The Euro
Greece is one of twelve European Union countries which have changed over to a single currency, the euro (?). The transition period, which began on January 1, 1999, was lengthy, however: euro notes and coins were not issued until January 1, 2002, with the Greek drachma ( dhrakhmi , the oldest currency in Europe) remaining in place for cash transactions, at a fixed rate of 340.75 drachmas to 1 euro, until they were scrapped entirely on 28 February, 2002. You will be able to exchange any leftover drachma coins into euros until March 2004, and any old drachma paper notes until March 2012, at branches of the Bank of Greece. For the most up-to-date exchange rates of the US dollar or the pound sterling against the euro, consult the very useful currency speculators' website, www.oanda.com . Rates at the time of research are: GBP1 = ?1.60, US$1 = ?1.08, Aus$1 = ?0.53. You should not be charged commission for changing euro-denomination travellers' cheques in any of the twelve countries within the euro zone (also known as "Euroland"). All local prices in this guide are given in euros. Amounts were derived from the last known drachma price of late 2001, and usually rounded up - as the Greeks will almost certainly do, if the experience of decimalization in the UK is anything to go by. Also judging by past practice, Greek shopkeepers are unlikely to bother much with shortfalls of 10 cents or less, whether in their favour or yours. Euro notes exist in denominations of 5, 10, 20, 50, 100, 200 and 500 euros, and coins in denominations of 1, 2, 5, 10, 20 and 50 cents and 1 and 2 euros
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Your Tip for Greece
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