The  reduced  quota  granted  to  Roumania  by  the  Spa  conference  was  considered ­
  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  delayed ­
  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  transferred ­
  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  Monarchy ­
  have  been  obliged,  besides  returning  the  value  of  the  transferred  property ­
  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  proceeded ­
  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  hostile ­
  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  inflation ­
  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  obligations ­
  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.