| A PEACE CONFERENCE of the 21 nations that waged war against the Axis in Europe met at Paris to discuss the draft treaties for peace with Italy, Romania, Hungary, Bulgaria, and Finland. These treaties had been prepared by the foreign ministers' council of Great Britain, France, the U.S., and the Soviet Union. | 1 |
| The peace treaties were signed in Paris. Italy lost four small border regions to France, its Adriatic islands and most of Venezia Giulia to Yugoslavia, and the Dodecanese Islands to Greece. It also renounced sovereignty over its North African colonies and agreed to the creation of the Free Territory of Trieste. Its armed forces were reduced to 300,000 men, and it agreed to pay $360 million in reparations. Romania lost Bessarabia and northern Bukovina to the Soviet Union, but received back all of Transylvania. Hungary was left with its 1938 borders, except for a minor frontier rectification in favor of Czechoslovakia. Bulgaria retained the southern Dobrudja. Finland ceded the port of Petsamo to the Soviet Union and granted the Russians a 50-year lease of a naval base at Porkkala. (See International Relations) (See Diplomatic Relations and European Pacts) | 2 |
