Salt Lake Telegram | 1944-11-01 | Page 2 | Fantastic Inflation in Greece Closes Most Athens' Stores

Fantastic Inflation in Greece Closes Most Athens Athens' Stores ATHENS Nov 1 UP Shop UP Shops s all over Athens AUten were closing Wednesday Wed as the last Jast vestige of confidence confidence con in Gre Greek k money I In In the past 24 hours the value e of Of the drachma slid from the fantastic fantastic fan fan- WItte figure of I to trillions for fora r a ft British gold sovereign nominally nominal nominal- ly 87 fall faU of or the drachma followed a statement by Finance Minister Alexander that the depreciation was unjustified in n view of the nations nation's gold reserve of British pounds held I abroad and the fact that aid i is s I forthcoming from the thc al allies ics Gold Is the tho only medium of or exchange cx ex change which holds its own o an and d even the U. U S. S dollar has depre depre- I elated Last week a gold sovereign soyer- soyer eign would buy 8 Wednesday i it t would purchase 18 The fact that the Red Cross ha has s been unable to distribute regular regula r rations except bread 0 of ofa ofa f a transportation system breakdown breakdown break brenk- down has haJ ca caused a great rise In free market prices and the Ute resultant resultant resultant re re- re- re panic to buy gold Sold Discussions of how to solve Greece's financial problems con con- The Tho government apparently pins some hopes on remittances from expatriate Greeks to families In Inthe inthe the homeland