The drachma was the basic unit of currency in Greece until 2001 when it was replaced by the euro. The euro is now the only official currency of the country. This changeover has had a number of consequences for Greeks, both positive and negative.On the one hand, having a single currency has made doing business between different European countries much easier. It has also made prices more transparent, as shoppers can now compare prices easily across borders. Furthermore, being part of the eurozone means that Greece enjoys lower interest rates on its government debt than it did before 2001.However, there have been some downsides to adopting the euro as well. For one thing, price controls are no longer possible – which means that Greek businesses can no longer keep prices artificially low in order to stay competitive with imports from other countries. In addition, many Greeks blame their country’s current economic troubles on its adoption of the euro – arguing that if they still used drachmas instead then they would not be in such deep financial trouble today.
