Greek euros: how to spot them

Discussion in 'Economics' started by armchair_jihad, Feb 21, 2012.

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  1. Over two years ago I reported from personal experience that Chinese money changers were differentiating between the various euro notes, keeping the ones identified with sensibly run strong European States and getting rid of those from Greece, Italy etc. These money changers, along with many Chinese, have their own astute opinions of the long term viability of the Eurozone, as the EU Utopia interfaces with political and economic fundamentals. Do keep in mind that the Chinese have been the victims of many such extreme social engineering experiments since 1947, so they tend to recognise certain trends.

    The guide the money changers use is this official one (scroll down).

    ECB: Banknotes

    Although arrse's resident EU Financial Utopian systems expert and now this forums Mod, scoffed at this flashing red light in the World's most important market, it now seems that the principle is gaining wider traction.

    Greek euros: how to spot them – Telegraph Blogs

    Obviously as it is in a newspaper he will claim it has no bearing on the real story that the EU movers and shakers are engaged in and that only he is privy to. Which as we see from today's news about Greece never factors in that for thousands of years people have not yet been made to accept any system that sacrifices the hopes and dreams they have for themselves and their children and grandchildren, for the greater good of a self-perpetuating hubristic bureaucracy.

    What Euros do you have in your pocket, soft or hard currency ones?
    • Like Like x 1
  2. Alsacien

    Alsacien LE Moderator

    I might move this nonsense to the hole, but I'm not sure it meets with that forums standards.....
  3. Sort of papery ones but not quite papery. More like linen and they fold as well. Pretty colours on them, too.
    Why does this crappy myth about euro notes perpetuate itself every few months? A euro is a euro is a euro regardless of where it is printed or issued (not the same thing). It's a little like saying that, when Britain devalued its currency under Wilson, notes issued before that date were worth more than those issued after it. Crap.
  4. Brotherton Lad

    Brotherton Lad LE Reviewer

    Swap you this for some Greek euros:

  5. Only worth reading for the joke at the end.

    Some years ago a small rural town in Spain twinned with a similar town in Greece.

    The Mayor of the Greek town visited the Spanish town. When he saw the palatial mansion belonging to the Spanish mayor he wondered how he could afford such a house. The Spaniard said; “You see that bridge over there? The EU gave us a grant to build a four-lane bridge, but by building a single lane bridge with traffic lights at either end this house could be built”.

    The following year the Spaniard visited the Greek town. He was simply amazed at the Greek Mayor’s house, gold taps, marble floors, it was marvellous. When he asked how this could be afforded the Greek said; “You see that bridge over there?”

    The Spaniard replied; “No.”
    • Like Like x 8
  6. Please correct me if i'm right, but as the ECB is the guardian of the Euro it is irrelavant where the Euro note/coin was printed/minted. As the Euro countries gave their gold reserves to the ECB they have nothing with which to back the Euro. Unlike Britain which as a non Euro country still has its gold reserves to back up the £---------
    'ang on a mo, I think I may have missed something, somewhere.
  7. Alsacien

    Alsacien LE Moderator

    It is indeed irrelevent where the Euro denominations are printed, the country codes are only for monitoring physical cash utilisation and movement. Greece only produces 2 notes, and in insufficient quantities even for its national needs. Production is tendered (a big one was concluded a week or so ago for JET), and the initial idea of keeping national print works in business appears to be fading as equipment and staff become more obsolete.

    There are no physical assets at the ECB, NCB gold reserves are held nationally with a portion allocated for national commitments. That means somewhere between 8-10,000 tons depending on the national allocation. UK I think has about 300 tons left, but this no longer relates to liquidity since the Gold Standard was is just another asset.
  8. I wonder what the margin is on changing "Greek Euros" into "German Euros"?
  9. Get the Jerries to invade Greece again. No margin ;-)
  10. Was chatting to a commercial banker 18 months ago, one concept was for struggling countries to be forced to develop a domestic Euro. Effectively bring back a national currency. Their Euros would still be used “in country” but would need to be exchanged for use in other Euro countries.

    Obviously not happened yet, but may still happen.
  11. Flyco has been reported in the spammers thread, but he's getting cocky now and cutting and pasting the Mods comments.
  12. Guns

    Guns LE Moderator Book Reviewer
    1. The Royal Navy

    I have some German Euros if anyone wants to buy them. Will take 50 Greek Euros for 10 German ones - any takers?????
  13. You are a Chinese money changer and I claim my five pounds.
  14. Wordsmith

    Wordsmith LE Book Reviewer

    I can just see this in practice - loads of shopkeepers spending hours scrutinising the serial numbers of euros in order to establish what country they came from...

    In the mean time, it wouldn't be trips over to Calais to pick up booze. It would be trips to Germany to pick up German Euros from the cash point, then down to Greece to buy Greek goods with the 'safer' German euros.

    Even though the EU is publicly saying there is no possibility of a country leaving the euro, I would be very surprised if there weren't contingency plans for that event. The EU might never need them, but they would be criminally stupid not to have a fall back plan in the event of the 'unthinkable' happening. I doubt that plan would rely on looking at bank note serial numbers...

    If you want a serious discussion of what would be involved in a country exiting the Euro, check out the short listed entries for the Wolfson Prize.

    Wolfson Economics Prize

    As the winner will walk away with £250,000, its attracted some serious entries....


    As a PS - this entry got a special mention. It's from a 10 year old schoolboy...