April 14-15, 1953

REVALUATION, CONTINUED: Movement in the market yesterday was quieter than on Saturday. It seems quite clear that the upheaval caused by the revaluation of the drachma will very soon be over and only the benefits will remain. There were very few withdrawals from accounts yesterday from banks or post offices, and prices remained steady. Demand for commercial goods was somewhat reduced, but, on the other hand, the supply of foreign exchange in the form of checks and cash continued to rise. The total amount of foreign currency that became available during the first three days after revaluation amounted to a total of $600,000 in Athens and Piraeus. (…) The gold sovereign, meanwhile, whose value had risen suddenly on the first and second day after revaluation, dropped yesterday. Instead, sellers outnumbered buyers, and its price went no higher than 287,000 drachmas. GEORGE PAPANDREOU: The leader of the Democratic Party, Mr George Papandreou, has made the following statements with regard to the recent revaluation of the drachma: «(…) The victims will be ordinary people, the wage-earners, as well as farmers and producers of goods for domestic consumption. Those who are set to benefit will be the members of the economic oligarchy.»