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EURO - GREECE
The Euro is here!
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On 1st of January 2001 the Republic of Greece joined the Euro Zone along with eleven other European Union member states. Greece was accepted into the first wave of the EURO Club on 19 June 2000 and has been working hard since that time to implement the various procedures that will be required to achieve a smooth transition to the new currency. When the new Euro currency is introduced on 1 January 2002 Greece will have had only 18 months in which to ready itself whereas other members will have been preparing for 3 years.
    
As the new Millennium is just starting out Europe's oldest currency the drachma is about to be consigned back to the history books along with 11 other European Union currencies that will be scrapped in favor of the faceless euro notes. The important milestone passed in June 2000 will have a direct impact on everybody living and working in Greece, not least the bankers who will be overseeing the project.
Countdown to the EURO
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19 June 2000 |
The EU approves Greek membership of the Euro Zone
(start of preparations to adopt the new single currency) |
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1 January 2001 |
Greece officially joins Euro Zone
(all invoices and cash register receipts will be tendered in dual currencies) |
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1 January 2002 |
Euro notes and coins issued throughout the Euro Zone
(start of short dual circulation period as the Drachma starts
to be withdrawn) |
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28 February 2002 |
Drachma will be removed from circulation
(end of dual circulation period) |
As from 1 January 2001 the Drachma/Euro parity will be officially fixed at DRS 340.750 = Euro 1.00. From this date, retail establishments will have to display both currencies, all invoices and cash register receipts are required to be printed with totals in both Drachma and Euro and heavy fines will be imposed on businesses not complying with this part of the law.
EURO Currency
Euro coins will be issued in eight denominations:
Euro 1 and 2 - Euro cents 1, 2, 5, 10, 20 and 50
Every euro coin will carry a common European face. On the obverse, each Member State will decorate the coins with their own motifs. No matter which motif is on the coins they can be used anywhere inside the 12 Member States.
Euro banknotes will be issued in seven denominations:
Euros 5, 10, 20, 50, 100, 200 and 500
The notes will be uniform throughout the euro area; unlike coins, they will have no national characteristics but can be used anywhere inside the 12 Member States.
Further information about the EURO can be obtained from the following site:
EEC euro web site
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