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Austrian Conversion Loan (Italy)

Volume 463: debated on Thursday 14 April 1949

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45.

asked the Chancellor of the Exchequer whether he will make a formal request to the Italian Government to end their default on the drawn bonds of the Austrian Conversion Loan, in view of the fact that they have sufficient sterling credit for the purpose and that the Governments of France, Belgium, Sweden, Holland and Denmark have fulfilled their obligations on such bonds.

We have already pressed the Italian Government to meet this obligation, and we shall continue to do so.

Would the Economic Secretary say whether the Italian Government have been informed how much their credit would improve if they joined the company of States which have honoured their obligations on these bonds instead of remaining bracketed with the only other defaulter, Czechoslovakia?

I am sure that the Italian Government will take note of what the hon. Member has said.