Word: moratorium
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Italy. Baron de Martino, Italian Ambassador to the U. S., also called on Mr. Mellon. He inquired about how easy the terms would be for Italy if she made a settlement, whether a moratorium would be considered. Mr. Mellon replied that the terms would be as easy as conditions warranted. Then Baron de Martino cabled Mussolini for instructions-and Mr. Mellon smiled again...
...settlement that is not much more lenient. If a more lenient agreement is made, how will Great Britain take it? How will Congress take it? Congress has long protested that it would not forgive a cent of foreign indebtedness; but partial debt forgiveness disguised as lower interest or a moratorium Congress may well accept in compromise...
...taken into account, it is evident that creditor States should grant us in return something more than a most-favored-nation clause. If we are required to pay, we must be placed in condition to be able to pay. It is equally evident that we must have a moratorium to consolidate our financial position, as then we will be in a position to begin payments immediately. "The moratorium, in addition, will have to be a long one. It would indeed be painful if we should find our former allies wishing to place us in conditions of inferiority with respect...
Meantime, the critics got busy. It was pointed out that $100,000,000 was only 2½% interest on the debt and that there had been no suggestion as to the rate at which France proposes to refund the debt after the expiration of a five-year moratorium which, it was understood, she would demand...
...That a moratorium of five years be granted to France during which period interest shall not be cumulative...