868.51Refugee Loan, 1924/28
The French Ambassador (Jusserand) to the Secretary of State
Mr. Secretary of State: I have the honor to inform your Excellency that the Hellenic Government has just inquired of the French Government whether it would be disposed, in order to promote the conclusion of the loan for the establishment of Greek refugees mentioned in the Embassy’s note of August 9 last to the Department of State,29 to waive the right of veto conferred upon it by the Anglo-Franco-American Financial Agreement of February 10, 1918,30 relative to the granting of any new pledge for a Hellenic foreign loan.
[Page 283]Considering the object of the Hellenic Government in this instance, the French Government proposes to act favorably on that request if it hears that the American Government for its part is ready not to avail itself of that right inasmuch as the British Government has already manifested its intention to do so with the same reservations.
In instructing me to ask your Excellency kindly to let me know your views on this, the President of the Council, Minister of Foreign Affairs, wishes me to draw your attention to the remarks formulated by the Hellenic International Financial Commission, to which, under the Protocol signed October 17th last, at Geneva,31 with regard to the establishment of Greek refugees, the service of the contemplated loan should be turned over.
The above named Commission first expressed a regret that there was not inserted in the protocol of October 17th any clause providing sanctions for failure on the part of the Greek Government to abide by the provisions of the law creating the international control.
It further remarked that the guarantees to be delivered by the Hellenic Government were fixed upon the mere declarations of that Government without the Commission being enabled to find whether they would be satisfactory. The members of the Commission believe that they could not accept the trust under consideration except after examination of these guarantees and with the reservation that in the case arising they could call for more.
Finally, the French delegate to the Commission points out that it would, in his opinion, be well as was done in preceding negotiations of the same kind to bring about an understanding between the Financial Commission and the Hellenic Minister of Finance before the final conclusion of the loan for the refugees.
The President of the Council would wish to know whether the Government of the United States would not hold as the French Government does, that it is advisable to put as a condition on the possible assent of the three powers to the Hellenic Government’s request that the last named Government would take into account the above stated reservations and remarks.
I should be thankful to your Excellency if you would kindly put me in a position to report to my Government on this question at the earliest possible date.
Be pleased [etc.]
- Ibid., p. 363.↩
- Printed in Greek Debt Settlement: Hearings before the House Committee on Ways and Means, 70th Cong., 1st sess., on H. R. 10760 (Washington, Government Printing Office, 1928), p. 51.↩
- The Minister in Switzerland in telegram no. 8, Jan. 30 (file no. 868.51 Refugee Loan 1924/33), reported that the protocol referred to was apparently that of Sept. 29, to which was appended a declaration signed the same day on behalf of Great Britain, France, and Italy, and published by the League of Nations under date of Oct. 17. See League of Nations Official Journal, October 1923, pp. 1138 ff. (C. 660. M. 263. 1923. ii) and Official Journal, November 1923, pp. 1506 ff. (C. 655. 1923).↩