The Governments of the Federal Republic of Germany, the Republic of Austria, the Kingdom
of Belgium, the Kingdom of Denmark, the French Republic, the Italian Republic, the
Grand Duchy of Luxembourg, the Kingdom of Norway, the Kingdom of the Netherlands,
the Portuguese Republic, the United Kingdom of Great Britain and Northern Ireland,
the Kingdom of Sweden, the Swiss Confederation, and the Turkish Republic (hereinafter
called the “Turkish Government”);
Considering that they are Members of the Organisation for European Economic Co-operation
(hereinafter called the “Organisation”);
Considering that on 29th July, 1958, the Council of the Organisation adopted a Resolution
concerning the Turkish Stabilisation Programme (hereinafter called the “Resolution”)
by which it took note of a declaration by the Turkish Government that the terms of
servicing debts owed by residents of Turkey to residents of the countries of the other
Contracting Parties must be revised;
Noting that after the expiration of the standstill on transfers of which the Organisation
took note by the Resolution, the Turkish Government will be able, within the framework
of the present Agreement, to resume, on the dates provided therein, the transfer of
payments in respect of certain categories of such debts;
Recognising that, to this end, a common effort appears necessary;
Considering that the Organisation requested, in its Resolution, the Governments concerned
to agree upon arrangements for the repayment of such debts due or falling due within
the next years, and the spreading of their repayment over a period, taking into account
the ability of Turkey to pay, given the requirements and the expected results of the
Turkish Stabilisation Programme;
Desirous of giving effect to these principles in the provisions of the present Agreement;
Considering that, on 30th January, 1959, the Council of the Organisation adopted a
Decision concerning the Execution and Development of the Turkish Stabilisation Programme
and the Granting by the European Fund of Credit to Turkey in which it recommended
its Member Governments to urge the residents of their respective countries who have
concluded with residents of Turkey contracts, the execution of which began before
5th August, 1958, to negotiate with the latter the necessary changes in that part
of the contracts which had not been carried out before 5th August, 1958, and for which
payment will be due before 1st January, 1964, so that the terms will be more favourable,
taking account of the Stabilisation Programme, to the residents of Turkey, it being
understood that these terms will not be more favourable to the debtor than the terms
provided for the spreading of the repayment of certain categories of debts in the
present Agreement;
Considering that a Conference which dealt with financial aid to Turkey and the commercial
debts owed by residents of Turkey was held under the auspices of the Organisation
from 22nd September, 1958, to 6th May, 1959, in which the Contracting Parties and
the Government of the United States of America took part and at which the present
Agreement was elaborated;
Noting that, at that Conference, the Turkish Government and the Government of the
United States of America expressed their intention to exchange Notes in respect of
commercial debts owed by residents of Turkey to United States creditors; and
Considering that the principle of approximate equality of treatment between the various
States whose Governments, together with the Turkish Government, have taken part in
the said Conference should inspire that Exchange of Notes as well as the various bilateral
Agreements which will be concluded by those Governments with the Turkish Government
in order to agree on certain technical arrangements for the spreading of the repayment
of such debts;
