April 29, 1956
KARAMANLIS TAKES STEPS: The Prime Minister, Mr Constantine Karamanlis, yesterday announced his first decisions in the economic sector. (…) The content of the statements is extremely important and quite radical; the measures aim at finding liquid capital for the current needs of the economy and to fund productive development projects both large and small. At the same time, the measures will relax the dependency of commercial banks on the Bank of Greece and the Monetary Committee, so that the banking system can become more flexible, averting sudden delays in the smooth funding of the economy. Interest rates on deposits have been raised to 10 percent. There will also be a broader funding of commerce and tax deductions will be made for bonds of 18 months or more and for bond loans for production. ‘COUNTERFEIT SOVEREIGN:’ Moscow, 1 – An evening of Greek cinema was held recently at the Russian capital at which a presentation on the new Greek film industry was made. It was followed by a screening of Giorgos Tzavelas’s film «Counterfeit Sovereign.»
