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and  obligations  which  were  stipulated.  We  submitted  and  we  still  subitti^,  to
the  general  measures  taken  to  the  detriment  of  all  the  Allies  and  the  heneHkof  ^
our  former  enemies,  but  we  cannot  admit  the  iniquities  that  have  been  committed, ­
  by  setting  aside  the  equality  of  treatement  which  was  so  necessary
for  those  who  sacrificed  themselves  during  the  war.
Our  entering  on  this  dangerous  path  was  brought  about  by  two  acts.  The
first:  The  Spa  agreement  which  meant  the  deciding  of  the  reparations  in  our
absence,  that  is  the  possibility  of  putting  to  our  charge  in  the  benefit  of  other
Allies  the  succesive  advantages  accorded  to  our  former  enemies.  The  other,  the
continual  tendency  of  demanding  the  anticipated  enforcement  of  our  obligations ­
  without  reducing  or  establishing  the  rights  with  which  these  obligations
ought  to  have  been  compensated  as  ordered  in  the  spirit  of  the  treaties.
The  protest  of  the  Minister  of  Finance  Mr.  Titulescu  together  with  the
acknowedgement  of  the  commission  of  reparations  determined  the  starting ­
  point  for  the  attitude  of  Roumania  in  these  new  phases  in  which  the  application ­
  of  the  treaties  enters.  The  interventions  and  the  memoirs  of  the  Roumanian ­
  Goverment  to  the  governments  of  the  great  Allied  states  and  to  the
commission  of  reparations  (dune  1923)  as  well  as  to  the  London  Conference  in
August  1924  and  the  Conference  of  the  Allied  Ministers  of  Finance  in  Paris
Jannary  1925,  did  nothing  but  precise  at  each  step,  the  situation,  more  unjust
and  inadmissable  which  was  created  day  by  day  for  Roumania  by  the  development ­
  of  this  mistaken  policy  in  the  application  of  the  treaties.  The  Roumanian
Government  was  all  the  more  obliged  to  defend  her  unquestionable  rights,  for  the
reason  that  the  conferences  that  took  place  and  the  successive  underhand  measures ­
  helped  to  render  the  situation  of  our  country  more  and  more  difficult
impairing  these  rights  continually.  Not  only  were  these  obligations  which  were
imposed  on  us  maintained  without  any  modifications,  but  even  their  anticipated

enforcement  was  demanded.
The  unjust  situation  which  is  created  for  Roumania  has  in  our  opinion
the  following  causes.
Primo  1.  The  isolated  position  in  which  we  were  as  to  our  great  Allies
contributed  to  their  not  having  a  knowledge,  or  forgetting  the  sacrifices,  the
contributions  and  the  damages  which  we  suffered  for  the  common  cause,  and
which  it  is  necessary  for  us  to  call  to  mind.
2)  The  non  payment  on  the  part  of  tlie  enemies  was  the  cause  for  each  State
to  be  obliged  in  the  first  place  to  defend  its  proper  interests  often  slipping,  over
the  terms  and  the  provisions  of  the  treaties  signed  by  them  all.  These  tendencies
necessitated  a  stronger  defence  and  a  more  decided  and  continual  observance  of
our  interests.
3.  The  very  difficult  situation  in  which  the  general  war  had  left  us,  placed
Roumania  in  a  critcal  situation  just  at  the  moment  when  she  needed  for  her
existence  the  assistance  of  the  Allies  and  when  she  was  a  debitor  incapable  of
paying  and  at  the  same  time  in  the  impossibility  of  defending  her  rights
against  anyone,