Just came across this info is Saturday's paper. You might want to check any Euros you have ready for your next holiday. If you own notes from a country which might leave the euro you could sustain financial loss or at least a reduction of purchasing power.
If you want to find out which country issued a particular note use this chart and think about getting rid of the Greek and Spanish ones perhaps?
The 11 digit serial number on every note begins with a prefix which identifies which country issued it.
German notes begin with an X, Greek notes start with a Y, Spain's have a V, France a U, Ireland T, Portugal M and Italy S.
Belgium is Z, Cyprus G, Luxembourg 1, Malta F, Netherlands P, Austria N, Slovenia H, Slovakia E and Finland L.
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No they won't - they're issued by the ECB who'll still honour them, Greek minted Euros will still be usable in the rest of Europe. This was a topic of conversation here yesterday with my BiL (who works in the City for a large Bank) the consensus was that the like for like value between Drachma - Euro will be around 75% of pre-pull out Euros. In that scenario the average Greek punter will welcome Euro cash with open arms.
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>> No they won't - they're issued by the ECB who'll still honour them, Greek minted
>> Euros will still be usable in the rest of Europe.
Quite right. This rumour seems to have started from an ill-informed blog on a tour operator's website (which has now been removed).
If anybody wants to swap two of their Greek issued euros for one of my German issued ones, then I'm happy to help.
Of course, it doesn't mean that people won't now start worrying about this, and so you will no doubt hear of shopkeepers refusing to take Greek euros and people arguing at banks that they don't want Greek euros.
Last edited by: SteelSpark on Sun 15 Jul 12 at 11:46
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Sorry Meldrew the story was right - SS and I will take these Greek Euros off you for nothing. We'll take care of their disposal, got to be licensed see... (:-) - not as sharp as SS see !!!
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Bless you for helping an old man in his hour of need! I going to Corfu for a week in October and will report back on the general scene!
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We may be going to Crete or somewhere in September - Working on the basis that cash will be King there - may take some US Dollars as well.
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>> We may be going to Crete or somewhere in September - Working on the basis
>> that cash will be King there - may take some US Dollars as well.
>>
We are going to Crete in September!
Great minds think alike. (And "Fools seldom differ", I know, I know ..... )
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Take Euros - You will lose out if you take USD or GBP and take the local exchange rate. Greece more than ever is a cash economy so don't expect many restaurants to take credit cards. I would try to keep a float of at least a couple of hundred Euros on the outside chance that you are there the time Greece falls out of the Euro and the ATMs stop working.
Was in Zakynthos in June and Greek people as friendly and welcoming as ever. Most of the restaurants have held or reduced prices from last year so with the current RoE you should have a great holiday.
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I was in Crete last month, cash is king .
I took large wads of Euros, around Eu 2000 , 1000 to cover spending and 1000 for our accommodation, car hire was pre booked ( we came back with 200 or so intact, now sitting in the safe for our next trip , hopefully to Normandy in a month or so.) . The only time I paid on a card was at one petrol station when I topped up, fuel was over Eu 1.80 particularly in the remoter mountain villages. Restaurant I favoured would take card but I paid cash and I know several petrol stations and restaurants who will not take a card at all.
Depends where you go in Crete but average price of a Greek Salad sufficient for two is around Eu 5 and a coke is 1 .50 , A full meal for two, three courses with wine around Eu 25 to 30 max. You will never usually pay for dessert , usually almost always on the house and the more you go to a restaurant the more likely you are to have free brandy , ouzo or raki at the end of a meal as well.
If anybody is thinking of going to Crete and wants to know particularly about the west of the island I am happy to help.
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....I was in Crete last month, cash is king .....
Could that be one of the underlying issues ? The cash economy prevents the required tax being paid into the system.
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>> ....I was in Crete last month, cash is king .....
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>> Could that be one of the underlying issues ? The cash economy prevents the required
>> tax being paid into the system.
It becomes a nasty roundabout, swirling out of control.
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Quite possibly some tax avoiders in Greece Fullchat - probably no more than in UK .... but the underlying opinion I got from the locals out there was that it was the government which was corrupt and diverting money to themselves .
Most people paid their taxes and they were the ones being forced out of work or to take 25 % pay cuts
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But will the ECB honour notes printed and issued in the past by a country that no longer issues them and is no longer in the currency. I shall take a lot of small denomination Non Greek notes with a credit card or two as back-up and work on the assumption that ATMs may not issue anything for a few days/weeks at least - if Greece does leave the Euro, which a actually don't think they will.
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"But will the ECB honour notes printed and issued in the past by a country that no longer issues them and is no longer in the currency"
Yes
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Of course it will. It has a legal obligation to do so.
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Enjoy your holiday Meldrew Greece be still in the Euro.
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>> The 11 digit serial number on every note begins with a prefix which identifies which
>> country issued it.
>> German notes begin with an X, Greek notes start with a Y, Spain's have a
>> V, France a U, Ireland T, Portugal M and Italy S.
>> Belgium is Z, Cyprus G, Luxembourg 1, Malta F, Netherlands P, Austria N, Slovenia H,
>> Slovakia E and Finland L.
>>
So typical of the EU!
Utterly and completely illogical!
The sooner we get away from this bunch of shysters the better. :-(
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Duncan - if you think that is bad check-out method 2!
but a second test is to add the digits. So (5+0+4+4+6+0+2+7+8+5+6) gives 47. Add these digits (4+7) gives 11. Finally add these digits (1+1) gives 2, the code number for Germany. Some countries share a code number.
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>
>>
>> So typical of the EU!
>>
>> Utterly and completely illogical!
>
You obviously don't understand why they do that.
It's simple. Each Euro country cannot just print money like we do in the UK. If the Government have no money, they cannot print more. SO to avoid cheating, all money printed must be traceable to the country which printed it.
Totally logical and very simple..
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>> The sooner we get away from this bunch of shysters the better. :-(
>>
Hmm so you think Barclays Bank are honourable?. As are RBS. And G4S..?
What a warped outlook on life when teh UK is doing its best to make the £1 in your pocket value less.. and thus reduce the value of UK Government Debt..
See also Merve the Swerve (M King) telling porkies about how he knew nothing of fixing Libor...
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>> You obviously don't understand why they do that.
>>
>> It's simple. Each Euro country cannot just print money like we do in the UK.
>> If the Government have no money, they cannot print more. SO to avoid cheating, all
>> money printed must be traceable to the country which printed it.
Fair enough.
Then why don't they use a logical way of identifying the country, by say, the international code letter used on car number plates?
A little rant about G4S doesn't invalidate my point!
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"Then why don't they use a logical way of identifying the country, by say, the international code letter used on car number plates?"
For the simple reason that the notes were not perceived as the currency of any individual country but as the currency of the EU as a whole.
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In that case why identify the country of production?
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>> In that case why identify the country of production?
>>
See my explanation above.
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>> Hmm so you think Barclays Bank are honourable?. As are RBS. And G4S..?
>>
They may also be shysters, but at least they are British shysters!
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>> >> Hmm so you think Barclays Bank are honourable?. As are RBS. And G4S..?
>> >>
>>
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>> They may also be shysters, but at least they are British shysters!
>>
Bob Diamond is British? :-)
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Barclays has always behaved honourably in my dealings with them.
I'm not too fussed about the nationality of senior management, or for that matter any other member of their staff.
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I am waiting to have a 10% refund on all fuel purchased since 20005 as a result of Goldman Sachs and JP Morgan allegedly fiddling the spot price for oil.
(I may have a long wait but it will be worthwhile)
Last edited by: madf on Mon 16 Jul 12 at 11:45
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>> I am waiting to have a 10% refund on all fuel purchased since 20005 as
>> a result of Goldman Sachs and JP Morgan allegedly fiddling the spot price for oil.
>>
>> (I may have a long wait but it will be worthwhile)
You will only get it on 50% of the fuel; the other 50% you will have to pay 10% extra on.
You don't think they were "manipulating" it in just one direction do you?
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Might Some of Your Euros become Valueless? - R.P.
