February 4, 1954

US ASSISTANCE AND THE ECONOMY: The US Embassy in Athens has submitted an extensive report to the US State Department on the Greek economic situation and in particular for the last quarter of 1953. The report states that 1953 should be viewed as an historic turning point in Greece’s economic life. During that year, continues the report, many important economic developments occurred and their repercussions, if they continue, will usher in a period of prosperity for the country. (…) Bold measures were taken to revalue the currency on a realistic basis and to deregulate commercial activity. (…) Industrial and farming production increased considerably, thanks to investments made over a number of years by means of US aid. In particular, the foreign current accounts balance showed an improvement. The national income increased by 13 percent during the course of the year. (…) The report also states that for the first time since the war, Greece achieved a surplus in its foreign balance of payments in the second half of the year.