868.51/9–2045: Telegram
The Acting Secretary of State to the Ambassador in Greece (MacVeagh)
998. Dept despatch 408, September 4,65 and Deptel 869, August 25, 1945. Greeks expected to submit request immediately Eximbank loan 25 million to meet pressing needs pending Bank action on 250 million request. Chairman Eximbank Board views smaller loan favorably but Bank unable to act until Greeks submit concrete program of contemplated expenditures including details on items and expected uses. Program should reflect first priority Greek reconstruction and rehabilitation requirements. Department suggests you impress Greek Government with urgency of preparing and submitting program as necessary preliminary to consideration by Bank. Diamantopoulos and Argyropoulos appear unable to prepare program. They or successors may also need authority to negotiate with Bank after program submitted by Athens.
Fact that loan of 250 million not approved nor being given serious consideration in total by Bank officials should be impressed upon Greek officials (urtel 1051, September 2066). This amount would be entirely unjustified share of Bank’s loaning availabilities even if loan justified by repayment capacity. All appropriate measures should be taken to forestall further unfortunate publicity.
- Not printed; it transmitted to Athens a copy of the letter of August 20 by the Greek Ambassador to the President of the Export-Import Bank, p. 233.↩
- Not printed; in reporting almost daily references in the press to the anticipated $250,000,000 Export-Import Bank credit, it gave the Ambassador’s views that the Greek Government’s action in inviting applications for industrial equipment to be purchased with part of the credit were convincing the public the credit would be forthcoming and that eventual denial by the United States Government would be bound to have unfortunate repercussions (868.51/9–2045).↩