868.50/5–445
Memorandum of Conversation, by Mr. William O. Baxter of the Division of Near Eastern Affairs
| Participants: | Mr. Cimon P. Diamantopoulos, Greek Ambassador |
| Mr. Kyriacos Varvaressos, Governor, Bank of Greece | |
| Mr. Alexander Argyropoulos, Economic Section, Greek Ministry of Foreign Affairs | |
| Mr. Wayne C. Taylor, President, Export-Import Bank | |
| Mr. Lincoln (FN)28 | |
| Mr. Baxter (NE) |
At a meeting today in the office of Mr. Taylor, President of the Export-Import Bank, Mr. Varvaressos sketched in the background of the almost total destruction of Greek economic life and requested any information or advice that could be offered toward means whereby financial assistance might be extended to Greece for the restoration of normal economic and industrial conditions. He pointed out that, although the UNRRA program for Greece is an extensive one for which the country is deeply grateful, there exists an urgent need for production goods and sufficient industrial equipment beyond the UNRRA program in order that inflation and unemployment may be combatted at once.
[Page 216]Mr. Taylor said that all present were doubtless familiar with the current limitations of the Export-Import Bank but that contemplated legislation would, it is hoped, remove many of those limitations in the near future. He stressed his belief that, as most projected developments in Greece would ultimately be the concern of private industrial firms, it would be better in the first instance to discuss such projects with the appropriate firms with the idea that the Export-Import Bank might later be interested in the financing of any developments decided upon. Mr. Taylor also made it clear that if any financial assistance were possible it would take the form of dollar credits for the purchase of materials in this country. The Bank could not extend loans for budgetary purposes of a foreign government or for the administrative expenses of any government-owned development.
Mr. Varvaressos thanked Mr. Taylor and hoped that he would consider sympathetically certain projects which may be outlined specifically in the near future. Mr. Argyropoulos will remain for some weeks or months in Washington as the head of a small official Greek supply mission which will be authorized to present detailed needs decided upon by the Greek Government.
- Francis F. Lincoln, of the Division of Financial Affairs.↩