With few friends and little cash, Cuba's President Ramon Grau considered it more important to pay his Army last week than to send to the U. S. $3,950,000 due in interest and arrears on public works loans contracted by deposed Dictator Machado. Bluntly Cuban Secretary of the Treasury Colonel Manuel Despaigne announced that Cuba would default on these obligations "until such time as the whole situation can be thoroughly discussed ... to determine which part if any [of the obligations] is legal." He declared that the $62,000,000 principal of the loans was...
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