832.51/1787
The Ambassador in Brazil (Caffery) to the Secretary of State
[Received March 21.]
Sir: Referring to recent correspondence regarding the Brazilian foreign debt situation, I have the honor to report that the Brazilian Minister for Foreign Affairs has repeatedly invited my attention to the fact that the price of Brazilian coffee on the world market is now roughly 60% of the price it commanded at the time the Aranha Plan was formulated. At the same time, he invited my attention to the original Brazilian offer to pay “one-half of the Aranha Plan”.
As the Department is aware, the Decree signed on March 8, 1940 provided for payments which reach roughly “53% of the Aranha Plan”.
Respectfully yours,