Greeks dump the Euro
LONDON — It would be Europe’s worst nightmare: after weeks of rumors, the Greek prime minister announces late on a Saturday night that the country will abandon the euro currency and return to the drachma.
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Instead of business as usual on Monday morning, lines of angry Greeks form at the shuttered doors of the country’s banks, trying to get at their frozen deposits. The drachma’s value plummets more than 60 percent against the euro, and prices soar at the few shops willing to open.
- An Alarming Greek Contingency: What if It Drops the Euro? (nytimes.com)
- BNP Paribas, Société Générale and Commerzbank – a Greek tragedy? (tradingfloor.com)
- Smell of panic damages market’s psyche (tradingfloor.com)
Posted on December 13, 2011, in Government Trough, Pig Trough and tagged Athens, Euro, Eurozone, france, Greece, greek, Greek drachma, List of Prime Ministers of Greece. Bookmark the permalink. 1 Comment.