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especially  for  the  succeeding  States,  without  applyind  to  these  obligations  the
reductions  which  were  applied  to  the  enemy’s  debts,  have  created  a  dangerous
situation  for  these  succeeding  States  ;  the  compensations  which  had  been  provided ­
  miongst  all  those  having  liabilities,  and  rights  were  forgotten  (See  the
Conference  of  March  22  nd  and  the  bonds  C.  for  the  former  to  be  recovered
trom  the  latter  annex  54)  and  in  this  way  we  have  arrived  in  the  extraordinary ­
  situation,  that  while  the  enemies  have  been  relieved,  the  conqueror
allies  were  threatened  to  pay  for  them.
In  these  conditions  not  ever  receiving  any  other  reparations  than  the  derisory ­
  Spa  quota,  out  of  the  German  and  Bulgarian  reduced  compensations,
Roumania  finds  herself  with  nearly  3  milliards  lei  gold,  paid  to  her  former
enemies,  and  with  the  invitation  to  pay  the  pre-war  debt  of  Austro-Hungary,
the  liberation  quota,  and  the  transferred  Austro-Hungarian  property.
5.  Roumania  brought  a  special  contribution  to  the  cause  of  the  Allies  even
beyond  carrying  away  the  treasure  to  Moscow,  by  destroying  her  petroleum
works  which  have  not  been  paid  for  to  this  day  as  was  promised,  this  was  a
new  loss  of  over  £  20.000.000  which  must  be  added  to  Roumania’s  contribution ­
  towards  the  war.  The  settlement  of  this  matter  is  still  in  suspense
and  our  interest  is  to  hasten  a  speedy  decision.
The  manner  in  which  in  the  inter  allied  debt  policy,  the  creditor  states  demand ­
  the  settlement  of  the  war  debts  of  the  allied  states,  has  two  effects  as  regards ­
  us  :  to  create  by  the  above  payment  of  the  obligations  which  are  put  to
our  charge  a  negative  balance,  endangering  in  this  way  the  financial  consolidation ­
  which  we  have  undertaken  and  secondly  also  to  endanger  our  monetary
consolidation  leaving  the  issue  made  in  war  time,  without  any  security.
We  may  class  the  creditor  states  trom  the  point  of  view  of  the  interallied ­
  debt  policy  in  three  categories:  the  United  states  who  do  not  intend  to
connect  the  reparation  policy  with  the  interallied  debts ;  England  who  according ­
  to  the  Balfour  not",  consents  to  a  reduction  but,  only  in  respect  of  the
payment  which  might  be  made  to  her  by  the  former  enemies  and  the  reduction ­
  which  the  United  States  of  America  would  make  her;  and  lastly  France
who  understands  to  bind  the  interallied  debts  with  the  payments  made  by
the  enemy,  that  is  she  requests  that  the  good  will  shown  to  the  latter  should  be
shown  also,  at  least  in  the  same  measure  to  the  debitor  allies.
From  the  statement  made  above,  and  from  the  memoire  joined  to  this
report,  taking  into  consideration  the  special  conditions  in  which  we  are  to  day,
the  following  are,  in  our  opinion,  the  lines  to  be  followed  by  us  in  order  to
arrive  at  a  solution  as  complete  and  as  solid  as  possible,  of  the  reparation
and  interallied  debts  question.
As  we  reminded  you  higher  up  the  settling  of  the  interallied  debts  has
entered  into  a  new  decisive  phase  and  as  you  were  good  enough  to  agree  in
July,  a  commission  will  start  for  America  at  the  beginning  of  the  month  of  October, ­
  in  order  to  arrange  with  the  Government  of  the  United  States  of  America

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