Snippers

At Athens disgruntled Greeks reluctantly snipped off one-fourth of such banknotes as they possessed having a face value of 25 drachmas ($5) or more. Each large residual end of their clipped banknotes became worth three-fourths of the original value before clipping. Each small end became one "share" in a "National Forced Loan" which Dictator Pangalos launched last week by the simple expedient of commanding the Greeks to snip, promising to pay them 6% interest on their snipped "shares," and seizing one-fourth of the collateral securing, the present banknote issue. By this means he secured 1,250,000,000 drachmas ($250,000,000). By way of throwing an additional sop to the outraged snippers he promised them a lottery through which 10,000,000 drachmas ($2,000,000) will be distributed yearly to fortunate individuals whose snipped "shares" bear lucky serial numbers.

Since Dictator Pangalos declared that he was about to provide Greece with a fleet "dominating the eastern basin of the Mediterranean" when he seized the Government (TIME Jan. 11), his declaration last week that "this loan will not be expended on armaments" was regarded with profound suspicion.