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Any "new drachma" would sink like a stone at first
If a 'No' in Sunday's referendum eventually takes Greece out of Europe's single currency, any "new drachma" or temporary payment unit could be worth as little as a fifth of the euro now in circulation. In the absence of a flow of new euros from the European Central Bank after a "Grexit", Athens' existing stock of hard currency is not expected to be enough to cover the government's obligations. Currency experts say that would probably force the state to print some form of interim IOUs or "scrip" to pay wages and pensions and the purchasing power of this on the street or overseas would be a direct proxy for a new ... (full story)