Passage Eight

　　Greece, economically, is in the black. With very little to export other than such farm products as tobacco, cotton and fruit, the country earns enough from invisible earnings to pay for its needed, growing imports. From the sending out of things the Greeks, earn only $285 million; from tourism, shipping and the remittances of Greeks abroad, the country takes in an additional #375 million and this washes out the almost $400 million by which imports exceed exports.

　　It has a balanced budget. Although more than one drachma out of four goes for defense, the government ended a recent year with a slight surplus -- $66 million. Greece has a decent reserve of almost a third of a billion dollars in gold and foreign exchange. It has a government not dependent on coalescing incompatible parties to obtain parliamentary majorities.

　　In thus summarizing a few happy highlights, I dont mean to minimize the vast extent of Greeces problems. It is the poorest country by a wide margin in Free Europe, and poverty is widespread. At best an annual income of $60 to $70 is the lot of many a peasant, and substantial unemployment plagues the countryside, cities, and towns of Greece. There are few natural resources on which to build any substantial industrial base. Some years ago I wrote here:

　　Greek statesmanship will have to create an atmosphere in which home and foreign savings will willingly seek investment opportunities in the back ward economy of Greece. So far, most American and other foreign attempt have bogged down in the Greek governments red tape and shrewdness about small points.

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