63 STAT.] ITALY-FINANCIAL AND ECONOMIC RELATIONS-FEB. 24, 1949 Agreement between the United States of America and Italy, interpreting the agreement of August 14, 1947, respecting financial and economic relations. Effected by exchange of notes verbales dated at Rome February24, 1949; entered into force February24, 1949. The American Embassy to the ItalianMinistry qf ForeignAffairs EMBASSY OF THE UNITED STATES OF AMERICA F. 0. No. 2450 NOTE VERBALE The Embassy of the United States of America presents its compli- ments to the Ministry of Foreign Affairs and has the honor to refer to previous correspondence between the Embassy of the United States of America and the Ministry of Foreign Affairs, and to conversations between representatives of the Embassy and of the Ministry with regard to the desirability of clarifying the meanings of the phrases (1) "deterioration of the physical property while under Italian con- trol," and (2) "where the physical property has suffered non-substan- tial damage as a result of acts of war." Such phrases appear in the second sentence of Article 3, paragraph 16 (a) of the "Memorandum of Understanding between the Government of the United States of America and the Government of Italy regarding settlement of certain wartime claims and related matters," signed in Washington on August 14, 1947 (hereinafter referred to as the Memorandum of Under- standing) and relate to the obligation of the Government of Italy to restore property to complete good order. As a result of these communications and conversations agreement has been reached with regard to the foregoing matters and certain other connected problems, subject, however, to confirmation by the Governments of the United States of America and Italy. The Embassy takes pleasure in informing the Ministry that the Government of the United States of America gives its approval and is prepared to enter into the agreement referred to above (hereinafter referred to as the "agreement"), which is as follows: 1. The Government of Italy shall in all cases where the approved amount of a claim is, at the date of payment, 1,500,000 lire or less, consider that the claim relates to deterioration of physical property while under Italian control or to non-substantial damage as a result of acts of war, and shall therefore pay the full amount of the claim. In all cases, moreover, where the approved amount of a claim is, at the date of payment, in excess of 1,500,000 lire, but two-thirds of such approved amount is less than 1,500,000 lire, the Government of Italy shall pay the sum of 1,500,000 lire. 2. The Government of Italy shall in all other cases pay two-thirds of the approved amount of a claim. February 24, 1949 [T. I. A. S. 1919] 61 Stat., Pt. 4 P. 3966. Payment of full amount of claim, limi- tation.
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