Greece adopted the Euro, expanding the number of members of the European Union's single currency area from eleven to twelve on 1 January, 2001.
ISDA developed the EMU Protocol for the transition of the Greek Drachma to the Euro in 2001. ISDA published the EMU Protocol (Greece) on 10 October 2000, allowing market participants dealing in the Greek Drachma to multilaterally achieve a smooth changeover to the Euro. The adherence period for the EMU Protocol (Greece) ended on 15 December 2000.
As with the original ISDA EMU Protocol published on 6 May 1998, adhering to the EMU Protocol (Greece) simplified the process of amending contracts entered into using ISDA's standard form documentation. If undertaken through bilateral negotiation, contractual amendments to address Greek adoption of the Euro could be extremely time consuming and expensive. For a fuller discussion of the reasons for the protocol approach, see 1998 FAQs.
List of Adhering Parties
EMU Protocol (Greece) Text
EMU Protocol (Greece) Opinions