GREECE: Snippers

At Athens disgruntled Greeks reluctantly snipped off one-fourth of such banknotes as they possessed having a face value of 25 drachmas ($5) or more. Each large residual end of their clipped banknotes became worth three-fourths of the original value before clipping. Each small end became one "share" in a "National Forced Loan" which Dictator Pangalos launched last week by the simple expedient of commanding the Greeks to snip, promising to pay them 6% interest on their snipped "shares," and seizing one-fourth of the collateral securing, the present banknote issue. By this...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!