FOROED LOAN
GREEK FINANCIAL METHODS-. ATHENS, Jan. 24. Greeks woko up this morning to learn that unwittingly they had all becamo creditors of tho Government by virtue of a decree issued last evening ordering a forced loan to bo carried out by a 25 per cent reduction of tho nominal value of the bank notes in circulation, except notes of 25 drachmas and under, and money deposited in banks. The bank notes will bo cut and- tlio detached portions eventually exchanged for scrip in the loan of 12,500 millions drachmas at six per cent. There will also bo an annual drawing with prizes of ten million drachmas. Tho Government hopes thus to teach a salutary lesson to thoso who hoarded money and thereby helped to cause tho present shortago of paper currency. —lleuter.
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Bibliographic details
Manawatu Standard, Volume XLVI, Issue 48, 26 January 1926, Page 3
Word Count
133FOROED LOAN Manawatu Standard, Volume XLVI, Issue 48, 26 January 1926, Page 3
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