Word: volpi
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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...
There is small doubt that the time element worked in Count Volpi's favor, but there must have been other factors as well which enabled the Italian negotiator to convince Secretaries Mellon, Kellogg and Hoover and Senator Smoot as well that Italy deserved the terms she got-the most lenient which the U. S. has granted to any debtor nation, not excepting Belgium...
Several days after the agreement was made, when it had all been properly embodied in documentary black and white, Count Volpi set his signature to the agreement. Said Secretary Mellon: "Will you express to Premier Mussolini our appreciation of the character of the delegation which he sent to America and of the will to reach an agreement with which they were inspired...
...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...