From The Times, January 28, 1926
The agreement for funding the Italian war debt to Great Britain was signed at the Treasury yesterday morning.

Count Volpi and his colleagues arrived at 20 minutes past 11, and after a short private interview between Count Volpi and Mr Churchill the British and Italian representatives took their seats at a horseshoe table. Mr Churchill presided, having on his right hand Count Volpi, the Italian Ambassador and the Italian experts, and on his left the British experts. Mr Churchill then made a speech, to which Count Volpi replied. The signing of the agreement followed, at about a quarter to 12, and the meeting ended.

The text of the Agreement begins as follows: “Whereas Great Britain holds Italian Sterling Treasury Bills to the value of £610,849,000, representing the war debt of Italy to Great Britain,
And Whereas Italy and Great Britain desire to arrive at a friendly settlement of this debt, within the capacity of Italy,

Now, therefore, the Rt Hon Winston Leonard Spencer Churchill, Chancellor of the Exchequer of Great Britain, and the Count Giuseppe Volpi di Misurata, Finance Minister of Italy, after having taken into account all relevant considerations, duly authorized thereunto by their respective Governments subject to such ratification as may be required, have agreed as follows:
Italy agrees to pay and Great Britain to accept, in satisfaction of the aforesaid war debt the following Annuities

In respect of the current financial year: £2,000,000. In respect of the next two financial years: £4,000,000 a year. In respect of the next four financial years: £4,250,000 a year. In respect of succeeding financial years until 1986-87: £4,500,000 a year. In respect of the financial year 1987-88: £2,250,000.

In Italy a tone of satisfaction pervades the Press comments on the debt settlement. The most guarded opinions agree that Great Britain has been as generous as her financial conditions allow, though they also add that Italy could not have made greater concessions than she has. The conditions granted by Great Britain are joyfully hailed as far more satisfactory than those obtained from the United States.

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