Ill 
Taking notice however of the declarations of the United States of America 
government, and ot the tact that that State observes a very reserved attitude 
regarding the reparation problem, the Roumanian State from the point of view 
of the forms, must first settle its debt to the United States on the basis of its 
possibilities, and in connection with those of Roumania’s other interallied debts 
which are much larger. 
It will be necessary also at the same time, to see what interest will be 
payable from the moment when it will be decided that these debts should 
be paid. 
Likewise the Roumanian State intends at the same time as it arranges its 
interallied debts to review the provisional arrangements made by Roumania, 
with reserves for some of the war debts. 
And at last some o! our claims against some of our allies caused by the 
destruction ot our oil fields and the issue of Banca Generala notes must be 
considered. 
Roumania believing in the spirit of justice of loyalty and of equity of her 
great allies intends to proceed within the scope of these observations to settle her 
interallied debts.