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Greek drachma

The official currency of Greece before it was replaced by the euro in 2001 after the country adopted the European common currency. As a currency, the drachma dates back to ancient Greece when it was widely used in many Greek city states from Classical times on, as well as in many of Alexander's successor states and South-West Asian kingdoms during the Hellenistic era. After the establishment of the modern state of Greece, the drachma was reintroduced in 1832 to replace the phoenix at par. The drachma was subdivided into 100 lepta.

International banks have been preparing behind the scenes for the return of the drachma as Europe's debt crisis continues to worsen. The 2012 Greek elections also threw into doubt the EU and IMF aid package that came at the price of harsh austerity measures as a condition for the 100 billion euro debt reduction. If Greece eventually drops out of the euro zone, drachma will once again becomes Greece's official currency.

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