E.C. 28 RESTRICTED This report is restricted to use within the Bank. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT EXTERNAL PUBLIC DEBT OF GREECE March 22, 1954 Economic Staff Prepared by: Andrew C. Huang Reviewed by: Carel deBeaufort Table of Contents Page I. Debt Outstanding 1 II. Service Payments 4 III. Recent External Debt Developments, 1932-53 4 IV. Early Developments of the Foreign Indebtedness of Greece, 1824-1931 6 Annex I Early Developments of the Foreign Indebtedness of Greece Table A-1: External Public Debt A-2: Estimated Contractual Interest and Amortisation Payments on the External Public Debt not in Default EXTERMAL RBLIC DEBT OF GREECE I. Debt Outstanding As of November 30, 1953, the public external debt of Greece amounted to the equivalent of US$392 million. 1/ About 74%, or the equivalent of $291 million, of the indebtedness represents pre-1931 loans payable mostly in sterl- ing and U.S. dollars, on which service has been in complete default since 1941. 2;' The remaining debt consists of post-World War II U.S. and U.K. government credits totalling some $101 million which are being serviced on contract terms. The over- all position of the Greek foreign indebtedness, shown in detail in Table A-1, is summarized below: External debt of Greece (in millions of U..$ equivalents) Amount Outstanding 1) U.S. dollar debt 1. Bonds 43.1 2. Belgian loan 6.7 3* U.S. Government loans 81.4 Sub-total 131.2 2) Debt payable in sterling 1. Bonds 3/ 235.7 4/ 2. U.K. Government loans 19.6 3. Other loans 2.9 Sub-total 2 .2 3) French franc debt 1. Railway loans 2.7 6/ Grand total 392.1 1/ 1/'Excluding: (1) A number of loans equivalent to $213.6 million that were affected by the Hoover Moratorium as listed in Footnote 1, Table A-1, (2) interest arrears for 1941-52 roughly estimated at between $71.4 million and $166.1 million on the defaulted public issues of 1881-1931. The bulk of sterling debt consists of loans of 1881-1914, issued and payable in gold francs, sterling and other currencies, as indicated in Table A-1. They are so classified chiefly because service payments on these loans have been made on sterling basis since 1933, The Bank of England estimated that about half of these bonds are held in Greece. Multiple currency loans, see Table A-1 for details. Loans with gold and currency clauses have been converted into U.S. dollars on the basis of the formula adopted by the Conference on German External Debts, (London, 1952). For exchange rates used and other details, see Table A-1. 1) U.S. dollar debt The debt consists of the outstanding principal of $49.8 million on five defaulted issues contracted during 1924-31, in addition to three post- World War II U.S. Government loans totalling $81 million which are serviced under contract terms, Some pertinent particulars about the five delinquent issues are given below: Purpose Amount (in $ millions) Issued Outstanding League Loans - 7% 1924-6i Refugee settlement 11.0 10.4 6% 1928-68 Currency stabilization and Refugee settlement 17.0 * 16.6 Sub-total 27.- 27,0 Other Loans 4% 1925-2 Athens water-works 11.0 4@ 9.0 8% 1925-56 Railways construction*x* 10.8 6.7 3% 1931-36 Treasury requirement 7.5 7.1 (Speyers) Sub-total 29.3 Grand total 739 * The amount includes $2 million offered for sale in Switzerland. ** The amount includes $5 million offered for sale in Greece, We Privately held Belgian loan. The U.S. Government credits to Greece are: (amounts in $ millions) Utilized Outstanding a. 32 1946-65 Maritime Commission Shipsl loans, 1 41.3 20,1 b. 2 3/8 1946-76 Surplus Properties - Credits 55.3 47.8 c. 3% 19146-76 Export-Import Bank Transport Equipment loans 14.6 13a5 Total 111.2 zl.h 2) Debt payable in sterling The bulk of the sterling debt consists of the outstanding principal, about 55 million or the equivalent of $235-7 million, on 15 defaulted public issues incurred between 1881-1939. 1/ They are listed in chronological order 1/ The bulk of the debt is payable also in a variety of currencies other than sterling. For details and exchange rates used see Table A-1. A summary review of the development of the indebtedness is included in Section IV. -3- with essential details below; Amount * Total held (in millions of L ) in Greece ** Purpose Issued Outstanding in % "Old Gold Loans" 5% 18l1-921 National Defense 4.8 2.8 ) 5% 1884-1921 It i 4.2 2.5 ) 4% 1887-1962 Monopoly loan 5.4 3,8 ) 4% 1889-perpetual Funding Debts 6.2 4.2 ) 64 5% 1890-1990 Railways loan 2.4 1.6 ) 5% 1893-1991 Funding loans O.4 0.3 ) Sub-total 15.2 Pre-World War I Loans 4% 1902/06-2000 Railway construction 2.3 2.1 ) 5% 1907-46 National Defense 0.8 0.5 ) 4% 1910-61 Railway construction 4.4 3.5 ) 51 5% 1914/15-65 General bonds 13.3 11.6 ) Sub-total 17.7 Post-World War I Loans League loans: 7% 1921- Refugee loan 10.0 9.4 30 6% 1928-68 Currency stabilization 4.1 4.0 23 Other loans: 6% 1928:69 Public Works 4.0 3.9 ) 6% 1931-68 " " 4.6 4,5 ) 30 5% 1939-59 General Purpose 0.4 0.4 Sub-total 23.1 22,2 Grand total 55.1 * At old par rates. * Based on an estimate made in 1939 by the Hambros Bank. The 1946 U.K. Government loan of lO million for the stabilization of Greek currency is repayable, free of interest, by 10 equal annual installments during the period 1951-60. The loan was reduced to 47 million ($19.6 million) as of November 1953. The remaining part of sterling debts equivalent to $2.9 million consists chiefly of two privately-placed Swedish loans in default. The 8$% 1926-54 loan issued for L1 million with T47,000 outstanding was taken as a whole by the Swedish Match Company of Stockholm in exchange for the match monopoly in Greece, The 6% 1930-54 Kreuger and Toll loan of 1 million with L980,000 outstanding was neantiated chiefly for the construction of state schools. -4t- 3) French franc debt This debt represents the principal outstanding on two delinquent loans both incurred in 1893. One originally amounting to fr 145 million with fr 137 million ($391,000) now outstanding was issued by the Salonika-Constantinople Junction RR. Co., and the other originally amounting to gold fr 60 million with gold fr 12 million ($2.3 million) now outstanding was issued by the Salonika- onastir RR. Co. 1/ Service on these two loans was assumed by the Greek Govern- ment upon the cession of these railroads in 1920 and 1926 respectively. II. Service Payments No comprehensive estimate of the aggregate service payments of the Greek foreign debt can be made at present, the bulk of the outstanding indebtedness having been in complete default since May 1941. Preliminary estimates of in- terest in arrears, for the years 1941-52 on the various publicly-placed issues of 1881-1931 alone, range from the equivalent of $166.1 million on the basis of original interest to $71.4 million at 43% of original interest as provided under the 1940 Debt Agreement. Payments on the U.S. Government credits which are being serviced under contract terms are shown in Table A-2. They decline steadily from the maximum of $6.7 million in 1955 to $3.7 million in 1965, to $3 million in 1972 and finally to $2.4 million in 1976. Of the annual amounts due from $2 to $2.8 million through 1962 is for the U.S. Maritime Commission shipping loans. These are being serviced by Greek shipowners out of foreign exchange which might not other- wise have gone into official channels. Service of the British Government stabilization loan to Greece amounts to 41 million ($2.8 million) p.a. during the years 1954-60. This does not represent a foreign exchange burden, however, since it is being repaid out of the proceeds of the original loan which have been kept on deposit in London. III. Recent External Debt Developments, 1932-53 Shrinking foreign exchange resources and declining government revenues during the depression period made it increasingly difficult for,Greece to main- tain service on its foreign debts. 2/ Having been denied further assistance from 1/ The last interest on the Salonika-Monastir RR. Co. loan was paid on October 23, 1946. For details see p. 395 - Annuaire Desfosses Tome 2, 1953. 2/ According to the report of the Financial Committee of the League in March 1932, the foreign exchange reserves of the Ban% of Greece decreased from about Dr 4 billion in December 1929 to Dr 935 million in iarch 1932. The exhaustion of foreign exchange reserves forced Greece to abandon the gold standard in April 1932, whereupon the drachma depreciated immediately to half the former dollar rate (from Dr 77 - $1 to Dr 144 - $1) thus doubling the budgetary charge for external debt service. the League 1/ the Greek Government in April 1932 unilaterally suspended all service payments on its external debt. In September 1932 an agreement 2/was concluded under which: a) A cash payment of 30% of the contractual interest was to be made on each loan in foreign exchange 3/ and interest- bearing scrip was to be issued for the balance during the financial year 1932-33, b) amortization was to be suspended during the same period. Between: 1933-41 principal repayments remained in suspension, while interest on the foreign debts was paid in the following manner: Interest Payments Financial in % of contractual Sinking Year interest h/ Fund Remarks 5/ 1933-34 27t none Under bilateral agreement of 11/33. 1934-35 3 i " " " " 1935-37 h0 " 8/36 1937-40, 40 " By unilateral offer of 6/37. 1940-41 43 " Under bilateral agreement of 1/40. As a result of the German invasion of Greece in April 1941, service on the Greek foreign debt, which had been carried out according to the 1940 agree- ment, was again suspended and has remained so to date. In Janaury 1954 the Greek Government announced the formation of three committees to survey its internal and external debts. One would study the problem in general, another would investigate 1/ A request made in early 1932 for both the League's assistance in obtaining a new ;2.5 million loan and consent to a five-year Moratorium on amortization of foreign loans was rejected. League Loans Committee, First Annual Report, 1933. 2/ For details of the 1932 Agreement see the Annual Report for 1934, The Council of the Corporation of Foreign Bondholders, London. 3/ There was some delay in the execution of the agreement on account of disputes regarding the question whether payments on the gold loans should be made on gold or sterling basis. The parties finally agreed, pending the result of arbitration, that the transfer was to be made on sterling basis, and the Commission was to retain in drachmas a sufficient sum to increase the 30% payment to its gold value. The French bondholders insisted on payment in gold and did not consent to payment on sterling basis until July 1934. / Payment on all external loans remained on a sterling basis except for the dollar tranches which were serviced as before in dollars. / The chief provisions of these settlements are included in Annual Reports for 1933-45, The Council of the Corporation of Foreign Bondholders, London. -6 - internal debt problems and the third would occupy itself with the external debt. / IV. Early Developments of the Foreign Indebtedness of Greece, 1824-1931 A review of the history of external borrowing by Greece is attached as Annex I. The review indicates the extent to which the pre4World War I.I loans were secured through the assignment of revenues. I/ In 1946 the British and French Governments expressed their willingness to negotiate with the Greek Government for the abolition of the international financial control instituted in 1898, but no agreement has yet been reached as to what machinery, if any, should replace it. The International Financial Commission had ceased to include Russian, German and Austrian representatives since World War I and Italians since World War II., ANNEX I Early Developments of the Foreign Indebtedness of Greece 1) The First Period of External Borrowing, 1824-80 The first foreign debts incurred by Greece were two 5% sterling loans, one in 1824 issued for 1800,000, the other in 1825 for 12 million. Both loans were contracted to help finance the Independence War against Turkey and were secured by "all the revenues" and "the whole of the national property of Greece." After the fund assigned to cover the service charges for the first two years had been duly disbursed, Greece was still fighting for its independence and was unable to service the debt out of its own resources. Default on both loans of independ- ence took place in 1827 and continued for over half a century until 1879 when they were finally refunded with the 5% &l.2 million Conversion Bonds. During 1833-36, shortly after Greece, through the intervention of England, France and Russia, was established as an independent Kingdom, a 5% gold fr.60 mil- lion loan, secured by the Greek revenues, was floated under the 1832 Convention. Each of the three Powers guaranteed one-third of it. Due to persistent budgetary deficits, the loan soon fell into default and the Powers were obliged to meet their guaranty. In January 1864, an agreement was reached under which Greece was allowed to pay a minimum annuity of fr 900,000 (about 1/4 of the full service) during 1865-70. 1/ By 1871 amortization of the 1833 Guaranteed Loan was completed by the guarantors to whom the Greek indebtedness on account of their payments was then estimated at fr 92 million. 2/ In September 1878 an adjustment was finally concluded on the Independence Loans of 1824 and 1825 by the issuance of 5% 1879 Conversion Bonds of U1.2 million, considerably reducing their principal. Service of the new Bonds was to be secured by' certain customs and stamp duties. The 5% 1879 Loan was paid off in 1890. Another 1879 loan, - the 6% of fr 60 million, was issued in Paris to repay floating debts. The Loan was secured by certain stamp duties and paid off in 1889 out of the proceeds.of the 4% External Loan of that year. 2) The Second Period, 1881-1897 Its credit restored as a result of the settlement of the Independence Loans, the Greek Government was able, during the period under review, to contract six new foreign loans (known as the "Old Gold Loans"). The proceeds of these loans were mainly used to cover budgetary deficits arising chiefly from heavy military outlays; only a small portion (less than 25% of the total) was applied to railroad construction and public works. All six loans are now outstanding; some pertinent particulars are summarized on the following pages 1/ Another request, namely, permission to pay fr 900,000 p.a. for service of the defaulted 1824 and 1825 independence loans was rejected. 2/ The amount outstanding in respect of guaranty payments by the British Govern- ment of the 1833 loan is shown as &460,292 as of March 31, 1952 in the Finance Accounts, 1951-52. - 2 - a) The 5% 1881 Lean: Amount - Gold fr 120 million 1/ issued at 74.6, con- tracted in Paris, "to meet the extraordinary needs of the country." Redeemable at par in 40 years. Secured by certain customs' revenues. b) The 5% 1884 Loan: Amount - Gold fr 100 million 2/ contracted with a French and Greek banking syndicate, at 69.8, for treasury requirements,and railway con- struction. Secured by certain customs' revenues. Payable in 3721 years at par. I c) The 4% 1887 Monopoly Loan: Amount*- Gold fr l35 million payable in 75 years. Contracted in Paris at 67.h to cover budgetary deficits, Secured by certain government monopoly revenues assigned to La Societe de Regie des Monopoles established by the underwriting syndicate. d) The 4% 1889 Loan (rentes): Amount - Gold fr 155 million or &6.2 million, of which U1.2 million was contracted at 681, and L5 million at 72 3/. The first unsecured perpetual loan / issued to refund the 6% French loan of 1879 and float- ing debts. e) The 5% 1890,Loan: Amount - Gold fr 60 million or L2.4 million./ Con- tracted at 9 for the construction of the Piraeus-Larissa Railroad but later diverted to service other loans. The loan was secured by the railway. f) The 5% 1893 Funding Loan: Amount - Gold fr 9.7 million or L400,,000. Con- tracted in London in payment of interest and drawn bonds of external loans. Secured by miscellaneous taxes in gold. / Heavy defense expenditures and an increasing gold premium caused the government in December 1893 to (a) suspend sinking fund payments, (b) to reduce the interest on gold loans by 70% and (c) to order all proceeds of pledged revenues surrendered to the Treasury, including those under the Scoiete de Regie, Following unsuccessful negotiations during 1894-96 between the Greek Government and the French, English and German Bondholders? Committees, default continued up to 1897. The major issues in dispute were (a) the division of the "plus values" or the surplus of assigned revenues over the sum necessary for min- imum interest, (b) the administration of the Regie, (c) proposed guaranties and (d) the initial payments. As a result of the intervention of the six Powers 6/ in the 1897 Greco- Turkish War, control of the Greek External Debt was entiily placed under the International Financial Commission. 7/ If Including Gold fr 25 million sold in Greece. 2/ The original amount of the loan was Gold fr 170 million (1&4.25 million) of which about Gold fr 70 million was later cancelled due to under-subscription. / Previous loan bypothications including the creation, in some cases, of second and even third charges had left the Greek Government with very few sources of revenue to be used for additional pledge. Of 1-3,595,000 originally authorized, only 12.4 million was actually issued due to undersubscription. / Of 1L4 million authorized only 1400,000 was actually issued. The balance was cancelled by the government which also abrogated the provision of payment in gold in November 1893. 6/ Great Britain, France, Germany, Italy, Austria-Hungary and Russia. I/ As provided by the Greco-Turkish Preliminaries of Peace signed on Sept. 18, 1897. - 3- 3) The Third Period, 1898-1931 In 1898 a 21% indemnity loan of Gold fr 150 million or &6 million 1/ was floated at 100.50 with the "joint and severaln guaranty of the British, French and Russian Governments. 2/ Of the proceeds, 44 million was used to indemnify Turkey and the balance to cover deficits and debt service. The Societe de Regie de Monopoles, which had been administering the monopoly revenues since 1887 and whose services were suspended upon the default of 1893 was broadened to cover the other ceded revenues. 3/ The society, under the new name of Societe de Regie des Revenues Affectes auService de la Dette Hellenique, was responsible to the International Financial Commission for the collection of funds pledged for the service of the 1833 Guaranteed Loan, the "Old Gold Loans" of 1881-93 and the new Guaranteed Loan of 1898. 4/ Service of the Greek debt in default since December 1893 was finally re- sumed in 1899 according to the adjustment plan of the Financial Commission. The original bypothecations favoring the various loans were abolished but the loans were classified into three groups according to the character of the original security. The 1887 Monopoly Loan and the 1893 Funding Loan were placed in Group I with special revenue pledges. The 5% Loans of 1881, 1884 and 1890 were placed in Group II with ordinary revenue pledges, while the unsecured 4% rentes of 1889 were relegated to Group III. The initial minimum rate was fixed at 43% of the original interest for Group I and at 32% for the other groups. The Plan did not entail any reduction in interest or principal. After fix- ing a low initial payment, the Commission sought to compensate the creditors in full eventually through three sources, namely, (a) 60% of the "plus values" (i.e., of the amount by which the annual yield of the assigned revenues exceeded the total of Dr 28.9 million after deducting 18% for expenses), (b) 60% of the profit on exchange (i.e., of any amount by which the value of Dr 14,850,000 at an exchange rate lower than Dr 1.65 = fr 1 exceeded fr 9 million to be provided for annual debt service), and (c) the amount saved on minimum interest charges through regular debt retirement. Between 1899-1931, under the control of the Financial Commission, "plus* values" were realized in every year except 1913 when, as a result of the Balkan Wars, the assigned revenues fell below Dr 28.9 million. Meanwhile, the drachma 1/ Only _6 million of the L6.8 million originally authorized was actually issued. The loan of G fr 60.9 million has been entirely redeemed by the guaranteeing governments of England and France. To the former, Greece owed about 12 million according to British official sources.. 2/ The details are found in the "Convention between U.K., France, Greece and Russia to facilitate the conclusion of a loan by the Greek Government", Paris, 1898. 3/ See supra Page 2 5/ For details see "Report of the International Financial Commission," Greece, 1897-1900. -4- value strengthened, rising in 1910 to par with the franc and in 1915 to a premium over it. The fall below 1.65 in the drachma cost per franc produced a growing "profit" for the bondholders which in 1905 started to exceed their share of the "plus values." Except for 1914 this predominance persisted until 1921, after which a sharp depreciation of the drachma wiped out the exchange profit. This loss, however, was practically offset during the 'twenties by high returns from the "plus values." The substantial sums which became available for additional re- demption enabled the principal of the loans of 1881-93 to be reduced from G. fr 551.7 million in 1898 to G. fr 379.5 million in 1931. 1/ This debt retirement also provided a steadily rising contribution (from the saving in minimum interest charges) toward the improvement of the interest return on the remainder of the debt. Within a few years after the adjustment, Greece was able to resume its external financing. The service charges on the old gold debt absorbed only a small portion of the revenues assigned to the International Financial Commission and the growing surplus provided the government with a highly acceptable security basis on which to negotiate new loans. 2/ The first of the new foreign loans was a 4% loan for the construction of the Piraeus-Demerley Railway totalling G. fr 56 million or &2.25 million, issued at 83 1/2 during 1902-06. The loan was secured by the railway's receipts as well as the tobacco surtax and was placed under the control of the Financial Commission. Between 1907-10, two additional loans totalling 15.2 million were contracted. The 5% National Defense Loan of G. fr 20 million or .800,000 was partly issued at 97 in'1908 by Hambros Bank in conjunction with the National Bank of Greece, and partly issued later in Greece at various t'imes and prices. The 4% Railway Loan of 1910 for G. fr 110 million or -L4.4 million was floated in London, Paris and Athens at 86 1/2. Both loans, while secured by surplus revenues, were not admin- istered by the Financial Commission. The Balkan Wars of 1912-13 left Greece in great need of a new loan to liquidate floating debts and to cover other government expenses. Accordingly, under the auspices of the Financial Commission, a 5% loan was contracted for fr 500 million or G. fr 335 million (19,850,000) at 93 1/4. Over half (410.4 million) of the amount was successfully sold at 92 1/4, chiefly in France, in 1914 but the second issue offered in 1915 was limited to Z2,940,000, taken up at 87 3/4, entirely by the National Bank of Greece, due to the outbreak of World War I. The Greek entry in World -ar I in 1917 and the influx of refugees from Asia-Minor, subsequent to the Greco-Turkish War, generated a mounting inflation and again made the financial situation desperate, Under these conditions the security afforded by the International Financial Commission was no longer adequate. The League of Nations made an extensive survey of the problems of refugee settlement 1/ Compte rendu des operations de la'commission financiere internationale pour ltannee 1931, Page 55. 2/ For details of the operations and results of the International Financial Corm., mission respecting the minimum interest payments and plus values, see its annual reports for 1900-31. -5 - and financial adjustment. 1/ In September 1924, with the approval and under the supervision of the League, a Refugee Settlement Commission was established and a loan was authorized. The proposed loan was to be placed under the control of the Financial Commission and to be a first charge on (a) the revenues of the Refugee Settle- ment Commission and (b) tobacco and other dues in New Greece. With the League's support and the ample guaranties, a 7% Refugee Loan for 1,12.3 million was issued in December 1924, - L7.5 million in London and $11 million in New York at 88, and L2.5 million in Athens at 86. In all three places the offering was heavily over-subscribed. In 1925, an 8% loan (later reduced to 4%) for $11 million was contracted at 85 with Ulen and Co. of New York and the Bank of Athens in equal portions for the improvement of the water supply of Athens and Piraeus. The loan was under the Financial Commission's control and secured by revenues from the water works. An 8% loan of $10.8 million was also contracted with the Societe Commerciale de Belgi- que in 1925 for improvement of the Greek railways. The loan was secured by the receipts of the State railroad but was not placed under the International Financial Commisasion. In June 1926, the Greek Government obtained an 81% loan of &l million from the Swedish Match Co. in exchange for the government match monopoly in Greece. In March 1927, the Refugee Commission reported that the rehabilitation work could not be satisfactorily completed without an additional loan. The League, through investigation, confirmed the necessity and authorized a new loan for L9 million. Of this amount &3 million was to be applied to refugee settlement, L3 million for budget arrears and L3 million for a currency stabilization plan which included the establishment of the Bank of Greece. 2/ In January 1928, the U.S. Government advanced to Greece $12.2 million (;2.5 million) with a 20-year maturity and at 4% interest exclusively for refugee settlement. 3/ The American Government advance left &6.5 million to be raised by public subscription. The loan - a 6% 40-year issue - referred to as "The Inter- national Loan" was successfully placed in February 1928, mainly in London, New York and Switzerland at 91. Both the advance and the loan were placed under the Fin- ancial Commission and secured by the surplus revenues of the Commission. In order to raise the low living standard, the refugee settlement during 1928-30 was combined with extensive public work projects including land reclamation and road construction. The necessary funds were obtained mainly from further for- eign loans. Though not administered by the Financial Commission, the issues were secured on the surplus revenues of the Commission. The following are details of the principle loans. I/ The Settlement of Greek Refugees, Scheme for an International Loan, League of Nations 1924. 2/ For details see: Greek Stabilization and Refugee Loans Protocol and Annexes, League of Nations, 1927. 3/ The advance enabled the Refugee Commission to complete its work by the end of 1930, at which time it was dissolved. - 6- ,a) 6% 1928 Public Works loan for L4 million issued in London at 89, b) 6% 1930 School loan for Ll million taken up at 85 by A. Kreuger-and Toll. Co. of Sweden. c) 6% 1931 Public Works loan for L4.6 million, of which L2 million was issued in London at 87, the balance at Amsterdam, Stockholm, Zurich, Milan and Athens. In addition, the government assumed repponsibility in 1920 and 1926 for the 3% loans of 1893 of fr 160 million and G. fr 60 million issued by the Salonika- Constantinople Junction Railway Co. 1/ and the Salonika-ivonastir Railway Co. respectively upon acquisition of the"two railways. All the above-mentioned obliga- tions incurred during 1880-1931 are now outstanding and in complete default, as referred to in Section I. 1/ The loan is administered by the Financial Commission? Table A-1: GREECE - EXERhTAL PUBLIC DEBT National and Government Guaranteed Debt (In thousands) Pape 1 Debt outstanding November 30, 1953 Identification In currency In U.S. dollar of payment equivalent TOTAL EXTERNAL PUBLIC DEET 1/ 392,143 U. S. DOLLAR DEBT 131,168 Bonds , $ 43,121 43,121 11,OPO,000 Republic of Greece Sec. S.F. Refugee Loan 7%, 1924-1964 2 $ 10,361 10,361 $10,000,000 Republic of Greece Sec. S.F. Athens Waterworks Loan 4, (formerly 8%) 1925-1952, extended to 1984 31 $ .9,046 9,046 $17,000,000 Republic of Greece Sec. S.F. Stabilization and Refugee 6%, 1928-1968 2/ $ 16,582 16,582 $7,500,000 Republic of Greece Treasury Notes 3, 1931-1936 B/ $ 7,132 7,132 Other privately,-held debt 6,660 6,660 $10,766,700 Railway loan Societe Commerciale de Belpique 7-8/, 1925-1955 5} 6,660 6,660 Loans from U.S. Government $ 81,387 81,387 $14,563,312.61 Export-Import Bank loan to the Kingdom of Greece, 1946 - 2 1/2% - 1961 $ 13,471 13,471 3% - 1971 3 1/2%o - 1976 $55,095,688.53 Surplus Property Credit 23/8%,, 1946-1976 6/ $ 47,808 47,808 $41,298,000 Maritime Commission loan 3 1/20, various maturities 2/ $ 20,108 20,108 STERLING DEBT £ 30.377 99,173 Bonds £ 22,324 76,624 Z10,000,000 Republic of Greece Refugee Loan 7%, 1924-1964 8/ Z 9,421 ./ 26,379 E4,070,960 Republic of Greece Stabilization and Refugee Loan 6/2, 1928-1968 8] £ 3,971 10-/ 11,119 See footnotes at end of table. Table A-1: GREECE - EXTERNAL PUBLIC DE3T - Continued National and Government Guaranteed Debt (In thousands) Page 2 Debt outstanding November 30, 1953 In currency In U.S. dollar of payment equivalent TOTAL EXERAL PUBLIC DEBT - Continued STERLING DEBT - Continued Bonds - Continued £4,000,000 Republic of Greece Public Works loan 6%, 1928,1968 8/ i 3,932 ij 11,010 £4,600,000 Republic of Greece Public Works loan 6/, 1931-1968 8] e 4,583 12/ 26,948 .2,040,900 Republic of Greece Guaranteed Sterling Bonds 5%, 1939-1959 13Y le 417 9j 1,168 Other privately-held debt C 1,053 2,949 £1,000,000 Swedish Match Loan 8 1/2%, 1926-1954 14/ E 47 -1 132 £1,000,000 Kreuger & Toll School Loan 6%, 1930-1954 14/ £ 980 qJ 2,744 453,500 Loan to the Special Harbour Works Machinery Fund from the National Mortgage Bank of Greece 6o (formerly 10A) 1930-1945 1-/ Z 6 17 £20,000 Loan from Henry Boot & Sons Ltd. 5 1/2%, 1940-1947 16/ £ 20 56 U.K. Government Loan Z 7,000 19,600 £10,000,000 Stabilization Loan, no interest, 1946-1960 E 7,000 19,600 FRENCH FRAYNC DEBT 161,802 Bonds 1iV 161,802 Gfr 120,000,000 Kingdom of Greece 5%, 1881-1921 Gfr 70,362 18 13,580 Gfr 100,000,000 Kingdom of Greece 5%, 1884-1921 Gfr 61,262 8 11,824 Gfr 135,000,000 Kingdom of Greece Monopoly 4, 1887-1962 Gfr 95,113 81/ 18,357 Gfr 155,000,000 Kingdom of Greece Rentes 4, 1889 Gfr 105,514 12/ 20,364 Gfr 60,000,000 Kingdom of Greece Piraeus - Larissa Ry Loan 5%, 1890-1980 Gfr 40,183 2/ 7,755 Gfr 9,739,000 Kingdom of Greece Funding Loan 5%, 1893-1991 Gfr 6,493 19/ 1,253 fr 145,342,500'Kingdom of Greece Salonika-Constantinople Junction Ry Loan 3, 1893-1987 20/ fr 137,023 391 Table A-1: GREECE - EXTERNAL PUBLIC DEBT - Continued National and Government Guaranteed Debt (In thousands) Page 3 Debt outstanding =ZTTIFICATION' November 30, 1953 In currency In U.S. dollar of payment equivalent TOTAL EXTMRTAL PUBLIC DEBT - Continued FRENCH FRANC BONDS - Continued Bonds - Continued Gfr 56,250,000 Kingdom of Greece Hellenic Railways Loan L , 1902-1998 Gfr 53,660 21/ 10,356 Gfr 20,000,000 Kingdom of Greece National Loan 57', 1907-1946 Gfr 12,014 18/ 2,319 Gfr 110,000,000 Kingdom of Greece W , 1910-1961 Gfr 87,943 22/ 16,973 Gfr 335,074,000 Kingdom of Greece 5%, 1914-1964 Gfr 291,648 23/ 56,288 Gfr 60,000,000 Societe de Chemin de Fer Ottoman Salonique-Yonastir 24/ Gfr 12,133 2,342 Exchange rates: Except where otherwise indicated, Z1 - $2.80; fr 1 = $0.002857; Gfr 1 = $0.193; Can$ 1 $1.025014 Bulgarian leva 6.8 = US$ 1; LT1= $0.35714. I/ Does not include the following debts, the service of the majority of which was affected by the Hoover Moratorium: In currency In U.S. dollar of payment equivalent (In thousands) TOTAL 213,558 U.S. DOLLAR DET $ 17,746 17L746 U.S. Government loans $ 17,482 17,482 $12,167,000 Refugee Loan 4/,1929- 1960 !/ $ 10,896 10,896 $20,330,000 War Loan, no interest, 1929-1990 b/ $ 5,497 5,497 Payments suspended or funded by Hoover Moratorium; C/ from War Loan $ 214 214 from 4%, 1929 lo-an $ 875 875 Other U.S. dollar debt $ Loans for military supplies $ 264 264 CANADIAN DOLLAR DEBT can$ 6,934 7,107 Canadian Government loans Can$ 6,934 Z,107 Table A-1: GREECE - EXTENIAL PTBLIC DEBT - Continued Page 4 1/ - Continued In currency In U.S. dollar of payment eo~uivalent CAIADIAN DOLLAR DEBT - Continued (In thousands) Canadian Government loans - Continued Can$ 8,000, 000 Loan 5%, 1923-1948 d/ Can$ 6,285 6,.442 Payments suspended or funded by Hoover Moratorium: c/ from 55%, 1923 Loan Can$ 556 570 from the arranpement of old accounts Can 93 95 STERLING DEBT _e__Z3-12_58 U.K. Government Loans 7,351 £23,550,000 War Debt 5%, 1929-1987 b/ £ 6,950 19,460 £108,489-1-7 Interest-free promissory notes 1925-1935 b/ £ 33 92 Payments suspended or funded by Hoover Moratorium: c/ from war debt z 345 966 from 1833 Loan- E 12 34 one bond without interest Z 11 31 BUL.GARIAN I2LVA DEBT Leva 1,012,223 148L956 Leva 1,029,378,900 Debt to BulFarian Government from Kafandari-.oloff agreement 6%, 1927-1958 Leva 1,012,223 148856 FRENCH FRAYC DEBT 18, 9 17 French Government loans 215 fr 144,144,512 1-1ar debt, no Interest, 1930-1966 / fr 52,360 150 Payments suspended or funded by Hoover Moratorium: c/ from IcTar Debt fr 1,933 6 from 1833 Loan Gfr 308 59 Gfr 60,000,000 Loan from U.K,,Prance and Russia 5%, 1833-1871 e/ Gfr 35,9786, Gfr 60,920,000 debt to U.K. and France for payments made by 'them on the 2 1/2,, Guaranteed Loan 1898 Gfr 60,920 11,758 TULRISH LIRA DEBT L 1 28 Indebtedness from Lausanne Agreement / LT 376,240.70 Smyrna quay Corp. 5%o, 1930-1967 LT 339 121 LT 22,000 M.-W. Quiffray 5, 1930-1963 LT 18 6 LT 206,850 Smyrna Aidini R.R. Corp, r%, 1931-1966 LT 207 74 fLT 148,133 SmyrnaKassaba R.R. Corp.. 5 1933-1964 GLT 148 53 LT 266,144 Smyrna-Kassaba R.R. Corp. 5%, 1933-1965 LT 266 95 Table A-1: GREECE - EXTZNAL PUBLIC DEBT - Continued Page 5 - Continued In currency In U.S. dollar of payment equivalent (In thousands) RZICHSi4ARK DEBT Notes for military supplies RM 2 a This loan was serviced regularly until May 1931. Sinking fund payments of Nov. 1931 and May 1932 were included in the Hoover Moratorium. From Nov. 1932 until Nov. 1938 the percentages fixed by the London Agreement were paid. No payuents have been made since *Nov. 1938. bj This debt was serviced regularly until Jane 1931. Payments due from July 1, 1931 to June 30, 1932 were suspended by the Hoover Moratorium. No payments have been made since 1931. c/ Following the proposal of the President of the U.S.A. service from July 1, 1931 to June 30, 1932 on war debts and intergovernment debts were suspended or funded. The protocol provided that these suspended payments be paid in ten annual instalments with interest at 4%. dJ This loan was serviced regularly until 1932; no payments have been made since that time. e/ Owing to the failure of Greece to service this loan, the Puarantors, Great Britain, France and Russia, started in 1838 to purchase the drawn bonds and pay interest on the loan until 1871 when all the bonds had been drawn. As a result of this, the obligation of Greece was increased to Gfr 100,392,833 in 1871, This was reduced by payments to the three powers of Gfr 32,946,822 by 1898. In 1898 it was agreed that Greece should pay Gfr 900,000 annually and this was done until 1930. The 1931 instalment of Gfr 600,000 was in- cluded in the Hoover Moratorium. Under the London Agreement of 1932, Greece paid percentages of the Gfr 600,000 annual instalments until 1940; no pay- ments have been made since that time, fJ The 2 1/2% Guaranteed Loan was originally guaranteed by Great Britain, France and Russia but the latter withdrew in 1919. The loan was serviced regularly until 1932 by Greece. After that the two guarantors assumed the service in full in gold francs and redeemed the bonds. Following an agreement in 1932 Greece paid a percentage of the sinking fund to the guarantors from 1932 to 1940., No payments have been made since that time. g/ Under an agreement signed in Lausanne on July 24, 1923 between Great Britain, :France and Italy on the one hand and Greece on the other in execution of Article 59 of the Peace Treaty with Turkey, Greece undertook,to pay to the nationals of these countries and to Turkish corporations the amounts due to them as a result of requisitions and seizures. h/ Dollar equivalent unknown, Table A-l: GRZECE - EXTMAL PUBLIC DEBT - Continued Page 6 2/ The 7% bonds of 1924 were part of an issue of & 12,300,000 authorized by the League of Nations (see sterling bonds) for the purpose of providing funds from the settlement in Greece of Greek refugees.from Turkey. The 6o bonds of 1928 were part of a League of Nations issue in dollars and sterling (see sterling bonds) for the purpose of stabilizinp the Greek currency, payinp floating debt and continuing the work of the Refugee Settlement Commission. The service payments, both interest and amortization, on both of these issues were made regularly until the early part of 1932 when payments of both interest and sinking fund were defaulted. After that time principal payments remained suspended but interest payments were made as follows; % of face value at 7% 1924 6% 1928 which paid Basis coupons dated: 5/1/32 and 11/1/32 8/1/32 and 2/1/33 50 Bilateral agreement of Sept, 1932 5/1/33 and 11/1/33 8/1/33 and 2/1/34 27 1/2 Bilateral agreement of Nov. 1933 5/1/34 and 11/1/34 8/1/34 and 2/1/35 35 Bilateral agreement of Nov, 1933 5/l/35-11/1/36 incl. 8/1/35-2/1/37 incl. 40 Bilateral agreement of Aug0- 1936 5/1/37-11/1/39 incl. 8/l/37-2/1/40 incl. 40 Unilateral offer of June 1937 5/1/40 and 11/1/40 8/1/40 and 2/1/k 43 Bilateral agreement of Jan. 1940 The various bilateral agreements also provided that the Greek Government was to recognize the balance of the interest as a liability in foreign exchange and to provide the equivalent in drachmas, subject to the understanding that the Government might reborrow the untransferred portion against the deposit of non-interest bearing drachmna treasury bills with the International Financial Commission. Payment subseouent to those shown above are in default. 31 The 8% bonds of 1925 were all taken by the Bank of Athens and UMen & Co., the construction company for theaqueCiuctt Tha sinking fund payments have been suspended since 1930 and interest payments were defaulted on October 1, 1932. Subsequent coupons were paid as follows: Date of coupon 10/1/32 (6fJ of face vaueue1 ($0,,64 per coup-.- under agreament 'f Aug. 16, 1935 4/1 - 10 8/33 $11 per coulon aader agrement of rlug. 16, 1935 4/1 -10/1/34 $p14 per coupon under agreement of Aug. 16, 1935 4/1/35-4/1/40 cl. At reduced rate of 1h te e p.a. 10/1/40-4/1/41 $17-O5 per couponI In addition Greece offered in July 1934 to pay the coupons of April 1, 1933 to April 1, 1934 inclusive at 27 1/2 to 35, of face value b t the offer was declined as inadequate. No payments were made after the coupon of April 1, 1941 was paid. These notes oripina1y paid interest at 5 1/2% p.a. and matured in 1932. One-. year extensions of maturity were agreed upon through 1936 and interest was paid Table A-i GREECE - EXTIRNAL PUBLIC DEBT - Continued Pa,e 7 4. Continued at 3% p.a. from 1933 to 1940. No payments have been made since 194L0. / This loan was serviced regularly through 1931. In 1932 the company stopped the execution of the contract on the p_rounds that Greece wished to include this debt in the London Agreement of 1932. The matter was then referred to arbitration. On July 25, 1936 the Arbitration Court in Paris decided that Greece should pay the company $6,771,868 in gold dollars at the value on August 1, 1936 with interest at 5%. An amount of $111,384 was paid but no payments have been made since that time. 6] The agreement provides that the United States may elect to accept either real property and improvements to real property or local currency up to the equiva- lent of $5,000,000 annually instead of U.S. dollars for repayment of this obli- gation, to be used for U.S. Government purposes, includin cultural and educa- tional programs. Z/ Guaranteed by the national government. The amount outstanding shown here is as of December 31, 1953. 8/ This loan was serviced regularly until 1932 when the Greek Government suspended transfer of interest after April 15. Thereafter it was serviced until 1940 under the 1932 and subsequent agreements described in footnote 2. ] Payable in pounds sterling. 10/ Payable in sterling in London or in Swedish kronor at the bankerst buying rate of the day in London. 11/ Payable in sterling in London, in lire in Milan or in Swedish kronor in Stockholm at the current rate. 2/ Payable in pounds sterling in London, at f 12.107 - z 1 in Amsterdam, at SKr 18.16 = £ 1 in Stockholm, at Sw fr 25,2215 = £ 1 in Zurich, at Lit 92.46 L 1 in Milan and at Dr 375 = L 1 in Athens. ] This loan was serviced regularly by the Greek Government through May 1941. The loan is guaranteed by the British Government &*d starting in 1941 it was serviced by the Bank of England. 14/ This loan was serviced regul-irly through 1931. The Greek Government reports that following an agreement in 1932 with the Foreign Boadho'llers a percentage of the annual interest was paid from 1932 to 1941. ThereafLer payments were suspended. / This loan was serviced regularly by the State until August 1, 1944. No payments have been made since that time. 16/ This loan was serviced regularly until April 1, 1941. No payments have been made since that date. Table A-1: GRE= - EXTMAL PUBLIC DEBT - Continued Pare 8 17/ The 1881-1893 debts went into default in 1893. From 1894 to 1898 coupons were paid in gold at 30% of nominal value, except on the loans of 1881, 1884, and 1887 which were paid at 50% in bank notes. In 1893 sinking fund payments on all loans also were defaulted and at the same time the Greek Government appropriated several revenues and funds which had been assigned for the service of various loans. By the International Law of Control of February 26, 1898 the finances of Greece were partly placed under the control of-the International Financial Commissio4, composed originally of representatives of Great Britain, France, Italy, Germany, ,Austria-HungAry and Russia, but now of the representatives of the first two only. The Commission controls the Societe de Regie, a Greek company charged with the collection of the assigned revenues from the state monopolies and tobacco and stamp duties and the administration of state monopolies. The service of the following loans is under the control of the Commission: 5% 1881, 5% 1884, 4% 1887, 4/ 1889, 5% 1890, 5% 1893, 14% 1902, 5% 1914, ?% 1924 and the 60 Stabilization and Refugee Loan of 1928 (see sterling bonds). The Law of 1898 also provided for the issue of the,2 1/2% Guaranteed Loan of 1898 which was redeemed in April 1945 by the guarantors (see under french franc debt in footnote 1). In 1898 a settlement was provided for the loans of 1881 to 1893. The loans were divided into three groups: Group I % 1887, 5% 1893 Group II 5% 1881, 5% 1884, 5% 1890 Group III 4 1889 These loans were to be serviced in the following manner: (1) A minimum of Dr 14,437,500 p.a. for 1898 to 1902 inclusive and of Dr 14,850,000 thereafter was to be assigned for the service of these loans and to be applied (a) to payment of interest at a minimum of 43% on the 4% Monopoly Loan of 1887 and 32% on other loans (the minimum interest on the 51 Funding loan of 1893 was set at 40l up the July 1904) and (b) to a sinking fund of 14 of the original interest from 1898 to 1902 inclusive and 2% thereafter. (2) Should the proceeds of the assigned revenues exceed an esti- mated total of Dr 28,900,000, 60/ of any such exce-,s, after deducting 18% for expenses, was to be treated as "pus-values" and applied equally to increase of interest and sinking fund on the three groups of loans in order of priority by additions of 2% of the original interest. Also, if the exchange rate falls below 165P, 60% of the savings on remittance is to be applied in the same manner, In 1926 the Commission questioned the sufficiency of the Dr 4,000,000 made available from 1922 for debt service under the 1898 settlement because of the depreciation of the drachma. The question was arbitrated and it was decided that the Government should add Gfr 5,000,000 p.a. to the "plus-values" as Table A-1: GREECE - EXTERAL PUBLIC DEBT - ContiAued Page 9 7 - Continued compensation for the depreciation of the drachma, subject to an annual deduction for ten years of Gfr 500,000 in compensation for the irregular method of conversion in the past. It was also decided at the same time that all stamp duties, less Dr 50,000,000 would be included in the "plus- values". The settlement of 1898 remained in 6peration until 1932 when the Greek Govern- ment suspended transfer of interest after April 15. By an agreement of September 1932 the Greek Government paid the coupons maturing in the fiscal year ended March 31, 1933 at 30%o of face value, the balance to constitute an obligation in foreign currency and to be represented by interest-bearing scrip. Sinking fund payments were suspended. From 1933 to 1941 amortization was completely suspended and partial interest payments were made as folloirs: Coupons maturing in fiscal year of face year ended value of March 31 coupons 1934 27 1/2 Bilateral agreement of Nov. 1933 1935 35 Bilateral agreement of Nov. 1933 1936 & 1937 40 Bilateral agreement of Aug. 1936 1938 - 1940 40 Unilateral offer of June 1937 1941 43 Bilateral agreement of Jan. 1940 The bilateral agreements also provided that the Greek Government was to recognize the balance of the interest as a liability in foreign exchange and to provide the equivalent in drachmas, subject to the understanding that the Government might reborrow the untransferred portion against the deposit of noA-interest bearing drachma treasury bills with the Inter- national Financial Commission. The bilateral agreements were the result of negotiations between the Government and the Council of'Foreign Bondholders and the League Loans Committee. In addition, Greece also made offers in 1935 of payment at the rate of 135f% of face value and in 1937 of payment at the rate of 40% of face value, the latter offer to be dependent on the abolition of the gold clause, the abolition of the International Financial Commission, and the exemption from all obligations resulting from non-payment of interest percentages from 1932 to 1937 inclusive, Neither of these offers was recommended by the Council. Payment under the 1940 agreement continued through the early phases of the war but all payments were suspended in April 1941 as a result of the German occupation of Greece. Table A-1: GRMECE - EXT\TAL PUBLIC DEBT - Continued Page 10 jJ/ Payable in gold, pounds sterling or French francs at £ 1 = fr 25. D/ Payable in gold drachmas, francs, Relchmarks or pounds sterling at G Dr 500 - fr 500 - RM 400 em 20. 20] The loan was oriinally issued by the Compagnie du Chemin de fer Ottoman Jonction Salonique-Constantinople whose properties were purchased by the Greek Government in 1920, The loan was assumed at that time by the Govern- ment and amounted to fr 145,342,500. 21/ Payable in gold in pounds sterling, francs or Reichsmarks at R 1 = fr 25 RM 20. 22/ Payable in gold in pounds sterling, drachmas, francs or Reichsmarks at Z 1 = Dr 25.19 = RM 20.35 = fr 25.19. 23/ Payable in gold in drachmas, francs or pounds sterling at Z 1 = Dr 25.19 fr 25.19. 24/ This loan was originally issued by the Societe de Chemin de Fer Ottoman Saloni- que-Monaster which was taken over by the Greek Government in 1926. No payments were made from 1914 to 1931. In 1932 an agreement was signed providing for the settlement of coupons in arrears at 60% of face value and the payment of current interest at 60/' for the years 1932 to 1939, at 70% from 1939 to 1944 and at increasing percentages up to 100o in subsequent years to 1969. Amortization was completely suspended. Payments were made under this agreement until 1941, none thereafter. IBRD - Statistics Section February 12, 1954 Table A-2: GREECE - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT NOT IN DEFAULT National and Government Guaranteed Debt (Expressed in thousands of U.S. dollars) Pae 1 Total debt Service payments Total-U,S. dollar debt Year Debt out- Payments during year by currency Debt out- Payments during year standing Amorti- In- Total U.S. Pounds standing Amorti- In- Total Jan. 1 zation terest dollars sterling Jan. 1 zation terest 1954 100,987 6,624 2,238 8,862 6,o62 2,800 81,387 3,824 2,238 6,062 1955 94,363 7,413 2,133 9,546 6,746 2,800 77,563 4,613 2,133 6,746 1956 86,950 7,414 1,999 -9,413 6,613 2,800 72,950 4,614 1,999 6,613 1957 79,536 7,412 1,865 9,277 6,477 2,800 68,336 4,612 1,865 6,477 1958 72,124 7,413 1,732 9,145 6,345 2,800 63,724 4,613 1,732 6,345 1959 64,712 7,413 1,598 9,011 6,211 2,800 59,112 4,613 1,598 6,211 1960 57,299 7,413 1,464 8,877 6,077 2,800 542499 4,613 1,464 6,077 1961 49,886 4,734 1,330 6,064 6,064 49,886 4,734 1,330 6,064 1962 45,152 4,776 1,190 5,966 5,966 45,152 4,776 1,190 5,966 1963 40,376 4,337 1,049 5,386 5,386 40,376 4,337 1,049 5,386 1964 36,039 3,397 924 4,321 4,321 36,039 3,397 924 4,321 1965 32,642 2,860 832 3,692 3,692 32,642 2,860 832 3,692 1966 29,782 2,806 760 39566 3,566 29,782 2,806 760 3,566 1967 26,975 2,807 689 3,496 3,496 26,975 2,807 689 3,496 1968 24,168 2,807 617 3,424 3,424 24,168 2,807 617 3,424 1969 21,361 2,806 546 3,352 3,352 21,361 2,806 546 3,352 1970 18,555 2,807 475 3,282 3,282 18,555 2,807 475 3,282 1971 15,748 2,734 403 3,137 3,137 15,748 2,734 403 3,137 1972 13,013 2,660 334 2,994 2,994 13, 013 2,660 334 2,994 1973 10,354 2,662 263 2,925 2,925 10,354 2,662 26 2,925 1974 7,691 2,662 194 2,856 2,856 7,691 2,662 194 2,856 1975 5,030 2,661 124 2,785 2,785 5,030 2,661 124 2,785 1976 2,369 2,369 54 2,423 2,423 2,369 2,369 54 2,423 Table A-2t GREECE - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON TEE EXTERNAL PUBLIC DEBT NOT IN DEFAULT - Continued National and Government Guaranteed Debt (Expressed in thousands of U.S. dollars) Page 2 Ex-ort-Import Bank Loan Maritime Administration Loan Year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- T standing Amorti- In- Jan. 1 zation terest TaJan. 1 zation terest 1954 13,471 437 399 836 20,108 1,309 704 2,013 1955 13,034 437 389 826 18,799 2,097 658 2,755 1956 12,597 437 378 815 16,702 2,098 584 2,682 1957 12,160 437 367 804 14,604 2,097 511 2,608 1958 11,723 437 356 793 12,507 2,097 438 2,535 1959 11,287 437 345 782 10,410 2,097 364 2,461 1960 10,850 437 334 771 8,313 2,098 291 2,389 1961 10,413 583 323 906 6,215 2,072 217 2,289 1962 9,830 728 304 1,032 4,143 1,969 145 2,114 1963 9,102 728 282 1,010 2,174 1,531 76 1,607 1964 8,374 728 260 988 643 590 22 612 1965 7,646 728 238 966 53 53 2 55 1966 6,918 728 217 945 1967 6,189 728 195 923 1968 5,461 728 173 901 1969 4,733 728 151 879 1970 4,005 728 129 857 1971 3,277 655 107 762 1972 2,621 58 87 669 1973 2,040 583 66 649 1974 1,456 583 46 629 1975 874 583 25 608 1976 291 291 5 296 Table A-2: GREECE - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT NOT IN DEFAULT - Continued National and Government Guaranteed Debt (Expressed in thousands of U.S. dollars) Pe 3 Surplus Property Credit Total sterling debt(U0K.Government loan) Year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total Jan. 1 zatinn terest Jan, 1 zation tret 1954 47,808 2,078 1,135 3.213 19,600 2,800 - 2,800 1955 45,730 2,079 1,086 3,165 16,800 2,800 - 2,800 1956 43,651 2,079 1,037 3,116 145000 2,800 - 2,800 1957 41,572 2,078 987 3,o65 11,200 2,800 - 2,800 1958 39,494 2,079 938 3,017 8,400 2,800 - 2,800 1959 37,415 2,079 889 2,968 5,600 2,800 - 2,800 1960 35,336 2,078 839 2,917 2,800 2,800 - 2,800 1961 33,258 2,079 790 2,869 1962 31,179 2,079 741 2,820 1963 29,100 2,078 691 2,769 1964 27,022 2,079 642 2,721 1965 24,943 2,079 592 2,671 1966 22,864 2,078 543 2,621 1967 20,786 2,079 494 2,575 1968 18,707 2,0?9 444 2,523 1969 16,628 2,078 395 2,473 1970 14,550 2,o79 346 2,425 1971 12,471 2,079 296 2 375 1972 10,392 2,078 247 2,325 1973 8,314 2,079 197 2,276 1974 6,235 2,079 148 2,227 1975 4,156 2,078 99 2,177 1976 2,078 2,078 49 2,127 IBRD - Statistics Section February 12,1954