Report discussing the Greek war debt to England.

In the course of the remaining years the errors of the first ten years will also be supplemented, so as to raise the whole amount payable over the 62 years to a total of £15,500,000. If we compare this sum to that payable by Italy in settlement of her war debt we find that Italy will pay altogether 47% on her indebtedness, whereas Greece, in case her just claim that the value of her war material supplied in 1918 should not be charged is accepted, will be paying 156%, or otherwise 74% on the amount of her indebtedness. If on the other hand the principal alone of our debt is taken into account, without the addition of interest up to date, we will pay in all in the first case 165% and in the second 91% on the principal of our debt. Being unable to lose sight of the proposals already made by Monsieur Caelanano, acting upon instruc- tions from the Pangalos Government, I only feel it my duty to observe that with this solution the British Government will be receiving from Greece three times more in proportion in the first contingency and almost two tim more in the second, than from Italy and this although it had expressly been stipulated in the preliminary agreement of August 31st, 1925 that our debt "would be dealt with in accordance with the arrangements to be made hereafter by the British Government for dealing with Allied debts in general". -24-