An important Old Palace settlement has been unearthed outside Monastiraki, in the region of Amari. At the centre of the settlement, there is a large two-storey building complex with palatial characteristics. It was possibly built around 2000 BC and was destroyed in a violent manner, like many of the old Minoan palaces, circa 1700 BC, most likely due to an earthquake and/or a fire.
Excavations have uncovered storerooms, ritual rooms, and other areas in which a large number of clay sealings were found; this fact suggests that these rooms probably housed the archives of the palatial centre.
Articles of Pottery found in the settlement of Monastiraki resemble those unearthed in Phaistos; this indicates that these two centres probably shared financial and commercial relationships.
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