Mr. President. this bill provides for the settlement of a debt arising out of a loan made to Greece in 1929. In 1929. the United States loaned $12 million to Greece to help meet the costs of repatriating Greek refugees from Asia Minor. Prior to 1931. the Greek Government made payments on this 20year loan. reducing the debt to about $11 million. Since that time. conditions have been so turbulent that no payments have been made. Last year. however. the United States and Greece entered into an agreement providing for repayment of the loan in a series of 82 annual installments. with Interest at the rate of 2 percent per year on the outstanding principal.
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refugees