w:Allied and Associated Powers

“ The portion of the Bulgarian Public Debt for which each State is to assume responsibility will be such as the Principal Allied and Associated Powers, acting through the Inter-Allied Commission, may determine to be equitable, having regard to the ratio between the revenues of the ceded territory and the total revenues of Bulgaria for the average of the three complete financial years next before the Balkan War of 1912. ”

“ Article 138 All rights created and all securities specifically assigned in connection with loans contracted or guaranteed by the Bulgarian Government which were actually contracted or guaranteed before 1 August 1914, are maintained in force without any modification. ”