NEW YORK (Jul. 16)
The Associated Press today reported that several foreign countries having adverse trade balances with Germany, owing to the success of Germany’s export drive, have offered to sell goods to Israel to be paid for out of future reparations payments to Israel.
The report said that Finland, which bought more from Germany than it sold to Germany and is in debt to that country, may sell wood to Israel against long-term Israeli promissory notes. These notes will not be endorsed or in any way guaranteed by the German Government, which is paying reparations to Israel over a period of 12 years. Finland and other countries interested in similar transactions are expected to use these promissory notes obtained from Israel to pay off some of their debts to Germany.
On this basis, firms in France, Brazil and other countries in Europe and overseas are reportedly prepared to extend long-term credits to Israeli importers, the report stated, adding that “all these proposals may result in Israel getting reparations from Germany sooner than the 12 years provided in the agreement.