Bank job
Should we buy shares in companies which print banknotes in expectation of one getting to print millions of drachma notes?
— In May, according to the ECB, there were a total of 17.6bn euro notes in circulation. Given that Greece accounts for approximately 2.5% of the GDP of the eurozone, 441m of these were Greek, and might need replacing with drachma notes in the event the country leaves the euro.
— However, there is already a good business in printing replacement euro notes. In May, 2.76bn notes were taken out of circulation and 2.88bn new ones were put into circulation.
— Therefore, if Greece were to leave the euro and all Greek euro notes to be replaced with drachmas, it would only lead to a one-off monthly boost of 16% in the number of banknotes being printed in the eurozone.
Faraway coast
Education secretary Nicky Morgan has announced that Ofsted is to seek out ‘coasting’ schools.
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