BBC - Newsnight: Paul Mason: How do you leave the Euro? Plan C: odious debt...
BBC
"I once used to frequent a very decent restaurant on Kefalonia where you could get lobster pasta for 1700 drachmas. In the summer of 2002 I was stunned to find, chalked on the very same board in the very same harbour, that lobster pasta was now to cost 17 euros. In fact the old zeros were still faintly visible, but not the drachma sign.
The final exchange rate of the Greek drachma was 340/1, making the pre-Euro lobster a notional 5 euros - so this was a > 3x increase. But on adoption of the Euro the restaurant had simply decided it had entered the north-European economy and would now charge north-European prices. I have to say, it was still worth it - but it was a shock.
Soon Greeks may experience a shock in the other direction."
