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What is GRD?

Greek drachma GRD vs EUR.

Euro vs. GRD, what is the exchange rate of Greek drachma?

GRD is Greek money drachma

Drachma was Greek currency used in Greece and all over the territories Hellenians ruled almost a millennia since the beginning of Ancient Greece. Their coins were originally made of electrum, a naturally occurring gold-silver alloy.

By the way, electrum, often known as green gold, contains aside of gold and silver some trace amounts of copper and other metals.

History

Picture: A drachm coin commemorating Greek 105th Olympiad 369 BC.

A commemorative tetradrachm coin minted to celebrate the games of 105th Olympiad that was held 369 years before the Christian age, featuring head of Zeus and nymph Olympia. OΛYMΠIA!

The coinage as such was developed independently in Iron Age Anatolia and Archaic Greece, India and China around 600–700 BC after it was realised that seigniorage could increase the value of currency allowing with the same to lower the content of precious gold in their legal tender.

Alexander the Great, king of Macedon established drachma as an official currency across most of Hellenistic kingdoms across the Middle East and northeast Africa. The Arabic currency unit dirham, known from pre-Islamic times and afterwards, has borrowed its name from the Greek drachma or didrachm. Today the official currencies of Morocco and the United Arab Emirates still use dirham, in Armenia it's called drahm.

One drachma 2500 years ago had about the same value as 45 US dollars in 2010, and could provide two days worth of subsistence for a family living on island Lesbos back then. A well known fact is that Jesus paid his bills in drachmaes.

When Romans took the business of ruling the world over from Greeks, they also inherited the coinage system. That was the first survival of ol' good drachma.

After a millennia of chaos and finally escaping from the Ottoman Empire, Greece reintroduced drachma in May 1832. The new drachma coin weighed 4.5 g and contained 90% silver. The 20-drachma coin contained 5.8 g of pure gold. The 100,000,0000,000-drachma banknote in 1944 was made of paper.

The Greeks enjoyed drachmas with pride through series of revaluations until January 2002 when they managed to penetrate into the eurozone at the rate of 340.75 drachma to 1 euro.

Return of drachma

Picture: Owl of Athena coin.

The design of this drachma is reminiscent of an ancient Greek coin Owl of Athena.

The transition from euro zone back to drachma.

Fusion of European and Mediterranean lifestyle drained the country's vaults just in eight years and the IMF and eurozone leaders gave Greeks 110 billion euros for expenditures (the first bailout, 2010).

A year or so later this pocket money was gone and the Eurogroup, European Central Bank and International Monetary Fund sent 130 billion more euros. On top of that 50% of Greek debts were written off. The second bailout package was signed on 2012.

Money has a natural tendency to melt and by the end of 2014 pride of sons and daughters of Hellas started to suffer again. Alas rich neighbours had become suspicious and were reluctant to cough up more cabbage.

Greece needed the third bailout money to come, and quick.

A new man stepped at the helm. Alexis Tsipras born 1974, leader of the left-wing Syriza party, member of Communist Youth of Greece since late 1980s, and whose youngest son's middle name is Ernesto as a tribute to Che Guevara, become the Prime Minister of Greece. Comrade Fidel Castro of Cuba sent Tsipras a warm letter congratulating him for the revolutionary victory.

Tsipras put Eurozone an ultimatum: Greece will return to pentadrachms and octadrachms, or alternatively, he could accept the third bailout from European Union in amount of €85 billion, and they will stay with eurozone. Depending how long the money lasts.

The Bank of Greece

Picture: Ancient Greek currency.

As an old Greek dude Aristotle once put it: “Poverty is the parent of revolution and crime”.

The Bank of Greece participates in the formulation of the single monetary policy in the euro area and implements it in Greece, in line with the guidelines and instructions of the European Central Bank (ECB). The Bank conducts monetary policy operations whereby it provides liquidity to domestic credit institutions. It also provides marginal lending and deposit facilities to credit institutions, in order to grant and absorb liquidity, respectively. Finally, it holds the minimum reserve accounts of domestic banks.

The Bank of Greece is responsible for monitoring financial stability, with a view to identifying vulnerabilities in Greece’s financial system, and assesses its resilience.

The Bank of Greece announces on Thursday 09 July 2015 that it will only carry out transactions concerning accounts of the Greek State, legal persons in public law and social security funds. No other transaction with the public will be carried out. The curefew stands 11 days, until Monday 20 July 2015.

Converters and rates

Easy to use currency converters and fresh exchange rates every weekday.

What is GRD? Drachma is a currency that was a medium of exchange in countries occupied by Greece during a whole milennia, and after the Ottoman rule, except a nourishing period of EUR from 2002 to 2015.

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