May 26, 1953

PAPANDREOU STATEMENT: The co-leader of the Liberal Party, addressing Parliament on May 18 regarding the economic measures taken by Spyros Markezinis, expressed the view that the new exchange rate of the US dollar was too high. «The price of 30,000 drachmas can only be explained by the minister’s own idiosyncrasy, as he is obsessed with surprise moves, miracles and putting on airs.» ABATIELOS AFFAIR: London, 19 – The International Court of Justice in The Hague today passed a ruling – which was favorable from the Greek point of view – on the case concerning the Greek shipowner Nikolaos Abatielos. It was the longest-running international court case on record, which began 34 years ago. The court ruled that Britain should refer the case for arbitration. The Greek claim is based on the Greek-British trade agreement of 1886 and the additional protocol of 1926. Mr Abatielo is asking for compensation over Britain’s failure to deliver ships he had ordered from there in 1919. The Greek shipowner specifically states in his claim that he had been completely ruined financially as a result of the unfulfilled business arrangement, as Britain had not only destroyed seven ships that it later delivered, but eventually refused to hand over the remaining two ships.