SPAIN AGREES TO DISPOSAL OF GERMAN ASSETS

Grey River Argus, 11 May 1948, Page 7

SPAIN AGREES TO DISPOSAL OF GERMAN ASSETS

MADRID, May 9 Agreement has been reached among Spain, the United States, France, and Britain about the disposal of German assets in Spain. The agreement provides that Spain will expropriate German private assets by decree and create a commission to liquidate properties. The Allied Powers will be responsible for compensating German owners of confiscated property. Britain and the United States will each receive about £2,870,000, France £1,640,000 and 15 other nations will divide £2,870,000 under the Paris reparations agreement of December 21 1945. It has also been agreed that communications and trade and consular representation between Spain and the western zones of Germany should be renewed.