Greece still set on EMS

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The Independent Online
GREECE will join the European Monetary System next year, according to Stephanos Manos, the Finance Minister, despite the market turbulence that has brought the withdrawal of Britain and Italy.

He pointed to the existence of official controls in Greece on the international trade in currency, such as Spain and Portugal have now put in place as a safeguard against speculators forcing large movements in the price of their currencies.

Mr Manos said the drachma would need the right to fluctuate as much as 6 per cent from fixed rates, not the 2.5 per cent limit assigned to stronger currencies.

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