NO LOAN WAIVER
U.S. Reply To Plea (N.Z. Press Association— Copyright) (Rec. 11 p.m.) LONDON, January 21.
The United States Administration was prepared to grant Britain a postponement of the payment of interest on the AngloAmerican loan, but not an outright waiver, the “Financial Times” said today.
The paper said the United Kingdom and the United States were renegotiating the AngloAmerican loan agreement of 1945 in an effort to meet Britain’s request for relief from the 81,600,000 dollars (about £27,200.000) interest payment that became due on December 31.
The “Financial Times” said American reluctance to grant the waiver stemmed from a dispute over the agreement's controversial sterling balances provision. This section said in effect that any United States waiver of interest must be matched by a proportionate reduction in Britain’s payments against the sterling balances.
The “Financial Times” said the current Administration’s view was that the sterling balance situation had changed so drastically since 1945 that it was now impossible to obtain an accurate accounting. Thus it was impossible to discover whether the necessary reductions had been made.
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Bibliographic details
Press, Volume XCV, Issue 28182, 22 January 1957, Page 9
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178NO LOAN WAIVER Press, Volume XCV, Issue 28182, 22 January 1957, Page 9
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