Greece Devaluing Drachma 15%

Reuters

Jan. 10, 1983

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The Greek Government, moving to narrow a gaping trade deficit and bolster the economy, announced tonight a 15 percent devaluation of the drachma and said it would take measures to control imports.

Economy Minister Gerassimos Arsenis said on television that the devaluation, pushing the dollar up to 84 drachmas from 71, would take effect immediately and apply to all currencies.

He also said that in a few days the Government would take measures aimed at bringing imports from its European Economic Community partners down to the level of January 1981, before Greece joined the Common Market. Imports from other countries would also be controlled, he said.

The latest Greek trade figures show that exports fell to $3.46 billion in the first 10 months of 1982 from $3.91 billion in the yearearlier period.

Mr. Arsenis said the Government was determined to keep the drachma stable at its new level.

A version of this article appears in print on , Section D, Page 6 of the National edition with the headline: Greece Devaluing Drachma 15%. Order Reprints | Today’s Paper | Subscribe

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