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Greece and the Inter-War Economic Crisis$
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Mark Mazower

Print publication date: 1991

Print ISBN-13: 9780198202059

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202059.001.0001

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Depreciation and Default

Depreciation and Default

Chapter:
(p.178) (p.179) 7 Depreciation and Default
Source:
Greece and the Inter-War Economic Crisis
Author(s):

MARK MAZOWER

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198202059.003.0007

This chapter focuses on Greek monetary policy during the financial crisis. Abandoning gold fundamentally changed the relationship between Greece and the international economy. Almost overnight, as it became obvious that Greece had run out of foreign exchange, the balance of power tilted from creditor to debtor. The Greek authorities confronted a poorly organized assortment of private companies, individual bondholders, and foreign governments, and the drawn-out bargaining began. Leaving the gold standard also had another consequence: it made monetary policy a matter of the discretionary judgement of the authorities at the Bank of Greece. In other words, the very institution which was so closely connected in the minds of many Greeks with Geneva found that the collapse of Venizelos's economic strategy actually opened up the possibility of its playing a new, more active part in domestic affairs.

Keywords:   Greek monetary policy, gold standard, foreign debt, default, Bank of Greece

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