Greek withdrawal from the eurozone bank, the Bank of Greece) warned that "[a]n exit from the euro would lead to a significant decline in the living standards of Greek citizens." According to the announcement, per capita income would fall by 55%, the new national currency would depreciate by 65% vis-à-vis the euro, and the recession would deepen to 22%. Furthermore, unemployment would rise from its current 22% to 34% of the work force, and inflation, which was then at 2%, would soar to 30%. According to the Greek think-tank Foundation for Economic and Industrial Research (IOBE), a new drachma would lose half or more of
United Kingdom and the euro United Kingdom and the euro The United Kingdom has never sought to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992. Polls have shown that the majority of British people have been against adopting the euro, and in a June 2016 referendum the UK voted to withdraw from the EU which would virtually eliminate the chance of any future adoption. Despite never being a member of the euro, the currency is used in the UK's Cypriot territories