April 10, 1953

REVALUATION BY MARKEZINIS: The minister for coordination, Mr Spyridon Markezinis, in his second radio speech yesterday evening, announced measures of decisive importance for the country’s economic future (…): «I would like to announce to the Greek people a very important decision that has been made by the government. As of this minute, 9 p.m. on April 9, the official rate of the Greek drachma against the US dollar is set at 30,000 drachmas, and the exchange rate against all foreign currencies has been adjusted correspondingly. This decision has been made unanimously by the Monetary Service and the International Monetary Fund.» GOLD SOVEREIGN: At the close of yesterday’s session of the stock exchange, the highest price of the gold sovereign on the open market was 188,000 drachmas, the lowest price was 180,200 drachmas, and the closing price at 1 p.m. was 187,000 drachmas. (Ed. note: The next day, the gold sovereign went up to 310,000 drachmas.) CRITICISM FROM SOPHOCLES VENIZELOS: The leader of the Liberals, Mr Sophocles Venizelos, made the following statements yesterday evening: «(…) Those with major debts could benefit by paying off what they owe with half the pounds sterling that they accumulated during this transition period (…).»