Bloomberg Tests Post-Euro Greek Drachma Code
It’s gone now but foreign exchange dealers for a time Friday were shocked to see a brand new currency appearing on their Bloomberg screens: a post-euro drachma.
The news set the trader grapevine and Twittersphere ablaze with speculation the financial news provider feared the worst ahead of Greece’s June 17 elections and was preparing for a Greek exit from the euro zone.
“Bloomberg carries out contingency planning exercises in the normal course of business. In accordance with this, Bloomberg has planned for a number of different scenarios across all our businesses including individual sovereign default scenarios and changes of currency for individual sovereigns,” Bloomberg L.P. said in a statement.
“As part of this testing process, a test identifier was briefly visible to a few customers,” it said.
By typing XGD on their screens–rather than the GRD legacy code of the erstwhile Greek drachma–Bloomberg users were briefly able to see, among the options listed, a spot exchange rate for a post-euro Greek drachma.