This paper is the first to use data from this recent period of a more llberalised regime (1993-1998), and four samples of forward and spot data on the Greek drachma
(GRU)-US$ exchange rate are used.
In the case of the Greek Drachma
, the variation in its exchange rate in relation to 1999 is regarded as minimal.- Finally, a third group (Denmark, Finland and France) recorded a significant reduction in institutional prices.
Following are the middle exchange rates for leading currencies against the euro, according to Reuters: CURRENT HIGH LOW US Dollar 1.2311 1.2351 1.2253 Japanese Yen 110.34 110.83 109.81 British Pound 0.8246 0.8273 0.8229 Swiss Franc 1.3547 1.3601 1.351 Danish Crown 7.443 7.4442 7.4422 Greek Drachma
- - - Norwegian Crown 7.9976 8.037 7.996 Swedish Crown 9.5593 9.6055 9.5515 Australian Dollar 1.4215 1.432 1.4206 Canadian Dollar 1.2802 1.2868 1.2778 Hong Kong Dollar 9.5755 9.6062 9.5329 Russian Rouble 38.339 38.365 38.2205 Singapore Dollar 1.7113 1.722 1.7114
Thomas Cook says it will change Austrian schilling, Belgian franc, Finnish mark, French franc, German deutschmark, Greek drachma
, Irish punt, Italian lira, Luxembourg franc, Dutch guilder, Portuguese escudo and Spanish peseta notes into sterling between now and the end of February 2002.
Following its decision not to take part in EMS Mark II (the European Monetary System tying the Danish crown and the Greek Drachma
to the Euro), Sweden does not currently meet any of the convergence criteria.
Since last year's holiday season, the pound has risen by 25 per cent against the Spanish peseta and Greek drachma
Following are the middle exchange rates for leading currencies against the euro, according to Reuters: CURRENT HIGH LOW US Dollar 1.2372 1.2416 1.2358 Japanese Yen 112.13 112.8 111.93 British Pound 0.8356 0.8369 0.8326 Swiss Franc 1.3738 1.3786 1.373 Danish Crown 7.4396 7.4403 7.4387 Greek Drachma
- - - Norwegian Crown 7.86 7.892 7.8535 Swedish Crown 9.558 9.574 9.5384 Australian Dollar 1.4242 1.4299 1.424 Canadian Dollar 1.2722 1.2755 1.2718 Hong Kong Dollar 9.6317 9.6655 9.6206 Russian Rouble 38.374 38.41 38.194 Singapore Dollar 1.7147 1.7251 1.7147
The survey found that in February sterling had lost just 0.5 per cent against the Spanish peseta and French franc compared with the same month in 2000, and had gained 2.36 per cent against the Greek drachma
They found the high pound means sunseekers get great value - pounds 500 buying pounds 40 more Greek drachma
Greece fulfils the criterion on the government budgetary position.The Greek Drachma
joined the ERM in March 1998 and has been in the ERM II since January 1999, a total period which is longer than two years at the time of this examination.
Figures from holiday firm Lunn Poly show that the pound has grown by 50 per cent against the Greek drachma
, and by more than 30 per cent against the Spanish peseta in the past five years.
Old hands who remember the Mediterranean rates of a few years ago, will be disappointed by the present rates for the Greek drachma
, Italian lira, Spanish peseta and Portuguese escudo.