FOREIGN ACCOUNTS RECEIVABLE OF U.S. GOVERNMENT AGENCIES-SUMMARY BY COUNTRY AND CURRENCY OF REPAYMENT (AMOUNTS REPORTED AS OF DEC. 31, 1972)-Continued [In dollars or dollar equivalents] 1 Includes amounts where payment is owed or guaranteed by a foreign government or any agency Source: Treasury, OASIA/Research (Statistics). Prepared: May 8, 1973. of a foreign government such as a central bank. Principal and WORLD WAR I DEBT-STATUS OF INDEBTEDNESS OF FOREIGN GOVERNMENTS TO THE UNITED STATES ARISING FROM WORLD WAR I, AS OF DECEMBER 31, 1972 interest due principal and unpaid 12, 195, 087, 260 13, 776, 376, 703 25, 971, 463,963 762, 710, 228 2, 001, 239, 354 23, 207, 514, 381 4, 573,061, 836 18,634,452, 545 31,675, 333 44,059 43,635, 250 26, 887, 208 27 862,668 43,635, 223 26, 024, 540 784, 460, 351 19, 157, 630 33, 033, 643 732, 269, 070 156, 780,000 12, 286, 752 10, 000, 000 2,286, 752 19, 829, 914 11, 959, 917 1,982, 556 2,042, 364, 319 321, 362, 288 5, 123, 037 2,476,857, 040 36, 472 168, 576 304, 178 1,248, 432 2 12, 276, 963 260,036, 303 1,590, 672, 656 4,701, 576 482, 924 63,365, 561 752,349 10,472 1,003, 174 26,625 3, 449,000 7,582, 526, 986 10, 592, 909, 302 4 33, 008, 352 4,566, 117 2,376, 027, 159 16, 693, 475 67, 740,000 822,590 14,992, 243 2,777, 467 12, 214, 776 207, 344, 297 68, 359, 192 192, 601, 297 63,577, 713 318,854, 374 61, 244, 823 529,055, 036 37, 688, 090 526, 198, 672 129, 604, 015 721, 656, 334 7 1, 287, 297 $ 4,498, 632 1,952, 713 87,784,000 25, 870,000 712, 906, 022 98,677,031 28, 679,000 415, 768, 374 98,943, 008 712, 906, 022 69,998,031 Yugoslavia. 1 The Federal Republic of Germany has recognized liability for securities falling due between Mar. 12, 1938, and May 8, 1945. 2 $8,480,090 has been made available for educational exchange programs with Finland pursuant to 22 U.S.C. 2455(e). 3 Includes $13,155,921 refunded by the agreement of May 28, 1964. The agreement was ratified by Congress Nov. 5, 1966. 101, 265, 803 + Includes $12,813,601 on agreement of May 28, 1964. 5 Interest payments from Dec. 15, 1932, to June 15, 1937, were paid in pengo equivalent. • The indebtedness of Nicaragua was canceled pursuant to the agreement of Apr. 14, 1938. 7 Excludes claim allowance of $1,813,429 dated Dec. 15, 1969. 8 Excludes payment of $100,000 on June 14, 1940, as a token of good faith. • Principally proceeds from liquidation of Russian assets in the United States. WORLD WAR I DEBT-STATUS GERMAN WORLD WAR I INDEBTEDNESS, AS OF DEC. 31, 1972 [In dollars or dollar equivalents, except where otherwise indicated on lines noted with symbol*] 1 Agreement of Feb. 27, 1953, provided for cancellation of 24 bonds totaling 439,600,000 reichsmarks 2 Includes 4,027,612 reichsmarks (1,529,049 on moratorium agreement (Army costs) and 2,493,563 *81, 600, 000 *50, 600, 000 *132, 200, 000 4 31,539, 956 73,500,000 3 The unpaid portion of this indebtedness is converted at 40.33 cents to the reichsmark, which was 4 Payments converted to U.S dollars at rate applicable at the time of payment; that is, 40.33 or 23.8? Mr. ARCHER. What ongoing effort, if any, is there at the present time to make collection of these debts, particularly from developed nations that are in a position to make a payment? Secretary SHULTZ. I think the most active one right now is with respect to the Russians. We want to get the most-favored-nation business finished so that that treaty can come into effect and the lend-lease payments that they have agreed to can be paid. Mr. ARCHER. What amount of money do the Russians owe us right now at this time under the lend-lease obligations? Mr. FLANIGAN. About three-quarters of a billion dollars, Mr. Archer. That is the total payment that would be made over the period. Mr. ARCHER. How much did they owe us before we agreed to accept that as a payment? Mr. FLANIGAN. The question there is: What is "owed"? Mr. ARCHER. I know, that was my question: How much did they owe us? Mr. FLANIGAN. We believe that after negotiating with them as to the facts under which the debt was incurred and what happened to the goods sent over and what kinds of goods they were, we believe the amount they owe us is the three-quarters of a billion dollars. Mr. ARCHER. How much do we show on the books right now? I know we have our book balanced in the Treasury. How much do we show on our books as being owed to us? Mr. FLANIGAN. I can't answer that question. This agreement is roughly in line with the agreement reached with the French and British with regard to those lend-lease figures. As you know, the various components of that debt, separated between consumer goods, military goods, goods that might have been returned or lost, et cetera, were difficult negotiations, at the end of which this figure of agreement was reached. Mr. ARCHER. Surely we had to go into the negotiation with an idea of how much was owed to us. We didn't go in thinking that threequarters of a billion dollars was owed to us. We went in with some other figure. I am just curious as to what that figure was. Mr. FLANIGAN. I don't recall what the opening figure in the negotiation was. I thought the question was, "What was owed to us now?" Mr. ARCHER. I said, "What was owed to us before we settled on this?" I have heard anywhere from $10, $12, $15 billion, and I was curious as to what it was. Mr. FLANIGAN. That figure included a good deal of military goods which were not under the terms of the lend-lease agreement, which was a very broad agreement under which in fact one of the terms was that nothing was owed to us, so that repayment need not be made until normal commercial relations were established. The accepted interpretation in our agreement of normal commercial relations is their ability to ship to us under the most-favored-nation basis. So the global figure was in the vicinity of many billion dollars, as you suggest; but the figure that we agreed to as the appropriate debt was three-quarters of a billion dollars. What is on the books of Treasury, I don't know. Mr. ARCHER. Mr. Shultz, can you give us that figure? Secretary SHULTZ. We will provide for the record the information we have. 96-006-73-pt. 1- -21 |