Spyros Markezinis

In April 1953, Markezinis orchestrated a 50% devaluation of the Greek drachma vis-à-vis the US dollar, concurrently curbing import restrictions. Markezinis’s effective monetary policies are credited for boosting exports and consumer demand, as well as for curtailing inflation and the balance of trade deficit. Markezinis was considered at the time as a possible successor in the party leadership and premiership in the event of Marshal Papagos's retirement.

Papagos died in 1955. He was succeeded by neither Markezinis (whose relations with the Marshal had become tense) nor by other heirs apparent (such as

In 1973, the predominantly royalist Hellenic Navy staged an abortive attempt to overthrow the military regime. Junta strongman Papadopoulos retaliated by deposing the already self-exiled King Constantine II, and appointing himself President of the Republic further to a controversial referendum.

In face of growing difficulties with the economy, popular dissent and increasing diplomatic isolation, the Greek junta was seeking ways for a transition to some form of parliamentary rule. Papadopoulos sought support from the old political establishment, and Markezinis accepted to undertake the mission to help lead the country back to parliamentary rule in a process that was called metapolitefsi.

In September 1973, he was appointed by Papadopoulos as Prime Minister of Greece, with the task to lead Greece to parliamentary rule. He accepted the task, subject to a commitment by Papadopoulos to curtail any military interference. Papadopoulos proceeded to abolish martial law, and eased censorship of the press. Free elections were promised, in which political formations including part of the traditional left-of-centre were expected to participate.

However, the

Markezinis was involved in the negotiations in July 1974 that led to the return of democratic government under Karamanlis's national unity government. Markezinis's Progressive Party remained an active political party, albeit a small one, whose main success consisted of electing a delegate to the European Parliament in 1981. Markezinis spent his latter years writing his memoirs and on the political history of contemporary Greece.

• Basil Markesinis