It has been sighted: the first wild drachma.
The Greek currency hasn’t been seen since the nation moved over to the Euro in 2002, but a Bloomberg reporter spotted one of the first sightings on her hotel bill that posted July 4. The bill from a Hilton hotel in Athens listed her total sum in “Drachma EQ.”
Greece has been floundering as it tries to work out a deal for more financing in exchange for renewed austerity and economic reforms. The euro still officially remains the nation’s official currency, and Eurozone leaders and Greek officials have been battling for six months to avoid such a currency changeover.
Bloomberg went on a mission to find out why the drachma mysteriously appeared on the reporter’s bill, but came up empty handed. Citigroup (C) and Visa (V), who were the issuers of the card charged, declined to comment, while Hilton Worldwide Holdings (HLT) claimed that the bill was in euros, not drachmas.
The amount of the bill was equal to the euro sum, which means that the two currencies would be worth the same valuation. Economists have said that such a situation would be highly unlikely. If the drachma came back on the scene, its value would likely plummet in comparison to the euro and dollar given Greece’s tenuous economic future and the gap between its imports and smaller exports. We did some of our own calculations to try to figure out what a drachma might be worth.
It likely may reveal that credit card companies and banks are preparing for any possibility, including Greece’s exit from the Eurozone.
READ MORE about the state of Greek negotiations and what may happen next.