NEWS

Europe’s new currency in the land of ancient gods

GORTYN, Crete – Yiannis Karayiannakis, a guard at the site where the legend of Europe was born, is all for the euro, but knows it’ll be confusing at first. We’ll need a calculator to buy a cup of coffee, he says. The arrival of Europe’s new currency has special meaning in this village of olive and raisin farmers. In Greek mythology, Europa, a king’s daughter, was abducted by the god Zeus, who transformed himself into a bull. They landed in an olive grove in Gortyn. Europa bore Zeus three sons and he promised to name the continent after her. In this village of 1,000 people on the island of Crete, children learn the legend in school. At some nearby ancient ruins, a plane tree marks the spot where Europa is said to have conceived her first son. Women hoping to have sons still gather its leaves. The euro goes into circulation on January 1 in 12 European countries in the biggest currency change in history. Greece’s participation adds special symbolism. Its drachma is Europe’s oldest currency, dating back 2,650 years. Revived in the 1830s when Greece was liberated from the Ottoman Empire’s rule, it is a symbol of the country’s independence. But just weeks after New Year’s Day, the drachma, like the other currencies, will be gone. All 12 countries are getting the same euro banknotes, but each gets to put its own symbol on one side of the new coins. So people in Gortyn are pleased that the two-euro coin minted in Greece features Europa astride a bull. The change also means learning a new kind of math, hence the notion that calculators will be needed. Suddenly, 340.75 drachmas become one single euro, equal to about 90 US cents. Still, Gortyn has managed even though the nearest bank is about eight kilometers (five miles) away, and doesn’t seem too worried about learning to live with what Greeks call the evro. It’s very nice, said the deputy mayor, Giorgos Alexakis, fingering a new euro coin. We’ll have to get new wallets. Greece joined the European Union in 1979 but only signed on to the euro this year, two years behind the others, after a series of painful economic reforms to qualify it for membership. Just one third of Greeks feel informed about the euro, according to European Union surveys, compared with the eurozone average of 53 percent. More than one quarter don’t know the conversion rate or even when the euro is being introduced. The government has responded with a publicity blitz. Information kiosks are being set up in farmers’ markets. There’s a euro hot line to answer queries. This month, Greeks lined up for starter kits of euro coins in plastic bags. The navy has sent out 16 warships to dozens of Greek islands to arrange seminars at schools. Even Greece’s Orthodox Church, which has often accused the EU of diluting Greek culture, has agreed to help the campaign. Maria Yennitsariou, an official at the Bank of Greece, designed a board game and comic strip to teach children about the euro. We’re asking the kids to help their parents, she said. On the Net: Euro banknotes and Greece’s coins: http://www.euro.ecb.int/en/section/euro0/specific.GR.html

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.