Greek drachma exchanged for new ones at the rate of 50,000,000,000 to 1. Only paper money was issued. The government issued notes of 1, 5, 10 and 20 drachmae, with the Bank of Greece issuing 50-, 100-, 500-, 1000-, 5000-, and 10,000-drachma notes. This drachma also suffered from high inflation. The government later issued 100-, 500-, and 1000-drachma notes, and the Bank of Greece issued 20,000-and 50,000-drachma notes. In 1953, in an effort to halt inflation, Greece joined the Bretton Woods system. In 1954, the drachma was revalued at a rate of 1000 to 1. The new currency was pegged at 30
History of the euro History of the euro The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro). In 1999 the currency was born virtually and in 2002 notes and coins began to circulate. It rapidly