868.51ForcedLoan,1926/1: Telegram

The Minister in Greece (Laughlin) to the Secretary of State

6. Last night Pangalos published a decree, in special edition of Official Gazette,15 imposing a forced loan, similar to that of 1922, amounting to one quarter of value of the bank notes, over 25 drachmas, now in circulation.

Bank deposits appear to be unaffected.

Minister for Foreign Affairs has announced in this morning’s newspapers that foreigners will not be exempted.

  1. The decree was signed by Paulos Konduriotis, President of the Republic; T. Pangalos, President of the Ministerial Council; and the other members of the Ministerial Council.