Word: volpi
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Dates: during 1920-1929
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Joseph Caillaux thought he could settle the French debt to the U. S. in seven days. And he failed. Giuseppe Volpi spent twelve days with Mr. Mellon and his associates trying to settle Italy's debt to the U. S. And he succeeded...
...Italian Debt Mission, headed by Count Volpi, last week got down to business with the American Debt Commission, headed by Secretary Mellon. Observers remarked that the Italians appear to be a new kind of debtor-different at least from the other major debtors who have come to Washington to arrange their debts...
Intentions. At the opening of the negotiations Mr. Mellon said to Count Volpi: "In negotiating with you a settlement of the debt, this Commission will apply the principle of Italy's capacity to pay and will give due weight to the special conditions existing in your situation. We shall, I am sure, come to terms which will be within Italy's power to fulfill without undue pressure upon her or her people, and which will also recognize the sacrifices made by the American taxpayer in the advances to our Treasury...
...this Count Volpi replied: "Upon starting the present negotiations, Italy accepts the principle laid down by the American Debt Commission that each debtor nation shall be considered independently and shall repay its debt within its particular capacity...
...facts and then the two commissions formed two sub-committees to consider 1) capacity to pay and 2) capacity to transfer. The problems were thrashed out jointly with the expectation that suitable terms would develop from the joint labor. An interesting feature of the meetings is that Count Volpi knows no English and is obliged to rely on an interpreter...