Full text : The report of the Minister of Finance to the Counsel of Ministers on the situation of Roumania created by the reparation and interallied debts policy

les  being  blocked,  and  the  Western  frontiers  forbidden,  there  remained  only  the
long  route,  very  expensive  and  uncertain,  by  the  East  through  Russia  and  the
Arctic  sea.
Her  neighbourhood  with  the  Russian  Empire  rendered  the  situation  o
neutral  Roumania,  which  already  was  hard  enough,  still  more  difficult,  and  the
consequences  of  this  neighbourhood,  were  painfully  felt  by  Roumania,  as  in
the  neutrality  period,  in  the  war  period  and  in  the  period  after  the  war.
This  first  neutrality  period  can  be  reckoned  also  amongst  the  periods  of
sacrifices  and  charges,  as  on  the  one  hand  it  prevented  the  progress  of  her
economical  development,  which  she  had  enjoyed  up  to  then,  while  on  the
other  hand  it  necessitated  those  enormous  expenses  and  sacrifices,  for  the
common  cause,  for  preparing  the  proper  material,  and  for  continual  mobilization ­
  which  took  away  from  their  useful  work  so  many  producing  forces.

SECTION  II
The  war  period  (4916—1918)
After  two  years  of  neutrality,  which  were  spent  by  Roumania  in  such
hard  conditions,  her  effective  entering  the  war  was  decided.
Roumania,  on  the  day  and  the  hour  agreed  upon  with  her  allies,  entered
into  the  fray  without  hesitation  or  reserve.
From  the  first  moment  she  drew  on  herself  all  the  fury  of  the  enemy,
and  consequently  the  greater  part  of  their  forces,  disgarnishing  in  this  way,
(which  was  the  chief  object  for  her  joining)  the  allies'  front,  at  the  precise  moment ­
  when  this  dirgarnishing  was  most  necessary  on  account  of  the  attacks  on
Verdun.
The  importance  of  the  aid  afforded  by  Roumania  is  clearly  acknowledged
by  the  commanders  of  the  enemies  themselves  in  the  different  publications
which  have  appeared  since  then , ).
Isolated  from  her  allies  from  the  beginning,  by  her  geographical  situation,
Roumania  supported  the  powerful  offensive  of  the  enemy,  all  along  her  very
extensive  front  (nearly  2.500  km.)  a  frontier  which  constituted  a  geographical
inferiority,  and  could  not  be  defended  without  the  aid  of  the  Russian  armies.
The  aid,  which  the  allies —at  Salonika —and  more  especially  our  nearest
ally  at  our  East  —  Russia  —  ought  to  have  given  us,  operated  only

i)  The  hostile  effective  forces  opposed  to  Roumania,  from  absolutely  certain  data  were:
On  december  t- $t  1916  Germans  .  13  divisions  of  infantry.
»  .  2  »  »  cavalry.
Austro-Hungarians  ....  8  »  »  infantry.
»  »  ....  5  brigades  »  »
»  »  ....  divisions  of  cavalry.
Bulgarians  3  divisions  »  infantry.
»  1  »  »  cavalry.
Turks  2  »  »  infantry.
That  is  a  total  of  25  divisions,  5  brigades  of  infantry  and  8  >/,  divisions  of  cavalry.
            
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