GREECE: Friends In, Phase Out

After barely three months in office, Greece's bald, immaculate and dour new Premier, Marshal Alexander Papagos, had reason to be optimistic last week. Items:

¶ The country's economy is picking up; the budget is almost balanced.

¶ The galloping cost-of-living has been arrested, and the black-market price of drachmas is down 15%.

¶ Greece's chronic trade deficit is only one-fifth of what it was in 1951.

¶ The 160,000-man army is in top fighting trim, with 500,000 men in reserve four years after its costly but victorious war against the Communists.

¶ A full member of...

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!