Evening star., 1928-06-07
Rumania Minister Gives
Status of Foreign Loans

To the Editor of The Star:
Apparently some misapprehension ex-
lists in this country as to the status OF
foreign loans to Rumania if the present
opposition the Nationalist Peasant
party. should succeed the Liberal party
in power
am taking the liberty of sending you
herewith a memorandum relating to the
attitude of the principal political parties
in Rumania toward foreign loans con-
tracted by the government.
Let me assure you that no difference
of opinion between the present party in
power in Rumania and the opposition
could Justify any suggestion that it Is
the purpose of any political party in my
country to do other than to fulfill to
the letter the obligation which may bt
assumed by the government of the day
GEORGE CRETZIANO,
Minister of Rumania.
Foreign loans contracted by the gov
erument of Rumania will not be affect
ed in any way by political differences
between the Liberal party, now in power
and the Nationalist Peasant party. The
principal opposition group. This is Sc
clearly a matter of fundamental party
principle. as well as of traditional Eu-
manian policy, that there is no sound
basis whatsoever for any uncertainty as
to the status of foreign loans If the Ma
tionaliSt Peasant party should succeed
the Liberal party.
Both parties recognize the need and
desrabilty of inducing foreign capital
70 invest in Rumania's economic de-
velopment But because of misnfOrmd-
ton concerning the opposition party
attitude, M. Julius MANU-, Nationalist
Peasant leader, has given public assn e
ances, first. that his party faVors foreign
loans, and second, that II his party as
sumes power it has no intention what :
soever OF repudiating any loans con
tracted by the present government.
MisapprehenSion on this subject grew
out of interviews given in Paris arc
London by representatives OF the N9-
tionalist Peasant party who visited those
cities for the purpose OF sounding out
banking sentiment toward loans to Ru-
mania in the event that the opposition
party gained control of the government
Following these interviews implca-
tions were published in Rumania ard
abroad that the Nationalist Peasant
party contemplated repudiating loans
made to the government under Liberal
auspices.
M. MANU- arose in the House OF Dep
uties on January q and branded the5t
implications as false.
Surely you cannot believe" he said
that any Rumanian political party oI
any Rumanian statesman would 90
abroad and say. Do not lend to Ru-
mania, or If you lend to the present
government We will repudiate such a
loan
On the contrary, the attitude OF the
Nationalist Peasant party is that Ru-
mania needs foreign capital and IN ac-
cordance with its traditional policy vii
respect whatever government loans are
made. Whether these loans should oe
contracted by the government under the
auspices of the Liberal party or the Ma
tonalist Peasant party is solely matter
of internal partisan politics and has
nothing whatsoever to do with Ru-
manias debt policy as government.
For several generations Rumania has
financed her requirements without dill
ficulty either at home or abroad. anc
with normally large favorable trads
balance the country has always been re-
garded as in a position TO meet us
foreign obligations readily. Prior to the
war it was the only country in the Bal
kans whose loans were contracted WITH
out any specific security.