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
Greek drachma In daily use they were called "glaukes" (owls), hence the proverb , 'an owl to Athens', referring to something that was in plentiful supply, like 'coals to Newcastle'. The reverse is featured on the national side of the modern Greek 1 euro coin. Drachmae were minted on different weight standards at different Greek mints. The standard that came to be most commonly used was the Athenian or Attic one, which weighed a little over 4.3 grams. After Alexander the Great's conquests, the name "drachma" was used in many of the Hellenistic kingdoms in the Middle East, including the Ptolemaic kingdom