The second half of the Lausanne Conference, begun on April 23, was brought materially closer to its end last week.

The Allies and the Turks reached an understanding on all outstanding problems, chief among which were: dispute over the Ottoman debt, complicated problem of concessions in Anatolia, the question of the evacuation of Constantinople.

The Ottoman debt question is to be removed from the proposed Treaty, This is a great victory for Turkey, but she is restricted in making a separate settlement with the bondholders, to paying interest in sterling (against her...

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