The reduced quota granted to Roumania by the Spa conference was con sidered to have been improved to a certain extent by the reparations owed by the allies to Germany. Thus, besides that Germany ’s debt has been reduced, Roumania is de layed in the recovery of her rights, by the moratoria accorded to Austria, Hungary and Bulgaria, and by the striking out of the reparations due by Turkey. Besides the claims deriving from the obligation of reparations from the former enemies, tbe treaties of peace imposed on Roumania certain obligations; the exchange of foreign money for national money, the restitution of transfer red property, and the quota of the public debt of the former Austro-Hungarian Empire. Now, while the claims against our enemies have been reduced or put off, the obligations of the Roumanian State have not been reduced, on the contrary, they have been even increased and mentained. In this way the succeeding states to the former Austro-Hungarian Mo narchy have been obliged, besides returning the value of the transferred pro perty and of a proportional part of the public debt to pay another debt, called "liberation debt-- in favor of the great allies as a reparation for the expenses of the war, reparations which legally ought to have been claimed from our former enemies. According to the stipulation of t the Treaties, the Roumanian State pro ceeded to change the currency which circulated in the annexed territories, an operation which culminated in an issue of paper money to the amount of nearly milliards lei (in which is included the issue of notes made by the hos tile army in the occupied territory), an issue which constituted together with the keeping back of the treasure in Moskow, one of the real causes of our in flation and the depreciation of our currency. Likewise, the obligations of the Roumanian State, in regard to paying the transferred property and the proportional part of the public debt, have been integrally mentained, and even ordered to be enforced by anticipation by the Protocole of Insbruck as we shall see in the following chapters while the recovery of Roumania’s rights was put off for a long period. At the same time the debt called "liberation debt" was wholy mentained. Now, can it be argued in a lawful and equitable manner that these obliga tions must be mentained while the so called liberation debt is enforced, when Austria and Hungary’s obligations which have not yet been determined, when their enforcement as well as that of Bulgaria’s debt has been put off for later on and when Turkey’s obligations have been annulled ? Can a more favorable regime be applied in a lawful and equitable manner to our former enemies while maintaining the obligations of the allied States without coordinating the obligations of the one with the obligations of the others and without connecting the claims with the debts resulting from the liquidation of the same objects.