SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934



Date of Report (Date of earliest event reported):        Commission File Number:
             DECEMBER 8, 1997                                    1-10210



                            EXECUTIVE TELECARD, LTD.
             (Exact name of registrant as specified in its charter)



         DELAWARE                                               13-3486421
(State or other jurisdiction                                  (IRS Employer
     of incorporation)                                    Identification Number)



                       1720 S. BELLAIRE STREET, 10TH FLOOR
                             DENVER, COLORADO 80222
              (Address of principal executive offices) (Zip Code)


               Registrant's telephone number, including area code:
                                 (303) 691-2115


          (Former name or former address, if changed since last report)

                                 NOT APPLICABLE


<PAGE>


                            EXECUTIVE TELECARD, LTD.

ITEM 5    OTHER EVENTS

     On December 8, 1997, Executive Telecard, Ltd. ("Executive Telecard") issued
a press  release  announcing  the  election  of  Christopher  Vizas as its Chief
Executive  Officer.  Mr. Vizas has served as Executive  Telecard's interim Chief
Executive  Officer for the past four weeks since  joining  Executive  Telecard's
Board of Directors as Chairman.  Enclosed as Exhibit A to this Current Report on
Form 8-K and  incorporated  herein by  reference  is the text of the December 8,
1997 press release.



ITEM 7    FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

          (c)      Exhibits.

A.        Press Release,  dated December 8, 1997,  regarding the election of Mr.
          Vizas as Chief Executive Officer of Executive Telecard.


                                      -2-

<PAGE>



                                    SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                                     EXECUTIVE TELECARD, LTD.


Date:  December 9, 1997                            By:  /s/ Christopher J. Vizas
                                                        ------------------------
                                                         Christopher J. Vizas
                                                         Chief Executive Officer


                                      -3-

<PAGE>


                                  EXHIBIT INDEX


Exhibit                        Description                                  Page
-------                        -----------                                  ----

  A             Press Release dated December 8, 1997




<PAGE>


                                                                       EXHIBIT A

            CHRIS VIZAS ELECTED PERMANENT CEO OF EXECUTIVE TELECARD;
                HOGAN & HARSTON RETAINED AS GLOBAL LEGAL COUNSEL

     DENVER, Dec. 8 /PRNewswire/ -- Election of Christopher Vizas,  chairman, as
chief executive officer of Executive Telecard, Ltd. (Nasdaq: EXTL) was announced
today by the company. His election took place at Friday's board meeting here.

     Mr. Vizas had been serving as interim  chief  executive  since  joining the
board  four  weeks  ago.  His  election  ends an  extended  period of  uncertain
leadership, the board said.

     A veteran telecommunications executive and entrepreneur, Mr. Vizas signed a
three-year agreement with the company.

     "In the past month I have  verified,  after digging into the details of the
company, that its business is sound and the growth that has been stalled for two
years is being reestablished," Mr. Vizas said.

     "My  colleagues  on the  executive  committee of the Board,  Don Sledge and
David Warnes, agree with me on the potential of the company and are committed to
working closely with me to achieve it," Mr. Vizas added.

     "I have  learned  much and I have more to learn in the coming  months,"  he
continued, "but I am confident of realizing our goals."

     In other actions the board:

     Approved the establishment of an investment banking  relationship,  subject
to final terms.

     Initiated  a formal  search  for a chief  financial  officer  and a general
counsel.

     Hogan & Hartson,  a  Washington,  DC, legal firm with offices in Denver and
abroad, was retained by the board as primary legal counsel. On recommendation of
Hogan &  Hartson,  the board  adopted a formal  code of  business  policies  and
practices designed to ensure that the company and its employees adhere always to
business practices at the highest ethical level.

     Executive Telecard, founded in 1987, is an international telecommunications
service company providing direct voice and data services via its WorldDirect(TM)
global network to major corporate and carrier  partners  worldwide and providing
enhancements  to  its  partners'  global  calling  cards.  Executive  Telecard's
products and services  include:  revenue  sharing  partnerships,  global calling
cards,  the only 


<PAGE>


true  global  prepaid  card  platform,   global  Internet  access  (Eglobe(TM)),
international   and  domestic   toll-free   service   (Service   800(TM)),   and
multi-currency, detailed billing.

     Certain statements in this press release are  "forward-looking  statements"
within the meaning of the Private  Securities  Litigation Reform Act of 1995 and
involve known and unknown risks,  uncertainties and other factors that may cause
the company's  actual  results,  performance  or  achievements  to be materially
different from the results,  performance or achievements expressed or implied by
the  forward-looking  statements.   Factors  that  impact  such  forward-looking
statements  include,   among  others,  changes  in  worldwide  general  economic
conditions, changes in interest rates, currency rates and worldwide competition.
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 6339}]
{"company-data": {"conformed-name": "EXECUTIVE TELECARD LTD", "cik": "0000842807", "assigned-sic": "7389", "irs-number": "133486421", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10210", "film-number": "97735997"}, "business-address": {"street1": "1720 SOUTH BELLAIRE STREET, SUITE 1000", "city": "DENVER", "state": "CO", "zip": "80222", "phone": "(303)691-2115"}, "mail-address": {"street1": "4260 EAST EVANS AVE", "city": "DENVER", "state": "CO", "zip": "80222"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):        Commission File Number:
             DECEMBER 8, 1997                                    1-10210

                            EXECUTIVE TELECARD, LTD.
             (Exact name of registrant as specified in its charter)

         DELAWARE                                               13-3486421
(State or other jurisdiction                                  (IRS Employer
     of incorporation)                                    Identification Number)

                       1720 S. BELLAIRE STREET, 10TH FLOOR
                             DENVER, COLORADO 80222
              (Address of principal executive offices) (Zip Code)

               Registrant's telephone number, including area code:
                                 (303) 691-2115

          (Former name or former address, if changed since last report)

                                 NOT APPLICABLE
EXECUTIVE TELECARD, LTD.

ITEM 5    OTHER EVENTS

     On December 8, 1997, Executive Telecard, Ltd. ("Executive Telecard") issued
a press  release  announcing  the  election  of  Christopher  Vizas as its Chief
Executive  Officer.  Mr. Vizas has served as Executive  Telecard's interim Chief
Executive  Officer for the past four weeks since  joining  Executive  Telecard's
Board of Directors as Chairman.  Enclosed as Exhibit A to this Current Report on
Form 8-K and  incorporated  herein by  reference  is the text of the December 8,
1997 press release.

ITEM 7    FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

          (c)      Exhibits.

A.        Press Release,  dated December 8, 1997,  regarding the election of Mr.
          Vizas as Chief Executive Officer of Executive Telecard.

                                      -2-
SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                     EXECUTIVE TELECARD, LTD.

Date:  December 9, 1997                            By:  /s/ Christopher J. Vizas
                                                        ------------------------
                                                         Christopher J. Vizas
                                                         Chief Executive Officer

                                      -3-
EXHIBIT INDEX

Exhibit                        Description                                  Page
-------                        -----------                                  ----

  A             Press Release dated December 8, 1997
EXHIBIT A

            CHRIS VIZAS ELECTED PERMANENT CEO OF EXECUTIVE TELECARD;
                HOGAN & HARSTON RETAINED AS GLOBAL LEGAL COUNSEL

     DENVER, Dec. 8 /PRNewswire/ -- Election of Christopher Vizas,  chairman, as
chief executive officer of Executive Telecard, Ltd. (Nasdaq: EXTL) was announced
today by the company. His election took place at Friday's board meeting here.

     Mr. Vizas had been serving as interim  chief  executive  since  joining the
board  four  weeks  ago.  His  election  ends an  extended  period of  uncertain
leadership, the board said.

     A veteran telecommunications executive and entrepreneur, Mr. Vizas signed a
three-year agreement with the company.

     "In the past month I have  verified,  after digging into the details of the
company, that its business is sound and the growth that has been stalled for two
years is being reestablished," Mr. Vizas said.

     "My  colleagues  on the  executive  committee of the Board,  Don Sledge and
David Warnes, agree with me on the potential of the company and are committed to
working closely with me to achieve it," Mr. Vizas added.

     "I have  learned  much and I have more to learn in the coming  months,"  he
continued, "but I am confident of realizing our goals."

     In other actions the board:

     Approved the establishment of an investment banking  relationship,  subject
to final terms.

     Initiated  a formal  search  for a chief  financial  officer  and a general
counsel.

     Hogan & Hartson,  a  Washington,  DC, legal firm with offices in Denver and
abroad, was retained by the board as primary legal counsel. On recommendation of
Hogan &  Hartson,  the board  adopted a formal  code of  business  policies  and
practices designed to ensure that the company and its employees adhere always to
business practices at the highest ethical level.

     Executive Telecard, founded in 1987, is an international telecommunications
service company providing direct voice and data services via its WorldDirect(TM)
global network to major corporate and carrier  partners  worldwide and providing
enhancements  to  its  partners'  global  calling  cards.  Executive  Telecard's
products and services  include:  revenue  sharing  partnerships,  global calling
cards,  the only
true  global  prepaid  card  platform,   global  Internet  access  (Eglobe(TM)),
international   and  domestic   toll-free   service   (Service   800(TM)),   and
multi-currency, detailed billing.

     Certain statements in this press release are  "forward-looking  statements"
within the meaning of the Private  Securities  Litigation Reform Act of 1995 and
involve known and unknown risks,  uncertainties and other factors that may cause
the company's  actual  results,  performance  or  achievements  to be materially
different from the results,  performance or achievements expressed or implied by
the  forward-looking  statements.   Factors  that  impact  such  forward-looking
statements  include,   among  others,  changes  in  worldwide  general  economic
conditions, changes in interest rates, currency rates and worldwide competition.