Monday, April 1, 2013

New currency

I have previously written about the Gyro (pronounced "year-oh", the same as euro) - which is a Euro with a Y prefix for Greece.  There is also the Spyro, which has a prefix of V for Spain.

Now there is the Cypro, which is a Euro with a G prefix.

"Euros in Cyprus are not the same as Euros out of Cyprus. A spread is forced open between what I shall dub “Cypros” and Euros.
To see this, imagine that you had a bank account at a bank in Germany. Someone in Cyprus says he would like to trade Cypros for Euros. He invites you to open an account in Bank of Cyprus and he has opened an account in Germany. He will transfer 10,000 Cypros to your account in Cyprus and in return you will transfer Euros to him in Germany. How many Euros would you bid to buy his 10,000 Cypros?

"If you share widespread fears that the euro cannot last in its present form, you might want to avoid notes with the prefixes F, G, M, S, T or Y. These are issued by Malta, Cyprus, Portugal, Italy, Ireland and Greece."
--http://blogs.telegraph.co.uk/finance/ianmcowie/100014982/greek-euros-how-to-spot-them/

What would you call Euros from Malta, Portugal, Italy and Ireland?

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