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| For the Fourth; VSIC | |
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| Tweet Topic Started: Jun 4 2018, 10:24 PM (48 Views) | |
| Greece (TheOne) | Jun 4 2018, 10:24 PM Post #1 |
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The political situation was fast deteriorating in Greece, with early elections almost certain, although even more certain was that Tsipras and SYRIZA wouldn't govern Greece again. Making matters worse, there was a serious economic crisis brewing next door in Italy mixed with their own political issues. Word had reached the 'right ears' in Athens, on what Berlin had proposed for the Italians, and the opposition to it from Athens. The likelihood that Greece would soon have a new government, and likely be leaving the Euro Zone common currency, was now higher then it ever had been. Where in the past it had been a mere after thought brought on by frustration and anger, it was now a likely outcome due to economic but more so political reasoning. This created a problem that needed an urgent fix, or more accurately, an urgent preemptive measure. That is of course, the printing and minting of a new currency, as if Greece was to dramatically quit, and with the sentiment in Greece at present it would likely see dramatic scenes that would give new meaning to the phrase Greek Drama, Berlin especially would probably try and make things as tough as possible, so the need to ditch the Euro as quickly as possible would be high on the agenda. Yannis Stournaras, the current governor of the Bank of Greece, Greece's 'central bank', which technically has been superseded by the European Central Bank, was quietly working towards a contingency. He had reached out to the likely next Prime Minister of Greece, Kyriakos Mitsotakis, as well as other economists and political figures, to discuss the matter. Edited by Greece (TheOne), Jun 4 2018, 10:30 PM.
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| Greece (TheOne) | Jun 4 2018, 10:44 PM Post #2 |
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Stournaras had invited Mitsotakis, as well as Lucas Papademos to a somewhat clandestine meeting in the forests near Athens, in an old, but well maintained winter cabin, that had been partially damaged during forest fires but had since been repaired. The three would formulate the new currency plan, in the event Greece had to quit the Euro. They had met half a dozen times over the past month. It didn't take long for them to reach agreement, that a new Drachma, based on the old coin and note designs, will need to be implemented. They agreed that the newly minted notes would use some of the latest anti-counterfeiting technologies, such as polymer paper with security features which made it virtually impossible to counterfeit. The two economists and former bank governors estimated it would cost roughly $210 million to mint a new currency. The break down would be as follows..for coins, they would mint 20, 50, in Drachmae denomination, and 1 and 2 in Drachmas. Drachma notes would include 5, 10, 20, 50, 100, and 500. A 1000 Drachma note would also be printed, in the event of hyper inflation and an extreme economic crisis. |
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| Greece (TheOne) | Jun 4 2018, 11:04 PM Post #3 |
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Stournaras queried Mitsotakis..."So given your apparent shift from leaning towards pro-EU to being against lately, should I assume if we go to the ballot box earlier then planned, you will perhaps pull Greece out of the Euro Zone? Mitsotakis.."I was a great fan of the European project, of the common currency. However it has become apparent, that try as we may, no matter what we do, the European project has not been setup for the advancement of the European continent as a whole." Papademos spoke..."While I tend to agree it has not been beneficial for Greece in recent times, we should also not forget that through the European project, Greece has seen massive infrastructure projects..of course, this has come at a cost.." Mitsotakis.."Of course, we have new highways and metro rail running across Athens, a new international airport for Athens. Could these things not have been done outside of the Euro zone? Of course. However I think we must leverage the new infrastructure, built with some EU funding, against the fact that our nation was largely destroyed after the second world war, and most of the rebuild funding from Washington skipped us and went to places like Germany as that was what the geopolitical situation with the Soviets required at the time." Papademos..."So Kyriako, regardless of when the next election is held, when you win as expected, what are your intentions? Will you be pulling us out of the Euro? We need to formulate a strategy, a plan to work from so we are not caught with our pants down here.." Mitsotakis.."The way things are panning out, it is likely I will pull Greece out of the Euro. Of course, while that may or may not be an election platform, I will not commit to that course of action as yet. The Germans as you have heard, are now talking about debt relief for Italy, naturally coupled with an additional debt with interest on top..so this could perhaps be a way in for Greece to wrangle some large scale debt relief, if we have the right leaders in place. Although I doubt Berlin will be willing, for them it has seemed to be more about exacting some sort of revenge then anything else, so I believe preparing now for the eventuality that we quit the Euro would be the wise thing to do." During another meeting.... Stournaras brings out some designs, fake notes and coins, the same designs, same people depicted as the old Drachma currency, but on new polymer notes. The other two men looked somewhat amazed at this.. Papademos..."I didn't realize Yanni that you had put this much effort in to this..." Mitsotakis.."This is similar, security wise to the Euro notes I assume?" Stournaras..."Yes, similar. It will be extremely difficult for criminals to counterfeit these. And those that manage to produce a counterfeit note, it will be of a lesser quality, everything from the feel of the fake note, to the weight will be a dead give away, and of course then there is the unique security measures...if you hold this up to a light..you'll see." Mitsotakis.."So what is the cost of this?" Stournaras.."By our estimations and calculations, it will cost approximately $80 million for coins, and $130 million for notes." ...."the return to the Drachma, will be pegged to the US Dollar. The US Dollar being the global reserve currency, and being the petro-dollar...with the energy developments going on in our region, particularly in our own country...will be beneficial." Mitsotakis...."So we are going with Drachma?..makes sense I suppose, Drachma has been used at various times since ancient times.." Papademos.."Sounds like we have a plan gentleman." Edited by Greece (TheOne), Jun 4 2018, 11:12 PM.
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| Greece (TheOne) | Jun 4 2018, 11:08 PM Post #4 |
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With word reaching Athens, and the three men planning Greece's exit from the Euro Zone, of Germany's proposal for Italy, the government in Athen's opposition and calls for debt relief across the European Union, Papademos made a video-conference call to the other two...the three agreed it was time to start the mint. |
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3:20 AM Jul 11