865.24/9–2145: Telegram
The Secretary of State to the Ambassador in Italy (Kirk)
2064. Reurtel 2810, Sept. 21.23 For your information financial arrangements contemplating acceptance of local currency for surpluses in Italy have been in process of clearance here by interested agencies but high level determination has just been made to effect that in surplus sales in foreign countries dollar payments on deferred basis (payment within 30 years at interest rate of 2% percent) shall be requested in lieu of such local currency arrangements. Determination to accept lira equivalent of $15,000,000 is, of course, not affected. Before credit may be granted for more than 3 years for “raw materials, consumer goods, and small tools, hardware, and nonassembled articles which may be used in the manufacture of more than one type of product”, it will be necessary to obtain exemption from Section 15(a)24 of Surplus Property Act. Application will be made for such exemption. You will be kept informed of developments.
[For text of Agreement between the United States and Italy on Economic Relations effected by exchange of notes signed at Washington, December 6, 1945, see Department of State Executive Agreement Series No. 492, or 59 Stat. (pt. 2) 1731.]