PART II 
THE INTERALLIED DEBTS FOR FINANCING 
roumanlVs WAR 
Conserving the same norm adopted in the first part of this report v»e will 
now examine Roumania’s interallied debts for financing the war during the two 
periods during which the action lasted. The period of armed neutiality, the 
war period and the after war period. 
CHAPTER I 
armed NEUTRALITY PERIOD 1914—1916 
When the war was declared in 1914. Roumania by her neutrality had 
cut out, for all those who could see clearly her line of conduct, in the future 
policy which should agree with her most vital interests : the realization of the 
hopes of a race divided under three masters. 
It is evident that the policy followed by her until then in the orbit of the 
Triple Alliance, on account of the attitude of Russia, placed her in a very 
hard situation from the point of view ot the material with which the arrm 
was supplied, as well as from the point of view of the financial sources 
which were absolutly indispensable for a war, whose duration could not be 
precised. 
Although she did not mobilize her army from the first moments of the 
general war she had to proceed quickly to a systematical mobilization of the 
ressources of the country, so as to be able to cover the expenses ol concentra 
ting her forces along the frontier so as to prevent encroachments both for stra 
tegical or any other reasons. The display of these forces represent the first ma 
terial sacrifices Roumania made. Parellel with the priceless tribute of her neu 
trality during the period from 1914 to 1916. 
SECTION I 
roumania’s contribution for the cause of the allies 
Besides the material sacrifices which Roumania made for preparing the 
war and concentrating her forces along the frontiers, she was able to contribute 
to a certain extent to the economical blockade which the allied Government 
had laid for the Central Powers.