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Thinking about visiting this place with a view to making an offer

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    #31
    Originally posted by scooterscot View Post
    Why would a change of currency make any difference? Why would a change in currency lead to a dramatic drop in value? What's the thinking there?

    It's actually easier for me to buy in euros since that's what is in the bank.
    The new drachma will be immediately devalued, as a result the debt owed by Greek mortgage holders (which will have been converted to new drachma) will fall dramatically and they will be free to accept much lower Euro denominated offers on their property and still pay off their new drachma debt. The knock on effect of this will be a reduction in property values when priced in any asset class other than new drachmas. Similar to what has happened in the UK.

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