April 11, 1953

MARKEZINIS’S REVALUATION: Yesterday, the first day of the implementation of the Papagos government’s new economic measures, the public’s reaction was muted. This was, of course, partly due to the surprise nature of the announcement, the unexpected and radical nature of the measures themselves and the fact that absolute secrecy had been maintained up until the very last minute. This morning, there was increased demand for some food items but as the day wore on, this waned. Staff who had not been informed that banks would be closed today gathered outside their offices, as well as depositors who were anxious for more information about the new measures or were there to withdraw money. Nevertheless, prices remained stable for all goods in general. The biggest reaction to the new measures was on the stock exchange. Profiteers appeared early on in the day as well as those who have or who owe gold sovereigns. When the market opened, the initial price of the gold sovereign was not stable, but prices of 285-295,000 drachmas were heard. Later the price went up to 315,000. The Bank of Greece did not intervene. GREEK SHIPPING: The US State Department has officially announced its satisfaction with the fact that the Greek shipping industry has ceased all forms of communication with ports in communist countries following instructions from the government in Athens.