868.51/11–1444: Telegram

The Ambassador in Greece ( MacVeagh ) to the Secretary of State

37. Referring to the penultimate paragraph of the Department’s 4, November 7, 6 p.m., I am advised that the two obvious agencies in Greece to which credit might be extended by the Export-Import Bank may be somewhat compromised for this purpose since the Greek Government is appointing governors and directors of both the Bank of Greece and the National Bank of Greece. The latter has always been a private institution and perhaps if the Greek Ambassador were informed that there was an opportunity of its being used for reconstruction credit if it retained that character its present assimilation into the governmental machinery might be dropped or alternatively some other Greek agency might be found. In any case a revolving credit of perhaps two million dollars to pay for imports would approximate the volume of commercial credit extended by American exporters to Greek importers in normal times.

The suggestion in the Department’s final paragraph regarding the sending of American industrial experts might well be extended to include transportation experts (see my despatch No. 237 of October 3 from Cairo67) who are perhaps even more urgently needed but to avoid duplicating the work of present military and UNRRA personnel [Page 227] it would appear essential that anyone sent for this purpose be of outstanding reputation. Such individuals could contribute immensely in reviewing the work of the agencies and in making broad recommendations which would be supported by their professional prestige.

  1. Not printed.