money. The German word taler was converted to dollar. Several nations use the term dollar for their currency. <BR>The US certainly has no monopoly on the term. <BR>I don't know why anyone would assume that a common measure of value and medium of exchange used in Europe would be called a dollar!! Hmm. Franc dollars, Mark dollars, Schilling dollars? <BR> <BR>At least the new paper euros will be colorful. I have seen some pictures on the web. US green is well known, but I must admit that other nations have prettier currency. I thought the best one was the old Canadian $20 bill with the picture of Moraine Lake on it. <BR>US green may not be as colorful as other paper currencies, but holding big stacks of it in my hands does evoke a very strong emotion!!!