868.51 War Credits/480a: Telegram
The Secretary of State to the Minister in Greece (Skinner)
38. Department’s telegram No. 34 of October 20, 7 p.m. Greek Minister in second meeting on afternoon of November 23 made proposal on lines stated below. The Minister has telegraphed this proposal to his Government.
- 1.
- New loan, the proceeds of which are to be used for refugee settlement; the amount to be $12,167,074, with interest at 4 percent to run for a term of 20 years.
- 2.
- The League of Nations loan to be reduced by a sum equal to the new American loan; the new loan to have the benefit of the guaranties which apply to the League of Nations loan.
- 3.
- The $15,000,000 already loaned by the United States to Greece under 1918 agreement with accrued interest to January 1, 1928 of $4,659,836.07, a total of $19,659,836.07, to be funded on same basis as the settlement with Great Britain (62 years); it being, however, agreed in principle that up to January 1, 1931, payments by Greece are to be nominal.
The Greek Minister proposed that in view of present French attitude which is causing a delay in carrying out of the League of Nations loan, service of the new loan by the United States should be assured temporarily by an American representative having necessary control over surplus of the International Financial Commission. The Greek Minister is being informed that this Government will give sympathetic consideration to this proposal but that he should supply information of a more detailed nature as to just how the plan would be carried out.