835.51B861/118a: Telegram

The Secretary of State to the Ambassador in Argentina ( Weddell )

121. For your information. Foreign Bondholders Protective Council advises that it has informed the representative of the Province of Buenos Aires that while it cannot recommend to the bondholders acceptance of the latest offer of the Province, nevertheless, it would [Page 286] recommend acceptance of an offer to the American bondholders substantially the same as the offer to the British bondholders, namely, an offer comprising a cut of about 35 per cent in total service, interest and sinking fund, the sinking fund being resumed in full in 3 years.