REPORT
PRESENTED  TO  THE  COUNCIL  OF  MINISTERS

THE  POLICY  OF  ROUMANIA’S  INTERALLIED  DEBTS  WITHIN  THE  SCOPE
OF  THE  REPARATION  QUESTION.

Ptoumania,  thanks  to  her  proper  efforts  and  sacrifices,  was  able  to  build  up
her  financial  consolidation  on  solid  foundations,  in  spite  of  all  the  difficulties
which  the  war  and  the  making  of  her  unity  brought  on  her.  We  have  called  lo
mind  both  in  the  memoirs  we  formed  in  time  (anexes  51,  55,  60)  to  be  sent
abroad,  in  the  statements  on  our  different  budgets  since  1922  —  as  well  as  in
the  reports  presented  to  the  Council  of  Ministers  (in  Feb.  1922  and  June  and
September  1923)  all  these  difficulties  and  the  road  to  be  followed  for  overcoming ­
  them.
The  last  stage  of  this  consolidation,  was  completed  by  the  law  voted  in
June  1925  for  extinguishing  the  issue  of  the  National  Bank  on  behalf  of  the  State
and  for  proceeding  on  our  monetary  consolidation.  So  that  we  can  say  without
any  fear  that  all  that  depends  on  us  has  been  done;  the  balance  of  the  budget
the  inscription  of  the  internal  and  external  public  debts  amongst  the  ordinary
expenses  of  this  budget,  the  consolidation  of  the  external  floating  debt;  and  the
extinguishing  in  a  short  time  of  the  internal  floating  debt  left  by  the  past  deficient ­
  budgets  and  at  last  the  assuring  by  our  own  proper  means  of  exinguishhing
  the  issue  made  by  the  State  through  the  National  Bank  as  we  said  above.
There  are  only  two  classes  of  our  obligations  which  are  not  yet  satisfied  :
The  requisition  bonds  (amounting)  to  about  900  million  lei)  and  the  internal
treasury  bonds  (amounting  to  about  500  million  lei).
For  the  first,  we  entered  in  this  year's  budget  an  aproximatwe  sum  of
100  million  lei,  to  make  a  beginning  of  paying  off  this  internal  war  debt,  whereas ­
  for  the  second  we  were  able,  thanks  to  the  available  sums  at  the
»Casa  de  Depuneri«  to  withdraw  a  value  of  nearly  200  million  lei.  The  State
owing  this  sum  to  that  institution.
she  sum  to  which  these  two  outstanding  liabilities  amount,  seeing  the
increase  of  our  budgetary  resources,  allows  us  to  hope  that  also  this  last  internal ­
  debt  will  be  paid  off.