New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-05
GREECE 4 DEF1JLTER.

II NAV safely be taken for granted that king
George had assured himself OF the support OF
his relative the Car and OF the latters ally on
the banks of the Seine before he permitted his
Government to break faith with its foreign
creditors by dcfauting the full payment OF the
coupons Of the national debt. and by taklhg
possession Of the State monopohes ana revenues
which hal been hypothecatcd and pledged 10
the bondholdcrs. And it is significant that on the
very day the newspapers contained the ihteln-
gcncc that The Berlin Foreign Othcc had sent
10 VI. Trcoupis a strongly worried protest
against the alleged injustice done 10y the Greek
cabinet 10 the German holders OF Greek sccurl-
lies. the announcement was likewise made mat
The car had appointed Queen Olga 10 the rank
If Admiral Of his fleet in the Mediterranean
Moreover it l. worthy of note that While the
English Government IS preparing 10 follow the
example of Germany AMI 10 forward rclnoh'
,tranccs Ia Athens In behalf of The English
owncrS of Grccian bonds, no sign has yet been
made 10y the French Government OF any NOV"
IN that direction. notwithstanding the fact that
Hellenic securities are extensively Held III
France Sure Of the support Of Russia ana ol
France. 10 whose fleets the piracus would con
stitutc a valuable base II supplies in the event
Of war. Greece can we'll afford 10 treat with
certain amount Of Indifference any protests
which she may receive from either Berlin or
London on the subject ~ her financial arrange
mcniS.
While il must be- confessed that the foreign
bondholdcrs have been dealt with 10y the Hell
lcnic Premier In a somewhat arbitrary man
ncr yet il is impossible 10 deny that he could
have acted otherwise without impairing the
independence of his country AMI bringing about
the probable overthrow of the present dynasty
and a state Of confusion and political chaos.
lie was called upon 10 face one of two alter
natives either he had 10 submit to the only
condition upon which the foreign money mar
k,is would consent To- the issue of a new Greek
loan namely. that the finances of the conn
try should be- subjected 10 the same sort OF for
cgn control MS are those Of Egypt, or else that
he should decline 10 pay more than percent
age Of the interest due on the bonds. With
the experience Of Egypt. ,hc forfeiture Of whose
Independence began with the surrender of the
control Of her finances To the representatives
Of the foreign bondhodcrs, before his eyes. NJ.
Tricoupis, and more particularly King George.
naturally declined 10 consent 10 any such stip-
ulatiors rs these. And being consequently UNI
able TO obtain abroad the money needed to pay
I'm full the coupons which have recently become
due. they have announced that henccforth until
the equilibrium Of Greek Government finance
is restored only 80 per cent will be paid on the
coupons Of the socallel gold loans which
amount 10 about SlJ0,OO0,OOO.
This arrangement Is stated 10y the Greek Coy
eminent 10 be Of Il purely provisional char
actcr. and is intended 10 remain in force mere
" long enough 10 enable the Hellenic Treas
IIry 10 get. financially speaking. upon its legs
again. For many years the expenditure has
considerably exceeded the revenue of the coun-
try Il fact not solely attributable To the some
what exaggerated character of the military and
naval ornaments Of the little kingdom. but also
to the large number Of costly public works I'M
dcrtaken by the Government. These latter are
bound In course Of time to prove rcmuncrativc
by contributing TO the development Of the King
dom. which only needs good roads and enter
prise In order to tap the abundant latent re-
sources Of the country