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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VG9GqJskBgfu/nJFNF6SGfssHtYGrrTkg1vbM7gzvtlOVei5TRfTuVUUG+fMql10
 ctUgFGmBxBJXny7XHk6w7Q==

<SEC-DOCUMENT>0001181431-03-027239.txt : 20031022
<SEC-HEADER>0001181431-03-027239.hdr.sgml : 20031022
<ACCEPTANCE-DATETIME>20031022143832
ACCESSION NUMBER:		0001181431-03-027239
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031021
FILED AS OF DATE:		20031022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OLDERMAN DAVID J
		CENTRAL INDEX KEY:			0001231199

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00566
		FILM NUMBER:		03951682

	MAIL ADDRESS:	
		STREET 1:		425 WINTER RD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREIF INC
		CENTRAL INDEX KEY:			0000043920
		STANDARD INDUSTRIAL CLASSIFICATION:	PAPERBOARD CONTAINERS & BOXES [2650]
		IRS NUMBER:				314388903
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015
		BUSINESS PHONE:		7405496000

	MAIL ADDRESS:	
		STREET 1:		425 WINTER ROAD
		CITY:			DELAWARE
		STATE:			OH
		ZIP:			43015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREIF BROTHERS COOPERAGE CORP
		DATE OF NAME CHANGE:	19690820
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd20740.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-10-21</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000043920</issuerCik>
        <issuerName>GREIF INC</issuerName>
        <issuerTradingSymbol>GEF,GEF.B</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001231199</rptOwnerCik>
            <rptOwnerName>OLDERMAN DAVID J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>425 WINTER ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DELAWARE</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43015</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><value>Phantom Stock Units (Cash Only RIghts)</value></securityTitle><conversionOrExercisePrice><value>32.26</value></conversionOrExercisePrice><transactionDate><value>2003-10-21</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>38.75</value></transactionShares><transactionPricePerShare><value>32.26</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1988-08-08</value><footnoteId id="F1"/></exerciseDate><expirationDate><value>1988-08-08</value><footnoteId id="F1"/></expirationDate><underlyingSecurity><underlyingSecuri
tyTitle><value>Class A Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>38.75</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>10826.70</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">The units are to be settled in cash upon the reporting person's retirement from the board.</footnote></footnotes><ownerSignature><signatureName>David J. Olderman by John K. Dieker pursuant to a POA filed with the Commission</signatureName><signatureDate>2003-10-22</signatureDate></ownerSignature></ownershipDocument>



</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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