GREECE: What, No Yacht?

King Paul of Greece wanted a yacht. Time was when a crowned head could have got himself a yacht (or five yachts) as easily as an American businessman gets himself a Buick. But times have changed. When word reached Washington that the King had ordered a yacht in the U.S. (cost: $220,000), the State Department waggled a warning finger. With Greece still in want and still supported by U.S. taxpayers' money—as U.S. Ambassador John Peurifoy had explained it to the Greek government—it had no business spending so much money on royal yachting.

In vain did Greek officials explain that the yacht...

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