20/05/1994:
Fiscal Tightening Needed to End Drachma Pressure
Salomon Brothers, 20/05/1994
The Greek drachma came under strong selling pressure last week, ahead of the end-June European Union deadline for full liberalization of capital flows. In response, the gonvernment reaffirmed its' 'hard drachma' policy and interest rates were raised sharply to defend the currency.