Is the Peseta making a return?
 

Just noticed in some of our local shops that they accept payment in Pesetas for any goods purchased. I did hear this on the news a couple of weeks ago that as the Spanish banks did not give a cut off date for accepting pesetas they are still legal tender - so once a shop accepts them they only have to change them at the bank to euros.

The aim is to get people - who stuffed millions of pesetas down their settee - to dig them out and spend, spend and spend.

Re: Is the Peseta making a return?
 

do they actually accept the old pesetas or are you just seeing that most shops in Spain show the price in both Euros and Pesetas ?

according to the central bank millions of pesetas (with a value estimated in 1.7 billion euros) were never converted to euro.

In 2011, more than 60 shops belonging to the small Galician fishing town of Mugardos reintroduced the peseta (accepting it alongside the euro), it was reported to have been a "useful exercise" but I have heard of no plans to try it out again.

Many Spaniards are still living in the peseta days, and are blaming the Euro for increased prices - especially as the exchange rate was 1 euro = 166.386 pts.
However, they are also not taking into account the way world prices have altered (upwards) over the last 12 years.

Re: Is the Peseta making a return?
 

Correct, no cut off date.

Re: Is the Peseta making a return?
 

Most of those lost pesetas will be in the UK and Germany, the remains of thousands of holidays. I have a bag of mixed currencies and keep intending to sort it out. Doubt if those Albanian notes are still valid though and a wad of Turkish notes worth about £1:lol:

Nearly every factura in Spain still has the peseta value below the euro one. Incredible really after a decade!

Re: Is the Peseta making a return?
 

Perhaps nobody really took it seriously in the first place. I reckon it would be a little easier to return, then?

Re: Is the Peseta making a return?
 

what 1.7 billion euros worth - thats just about the value of the whole of the companies on the Spanish Stock Exchange !

I don't think all countries have left it open on return, didnt France close the books last year ??

Re: Is the Peseta making a return?
 

Yes they are accepting payment in pesetas.

Re: Is the Peseta making a return?
 

I saw a shop locally last week with a sign ourside saying they accepted pesetas.

Re: Is the Peseta making a return?
 

Yikes - looks like the Euro is here to stay. Pound is down to 1.23 (it was 1.27 at one point). :eek:

Re: Is the Peseta making a return?
 

Good ol' Mario!

Re: Is the Peseta making a return?
 

That's simply due to yesterday's ruling that the German constitution can't put the block on the latest bail out plan, so it's possible the fiasco could continue a little longer than expected.

Re: Is the Peseta making a return?
 

And to add to that, it was announced that the Fed will purchase $40billion of mortgage backed securities on a monthly basis with no time limit. Also they announced that interest rates in the US will remain at or near zero until middle 2015.

So, both the GBP and the EURO are rapidly improving against the USD and when that happens the GBP always lags behind the EURO.

When it goes the other way that trend reverses.

Re: Is the Peseta making a return?
 

Don't worry, the europhoria won't last...according to economic experts:rofl:

Re: Is the Peseta making a return?
 

that means those who used to rely on receiving interest from their savings to live on will be withdrawing more from their capital. This means they will be more and more frugal with their spending - not rasher. So the economy will in fact be strangled by rock bottom interest rates, not helped.

but then look at the spread of interest paid by the banks to that paid by savers to that paid by borrowers. As usual the banks will be the winners.

Re: Is the Peseta making a return?
 

Well, not sure if we can get 1.27 again this year, but at least 1.19 isn't as bad as earlier this year...:fingerscrossed:

Are there any major Spanish politicians calling for an exit from the Euro? I fear that most of the population would prefer to stick with the Euro, rather than have a Zapatero or Rajoy (or even a Mas) in charge of their hard-earned cash.