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Euro crisis on a napkin

Euro crisis on a napkin

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Greece in the news – 81 years ago…

This is from the “The Brisbane Courier” April 18 1932

Suspension by Greece

GENEVA, April 15

M. Venizelos, the Prime Minister of Greece, told the League of Nations today that Greece would be unable to balance her budget without suspending her debt payments abroad. He hoped the necessity for such suspension would be only temporary.

LONDON, April 16

The Greek Legation announces that in accordance with M Venizelos’s explanation the bond holders are to be requested to consent to the suspension of payments on account of loans and sinking fund for five years and to the non-transfer of the payment coupons of these loans, which are due on May 1 until the Powers have granted Greece assistance in accordance with the recommendations of the League of Nations’ Finance Committee

Two weeks later Greece defaulted and gave up the gold standard…

 

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