ECONOMIC PLANS
RECOVERY IN GREECE
Rec. 9 a.m. ATHENS, June 8. The Cabinet, at an extraordinary session, approved a plan submitted by M. Varvaressos, Vice-Premier and Minister of Supply, for the economic recovery of Greece. Financial plans provide as follows: Abrogation of the stabilisation law of November, 1944; the Bank of Greece to fix exchange rates between the drachma and foreign currencies; to establish 2000 drachmas to the pound sterling and 500 to the dollar; the Bank of Greece to buy gold sovereigns at the international parity, which is 4000 drachmas to the £; to allow compensation of 590 drachmas to the pound sterling to those who converted remittances from abroad at low prices. The Government will obtain funds for the repayment of small deposits by taxing those who benefited by inflation. It intends to protect the gold reserve and to preserve foreign exchange, enabling payment for the importation of materials necessary for the reconstruction of the country.
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Bibliographic details
Evening Post, Volume CXXXIX, Issue 135, 9 June 1945, Page 8
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157ECONOMIC PLANS Evening Post, Volume CXXXIX, Issue 135, 9 June 1945, Page 8
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