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.
Education secretary Nicky Morgan has announced that Ofsted is to seek out ‘coasting’ schools. It is a good job she is not education secretary in Canada or New England, where the word has the opposite definition of what she intends, having connotations of daredevil sport.
— Coasting, there, is a 19th-century word for tobogganing. A woodcut from Harper’s Weekly in February 1877 called ‘Coasting in the Country’ depicts anything other than gentle, complacent activity: it shows one pair of children haring down a snowy slope with a look of fear, while ahead of them a sledge has overturned, leaving its occupants in an entangled mess.
How many runways does an international airport need?
Geography of fear
Where are most of the world’s deaths from terrorism?