821.51/2512
Memorandum by Mr. Ellis O. Briggs of the Division of the American Republics
Mr. Cotton gave me the following information concerning Mr. Traphagen’s meeting with Ambassador Turbay on May 28:
The Ambassador indicated that notwithstanding the unsatisfactory Colombian economic situation, he personally favored a permanent settlement at this time of the Federal debt. He offered 3% service and funding of 50% of the arrears.
Mr. Traphagen asked if the Ambassador would consider 3% and funding of all of the arrears.
Ambassador Turbay took this under advisement and it was left that he would get in touch with Mr. Traphagen shortly. Mr. Traphagen is reportedly “hopeful.”
Mr. Joe Cotton said he expected to see Mr. Laylin8 on May 31.
- John Laylin, of Covington, Burling, Rublee, Acheson & Shorb, counsel for the Colombian Ambassador.↩