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TELCON
Arthur Burns/ Sec. Kissinger
9:30 a. m. July 16, 1974
K: Hello.
B: Morning, Henry.
K: Arthur, how are you?
B: All right. How are you?
K: Sorry we missed each other yesterday.
B: I got home to late to call you.
K: I called you yesterday about the possible assistance to Italy if that
becomes necessary and I understand that one idea is to use the swap
line and that you are a little reluctant to do it. I don't want to get into
fiscal details which I don't fully understand. I just want to point out
from a foreign policy point of view we cannot let Italy go down the drain.
Whether that is the way to do it or some :other way, I don't know.
B: I agree and I have been actively trying to get other countries to con-
tribute to a package but what we can do through the swaplines is very
limited. The amount could be large but it is a three month loan and that
is not what they need.
K: Yes. My people tell me you would not approve more than $300 million.
B: As a start.
K: Yes. Look, on financial things I am not somebody -- cannot get
into a debate on numbers. All I wanted to stress to you is to really give this
if it arises very high priority.
B: I agree and I was active in getting the credit line extended. Also in
a meeting with the finance ministers I went around and pushed the
Germans and Japanese to contribute to a package for Italy. It is a loan of
medium term duration and the swap line does not serve that purpose.
That is the essential point.
K: If you can give any other thought to that problem I would appreciate it.
B: You bet I will.
K: O.K. Now let's see if we could get together sometime. Are you here
next week.
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"ocrText": "TELCON\nArthur Burns/ Sec. Kissinger\n9:30 a. m. July 16, 1974\nK: Hello.\nB: Morning, Henry.\nK: Arthur, how are you?\nB: All right. How are you?\nK: Sorry we missed each other yesterday.\nB: I got home to late to call you.\nK: I called you yesterday about the possible assistance to Italy if that\nbecomes necessary and I understand that one idea is to use the swap\nline and that you are a little reluctant to do it. I don't want to get into\nfiscal details which I don't fully understand. I just want to point out\nfrom a foreign policy point of view we cannot let Italy go down the drain.\nWhether that is the way to do it or some :other way, I don't know.\nB: I agree and I have been actively trying to get other countries to con-\ntribute to a package but what we can do through the swaplines is very\nlimited. The amount could be large but it is a three month loan and that\nis not what they need.\nK: Yes. My people tell me you would not approve more than $300 million.\nB: As a start.\nK: Yes. Look, on financial things I am not somebody -- cannot get\ninto a debate on numbers. All I wanted to stress to you is to really give this\nif it arises very high priority.\nB: I agree and I was active in getting the credit line extended. Also in\na meeting with the finance ministers I went around and pushed the\nGermans and Japanese to contribute to a package for Italy. It is a loan of\nmedium term duration and the swap line does not serve that purpose.\nThat is the essential point.\nK: If you can give any other thought to that problem I would appreciate it.\nB: You bet I will.\nK: O.K. Now let's see if we could get together sometime. Are you here\nnext week."
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