from The American Heritage® Dictionary of the English Language, 4th Edition
- n. The primary unit of currency in Greece before the adoption of the euro.
- n. An ancient Greek silver coin.
- n. One of several modern units of weight, especially the dram.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. The currency of Greece from ancient times until 2001, with the symbol ₯, since replaced by the euro.
- n. A coin worth one drachma.
- n. An Ancient Greek weight of about 66.5 grains.
- n. A later Greek weight equal to a gram.
from the GNU version of the Collaborative International Dictionary of English
- n. A silver coin among the ancient Greeks, having a different value in different States and at different periods. The average value of the Attic drachma is computed to have been about 19 cents (U. S. currency, ca. 1913).
- n. A gold and silver coin of modern Greece worth 19.3 cents.
- n. Among the ancient Greeks, a weight of about 66.5 grains; among the modern Greeks, a weight equal to a gram.
from The Century Dictionary and Cyclopedia
- n. The principal silver coin of the ancient Greeks.
- n. A silver coin of the modern kingdom of Greece, by law of the same value as the French franc, equal to 19.3 United States cents. It is divided into 100 lepta.
- n. A weight among the ancient Greeks, being that of the silver coin. See drum.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. formerly the basic unit of money in Greece
- n. a unit of apothecary weight equal to an eighth of an ounce or to 60 grains
Unless they have already decided to price it in Greek drachma, rather than euro, he can tell you that there is an awful long way to go before austerity kicks in.
Its rival EBS, which is owned by ICAP PLC, said Sunday that it was testing trades in Greek drachma against both the dollar and the euro as a precautionary measure.
Greece's history in the drachma was an up-and-down history, a roller coaster.
"The choice between new austerity measures with the euro and a default with the drachma is the same as choosing to be killed at five minutes to midnight or at midnight," says Maniatis.
As The New York Times reports today, some economists believe that a default by Greece and return to the drachma might be the best course of action, though the results would be devastating.
For this reason we still call small coins obols, and we call six obols a drachma, meaning that this is the number of them which can be grasped by the hand.
Would it be so bad for Greece's economic growth if the country left the monetary union and returned to the drachma?
Greece could return to the drachma, devalue it and repay its debts with debased currency.
Greek politicians, for their part, have gone along not because they're in thrall to bankers and cravenly do whatever pleases the piggies in pinstripes—but because they view the alternative as even worse: default, a likely collapse of Greece's banks, a need to exit the euro and reintroduce the drachma.
This is the preferred remedy for those who believe that Greece's salvation lies in exiting the euro, re-adopting the drachma, and promptly devaluing it.