Report discussing the Greek war debt to England.

When all this is borne in mind it cannot possibly be demanded of Greece that she should pay any amount whatsoever in respect of war material, at least that part of it which is covered by the Agreement of February 1918. Indeed it would be strange that the Allies should insist upon payment of the value of war material supplied to Greece which was used against the Common foe, since they dispensed Turkey, and to all intents and purposes Bulgaria, not only from payment of the value of war material granted to these powers by Germany, and which was used by them against the Allies, but also from repaying the very advances made to them by Germany for the carrying out of war. In fact, according to article 261 of the Treaty of Versailles "L'Allemagne s'engage à transférer aux Puissances Alliées et associées toutes ses créances sur l'Autriche, la Bulgarie et la Turquie et notamment celles qui résultent ou résulteront pour elle de l'execution des engagements qu'elle a pris envers ces Puissances pendant la guerre". And according to article 62 of the Treaty of Lausanne "la Turquie recon- nait le transfert de toutes les créances que l'Allemagne, l'Autriche, la Bulgarie et la Hongrie possèdent contre elle conformément à l'article 261 du Traité de Versailles etc. Les autres Puissances contractantes conviennent de libérer la Turquie des charges qui lui incombent de ces dettes". It is true that up to this time no similar measure has been taken as regards the other Allies of Germany. But in the case of Bulgaria also, who by the -12-