A new report by German tabloid newspaper Bild.de is predicting the money loss European holders of Greek-printed money will face in case the debt-ridden country does exit the Euro Zone.
The most common scenario following the Greek exit from the Euro is that the old national currency of drachma will be once again introduced but this would have to happen overnight and all Euros remaining in circulation would retain their actual value. This is the main reason why more and more Greeks are rushing to the banks to liquidize their bank accounts.
In order to address this plundering of bank accounts and severe blow to the economy, a new study suggests that the Euro notes printed in Greece and bearing the serial letter Y became the new currency of Greece instead of the old drachma.
According to the study conducted by Charles Blankart, head of the Institute of Public Finance and professor of economics at Humboldt University in Berlin, all Euro notes printed by the Greek Central Bank would immediately lose part of their value in case of a Greek Euro exit, since the same money would become the new currency of the defaulted country. Thus, holders of Greek-printed money all around Europe would automatically see the worth of their money decreasing due to the already circulated money notes.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
