Greek Debt

THE CABINET

The negotiations between the Greek debt-funding mission and the U. S. commission last week came to a halt while the Greeks cabled Athens for instructions. Their opening gambit had been declined and they wanted to know what move to make next. They offered to fund the Greek debt (a principal of $15,500,000) if the U. S. would lend them $32,500,000 additional-- the remainder of a credit which was originally extended. The U. S. commission politely but firmly represented the impossibility of loaning Greece any more money even to get the original debt funded. Hence the delay while Athens was asked what the next Greek move would be. A few days later it was announced that M. Cofinas, head of the Greek mission, would have to go home to consult with his government, but that "negotiations will be continued for the present through the Greek minister."