The state of the Greek economy

Excerpt from a confidential letter by Emm. Tsouderos to the dictator Theodoros Pangalos on 4 July 1926. It is a penetrating text with interesting observations. It is included in: Archive of Emm. Tsouderos, Bank of Greece, File 98, published in: Th. Veremis, Oikonomia kai Diktatoria, Athens 1982, p. 169

I believe that only through foreign capital may the country's wealth develop, for not only do we lack the essential funds for this, but above all we do not possess the appropriate technical staff and mechanical means. Nevertheless the mass surrender of these enterprises, which until they become productive require a cost for the service of loans granted, is not an act of wise economic policy. You see what Oulen [Water Company], the railroads, the drainage works, telephones loans etc., cost already. Because of these a conspicuous burden has been added to the budget, with the result that we need a 'break' to prepare for the expenses of new concessions in the future. You see, this is the unfavourable aspect of these affairs. If we stop for a year, if we carefully discuss the new enterprises emerging in the light of our economic capacity, rest assured that this will not only be to the benefit of the national economy but also of the country from a political point of view. At moments of economic difficulties for a country, it is not profitable that many foreign interests should be involved; no one can predict what claims may be made in the event of unpredictable obstacles. Besides, I cannot see any emergency as far as public works are concerned; maybe special care should be taken over the roads (...).