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- Title
Greece and Its 1941-44 Banknotes Revisited: Who Managed Its Currency?
- Authors
Constas, Kimon J.
- Abstract
When the Second World War ended in late 1944, the Greek Drachma had no value. The question is how Greece ended up with a worthless monetary unit. To answer this question we focus on the management of the currency during 1941-44, during which period the Bank of Greece raised the debt limit that allowed the government to borrow more money in order to pay the occupation forces. But the Bank did not have a plan to return to normal lending and a dramatic economic recovery was not enough to put the Greek economy in the black. The conclusion is that price inflation continued, causing the purchasing power of the Drachma to plummet. The Bank can thus be accused of trying to help the quisling governments of Greece by issuing worthless banknotes
- Subjects
GREECE; BANK notes; MONEY; DRACHMA; WORLD War II; PURCHASING power; ECONOMIC recovery; PRICE inflation; TRAPEZA tes Hellados
- Publication
Journal of Business & Society, 2002, Vol 15, Issue 1/2, p84
- ISSN
1012-2591
- Publication type
Article