Sunday, June 6, 2010
Greece before the First World War.
Quotation from article by A. Mitchell Innes in the Banking Law Journal, May 1913.
"Again when for many years, Greek money was at a discount in foreign countries, this was due to the excessive indebtedness of Greece to foreign countries, and what did more than anything else to gradually re-establish parity was the constantly increasing deposits paid in to Greek banks from the savings of Greek emigrants to the United States. These deposits constituted a debt due from the United States to Greece and counter-balanced the periodical payments which had to be made by Greece for the interest on her external debt."