I recently
had the opportunity to participate in a two-week study abroad session in Munich
and Athens. Given the (then) current situation with the Euro and the possibility
of a Greek default/Grexit, it was a fascinating study in the two different ends
of the Euro spectrum. For example, our guest lecturers in Germany focused on entrepreneurship,
while our Greek guest lecturers spoke at length on the crisis and the effects
of the black economy in Greece. I am not an expert on the topic at all, but I
thought I’d talk a little about my on-the-ground observations with regards to
money and the euro in both countries (for reference, the exchange rate at the
time was approximately $1.12/€.
I could have
easily mistaken Munich for the U.S., just with slightly more colorful money.
However, I had great success in using my credit card in Germany, so for the
most part I didn’t need hard currency. Price levels of goods seemed relatively
on par with what I experience in the U.S. in general, and a bit cheaper than
what I experience in southern California.
In Athens, I
felt like I lived like a king. Granted, I did not feel like a modern day king,
as my credit card did not seem to be accepted anywhere. Instead I relied purely
on cash, and that cash went far. A large bottle of water (imagine approximately
twice the volume of a standard bottle of water in the States) on average cost
less than €0.50. Often, I wondered if it would be cost effective to ship water
back to California given the current drought. Delicious, multi-course meals typically
cost about €20.
When
comparing the two, the differences were not surprising given the economic
climate. Germany, being more affluent and stable, resembled similar economies
such as the US. Greece, on the other hand, preferred cash given the uncertainty
involving the banks at the time.
If you have
traveled around Europe (particularly in cities/countries not mentioned above),
what have been your experiences with money and pricing?
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