868.51 War Credits/707
The Greek Minister (Sicilianos) to the Secretary of State
Excellency: Referring to the Department’s letter of September 30, 1935,8 regarding the payment of amounts due under Part II of the Debt Agreement of May 10, 1929,9 and in conformity with instructions from my Government, I have the honor to inform you that the Ministry of Finance of Greece is ready to effect a payment to the Treasury of the United States of 35% of the interest due on May 10, 1935, and November 10, 1935, each instalment amounting to $76,272.
Such percentage was offered to the stockholders of the Greek Stabilization and Refugee Loan, and, despite the fact that no agreement was reached up to now, the Royal Greek Government decided to put at the disposal of the paying banks, the amounts due to the stockholders.
The Royal Greek Government, desiring always to scrupulously fulfill their obligations within the limit of their capacity to pay, propose for the consideration of the American Government the immediate payment of the two instalments as above independently of the pending negotiations with the aforesaid stockholders.
My Government wish, however, to state that this payment of interest does not imply recognition of this debt as a private debt, but maintain their position that regarding its final settlement, it should be considered as a war debt.