With the nation on the brink of defaulting, France, Germany, Italy and the Netherlands sent warships to Santo Domingo to press the claims of their nationals. In order to preempt military intervention, United States president Theodore Roosevelt introduced the Roosevelt Corollary to the Monroe Doctrine, declaring that the United States would assume responsibility for ensuring that the nations of Latin America met their financial obligations. In January 1905, under this corollary, the United States assumed administration of the Dominican Republic's customs. Under the terms of this agreement, a Receiver-General, appointed by the U.S. President, kept 55% of total revenues to pay off foreign claimants, while remitting 45% to the Dominican government. After two years, the nation's external debt was reduced from $40 million to $17 million. In 1907, this agreement was converted into a treaty, transferring control over customs receivership to the U.S. Bureau of Insular Affairs and providing a loan of $20 million from a New York bank as payment for outstanding claims, making the United States the Dominican Republic's only foreign creditor. In 1905, the Dominican Peso was replaced by the U.S. Dollar.