Jump to ContentJump to Main Navigation
Greece and the Inter-War Economic Crisis$
Users without a subscription are not able to see the full content.

Mark Mazower

Print publication date: 1991

Print ISBN-13: 9780198202059

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202059.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 November 2020

Depreciation and Default

Depreciation and Default

(p.178) (p.179) 7 Depreciation and Default
Greece and the Inter-War Economic Crisis


Oxford University Press

This chapter focuses on Greek monetary policy during the financial crisis. Abandoning gold fundamentally changed the relationship between Greece and the international economy. Almost overnight, as it became obvious that Greece had run out of foreign exchange, the balance of power tilted from creditor to debtor. The Greek authorities confronted a poorly organized assortment of private companies, individual bondholders, and foreign governments, and the drawn-out bargaining began. Leaving the gold standard also had another consequence: it made monetary policy a matter of the discretionary judgement of the authorities at the Bank of Greece. In other words, the very institution which was so closely connected in the minds of many Greeks with Geneva found that the collapse of Venizelos's economic strategy actually opened up the possibility of its playing a new, more active part in domestic affairs.

Keywords:   Greek monetary policy, gold standard, foreign debt, default, Bank of Greece

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .