868.51 War Credits/480b: Telegram
The Secretary of State to the Minister in Greece ( Skinner )
39. Department’s telegrams No. 38 of November 26, 11 a.m., and No. 34 of October 20, 7 p.m. On November 28, Greek Minister informed us that his Government accepted the proposal described in [Page 16] paragraphs 1, 2, and 3 of Department’s telegram No. 38, but with the condition that we accept temporary assurance of loan service by American representative as described in final paragraph of the same telegram. We have accepted this condition with the understanding that the control by the American representative will at least be as effective as that exercised by the International Financial Commission and subject to final agreement on practical details.
The complete plan of debt settlement described in Department’s telegram No. 38 has been presented to the Cabinet and at an informal meeting called by Secretary Mellon the views of former members of the World War Foreign Debt Commission have been ascertained. The Greek Minister has been informed that the Executive branch of our Government has approved the plan of settlement and that when duly put in writing and signed it will be presented to Congress.
No publicity is being given to the above for the present.