TURKEY AMERICAN AID IN THE EVACUATION OF RUSSIAN REFUGEES IN TURKEY Date and number Subject Page 1928 Jan. 7 (4) Jan. 12 (1) Jan. 29 (7) Apr. 10 (253) To the Ambassador in Turkey (tel.) Instructions to refer orally and informally while at Angora to American contribution to fund to assist in carrying out League of Nations plan for evacuation of Russian refugees now in Constantinople; and to express hope that additional time, after February 6, 1928, will be granted to carry out plan. From the Ambassador in Turkey (tel.) Information that a delay of 12 months will be granted for Turkish press announcement that one year's delay would be 981 981 982 982 Information that Mr. Taylor of the Embassy has been designated to represent the Red Cross on the American Advisory Committee for the Evacuation of Russian refugees from Constantinople. 983 Sept. 11 (489) 1929 Jan. 2 (111) Jan. 16 (639) Feb. 27 (684) From the Ambassador in Turkey Possibility of Turkish Government's permitting Russian refugees to remain. To the Ambassador in Turkey Instructions to report any extension of the present time limit set for the evacuation of the Russians; also the number of refugees awaiting evacuation and of the likelihood that refugees who are awaiting quota numbers as emigrants to the United States would be permitted to remain in Turkey beyond February 6, 1929, and until visas are available for them. From the Ambassador in Turkey Report on interviews with Minister for Foreign Affairs on From the Ambassador in Turkey Press rumors and information from other unofficial sources indicating that no action will be taken by the Turkish Government concerning the Russian refugees as a whole, but that a small number of undesirable refugees will be asked to leave. Information relative to the demand against the Russian quota and the allotment of quota numbers made. 984 985 987 GREECE AGREEMENT BETWEEN THE UNITED STATES AND GREECE FOR THE FUNDING OF THE GREEK DEBT TO THE UNITED STATES AND FOR AN ADDITIONAL LOAN TO GREECE' 868.51 War Credits/482}: Telegram The Minister in Greece (Skinner) to the Secretary of State ATHENS, December 7, 1927-5 p. m. [Received December 7-12:38 p. m.] 66. Many callers at Legation to offer thanks on debt settlement coming at moment of peculiar difficulty. All papers discuss settlement favorably, and Tsaldaris, leader of opposition in Chamber, expressed the hope that agreement formally announced in Chamber will deliver Greece from other charges and obligations. Public generally are thankful and grateful. I am asked whether Department's disapproval of loans to Greece is now lifted or will continue until Congress has ratified agreement. SKINNER 868.51 War Credits/4821: Telegram The Secretary of State to the Minister in Greece (Skinner) [Paraphrase] WASHINGTON, December 8, 1927—noon. 42. Reference your 66, December 7, 5 p. m. The attitude of the Department toward financing for the benefit of Greece, done in the United States, as set forth previously (see its telegram 37, November 18, 6 p. m.2), cannot be modified until the financial settlement (which was outlined in the Department's circular telegram dated December 5, 7 p. m.3) has been approved by the Greek Parliament. Guarded use of this information is permitted you. KELLOGG 'For previous correspondence, see Foreign Relations, 1927, vol. II, pp. 1 ff. See also Funding of the Greek War Debt to the United States, S. Doc. 51, 70th Cong., 1st sess., and Greek Debt Settlement: Hearings Before the Committee on Ways and Means, House of Representatives, 70th Cong., 1st sess., on H. R. 10760 (Washington, Government Printing Office, 1928). Foreign Relations, 1927, vol. III, p. 14. Not printed; it summarized the statement issued by the Secretary of the Treasury, December 5, 1927, ibid, p. 16 1 868.51 War Credits/485 The Minister in Greece (Skinner) to the Secretary of State No. 428 ATHENS, January 6, 1928. 4 SIR: I have the honor to refer to my telegram of even date asking on behalf of the Hellenic Government for particulars respecting the financial arrangements come to between American financiers and the Government of Poland, and especially with regard to the powers and duties of the American comptroller. In a conversation which I had with the Foreign Minister, Mr. Michalakopoulos, this morning, he expressed a lively interest in this matter. The Hellenic Government, as the Department is well aware, has a considerable number of outstanding foreign loans, the service of which is assured by the International Financial Commission. It is now running in the minds of the people here that a well worked out funding operation would greatly simplify the tasks of the Government, and result in considerable economy as well. Likewise, if a refunding loan should be arranged on satisfactory terms, it is hoped that the private financial interests involved would be able to provide their own comptroller, who would replace the International Financial Commission, which, while it has served useful purposes in the past, sometimes gives great annoyance when used as a political instrument by the governments represented therein. It is the case, indeed, that within recent weeks the French Government, supported somewhat hesitatingly by the British Government, withheld authority from the International Financial Commission to take over the service of the pending general loan, as a means of exerting pressure upon the Hellenic Government to settle the French war claims without arbitration. It is probable that this matter would still be open, but for the American settlement with Greece, which had the effect of inducing the French and the British to withdraw their objections, and of causing the French to agree to the arbitration of the claims, a mode of settlement which up to that time had been urged by the Hellenic Government without success. If American financiers should eventually conclude to float an important issue of refunding bonds for this country, the results probably would be exceedingly happy for our relations in this part of the world. It is to be assumed that, merely as a financial operation, the enterprise would be satisfactory and would open up a fair field of investment for American capital; but, aside from that, such an unertaking would bring the varied resources of the United States more conspicuously to the attention of the people of Greece than is 'Not printed. now the case, and by removing Hellenic finances entirely from the domain of European politics, would prevent the granting of concessions and the like from being dealt with hereafter on other than strictly economic grounds. I trust, therefore, that the Department will be able at an early date to provide me with literature setting forth what has been done in Poland and possibly literature respecting financial settlements with other countries, if the terms of such settlements would be useful as a basis of discussion in Greece. I have [etc.] 868.51 War Credits/492 ROBERT P. SKINNER The Greek Minister (Simopoulos) to the Acting Secretary of State WASHINGTON, January 18, 1928. EXCELLENCY: As a result of informal conversations which I have had with representatives of the Departments of State and of the Treasury, I have the honor to set forth my understanding of the terms of the proposed plan for the settlement of the debt owed by Greece to the United States and of the differences existing between the two Governments arising out of the Tripartite Loan Agreement entered into at Paris under date of February 10, 1918.5 Under the above mentioned agreement there were set up on the books of the United States Treasury credits in the amount of $48,236,629.05, against which the National Bank of Greece issued its notes for an equivalent amount and these were used by my Government for the payment of the costs it incurred in the prosecution of the war against the Central Powers. During 1919 and 1920, cash advances in the aggregate amount of $15,000,000 were made by the United States against the credits so established, leaving a balance of established credits on the books of the Treasury in favor of my Government amounting to $33,236,629.05. The Treasury of the United States has refused to make further advances against this credit balance. As you are aware my Government has consistently claimed that it is entitled to receive from the United States the full amount of the credit for $48,236,629.05, for which Greek obligations are at present in the possession of the United States Treasury. So convinced indeed has my Government been of the justice of its claim that it would have been willing at any time to propose and accept arbitration. Nevertheless, because of the pressing need to secure immediately the funds necessary to complete the refugee settlement work, my Government is willing to forego these claims. The refugee problem is vital to Greece; her future is closely bound up with 'Greek Debt Settlement, p. 51. her ability to care for the one and a half million men, women and chil dren who sought refuge within her territories in 1922 and 1923. Much has been accomplished, but much remains to be done. Without additional financial assistance the work of the Refugee Settlement Commission" must come to an end in the immediate future. The work of that Commission has been carried on under the chairmanship, successively, of three distinguished Americans-Mr. Henry Morgenthau, Mr. Charles P. Howland and Mr. Charles B. Eddy. To their devoted services Greece in general and the Greek refugees in particular owe more than can well be expressed in words. It is with these thoughts in mind that the Greek Government has authorized me to state that the proposed terms set forth below are acceptable to it: 1. The $15,000,000 of principal owed by my Government to the United States with interest at 44% up to December 15, 1922, and on the amount then due with interest at 3% to January 1, 1928, amounting in all to $18,127,922.67, less the sum of $2,922.67 to be paid in cash upon execution of the agreement, is to be funded over a period of 62 years. There are listed below the payments to be made by the Greek Government to the United States under this settlement: 2. The Greek Government is to forego all claims for further advances under the Tripartite Loan Agreement dated February 10, 1918, which agreement, so far as the United States and Greece are concerned, is to be regarded as terminated. 3. The United States will advance to the Greek Government $12,167,000 at 4% per annum, payable semi-annually, with provisions for a sinking fund to retire the loan in 20 years. 4. The Greek Government undertakes to limit the amount to be borrowed under the terms of the Greek Loan Protocol signed at For previous correspondence regarding American aid for Greek refugee work, see Foreign Relations, 1924, vol. I, pp. 282 ff. |