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Author Topic: World War I reparations: Germany's final payment October 3 2010  (Read 6407 times)
Koen
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« on: 2 October 2010, 18:38:36 »
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info:
http://en.wikipedia.org/wiki/World_War_I_reparations
http://www.thesun.co.uk/sol/homepage/news/3156135/Germany-pays-back-WW1-debt.html
http://www.spiegel.de/international/germany/0,1518,720156,00.html

World War I reparations refers to the payments and transfers of property and equipment that Germany was forced to make under the Treaty of Versailles (1919) following its defeat during World War I. Article 231  of the Treaty (the so-called 'war guilt' clause) declared Germany and its allies responsible for all 'loss and damage' suffered by the Allies during the war and provided the basis for reparations.

In January 1921, the total sum due was decided by an Inter-Allied Reparations Commission and was set at 269 billion gold marks (2,790 gold marks equalled 1 kilogram of pure gold), about £23.6 Billion, about $32 billion (roughly equivalent to $393.6 Billion US Dollars as of 2005), a sum that many economists at the time deemed to be excessive.

The Lausanne Conference was a 1932 meeting of representatives from Great Britain, Germany, and France that resulted in an agreement to suspend World War I reparations payments imposed on the defeated countries by the Treaty of Versailles. Held from June 16 to July 9, 1932, it was named for its location in Lausanne, Switzerland.

A moratorium had been placed on the war reparations payments in 1931 and a year later the delegates to the Lausanne Conference realized that the deepening world financial crisis in the Great Depression made it nearly impossible for Germany to resume its payments. However, Britain and France and other Allies had borrowed heavily to fight the war and in particular, France and Belgium were struggling after having had their infrastructure severely damaged by the fighting and by the deliberate destruction and plundering from retreating German forces as the war drew to a close. Therefore, the delegates came to an informal understanding that the permanent elimination of Germany's debt and war reparations would be subject to reaching an agreement with the United States with respect to their outstanding war debts.

In December 1932, the U.S. Congress rejected the Allied war debt reduction plan, which technically meant that the war reparations and debt reverted to the debt reduction previously granted Germany by the 1929 Young Plan. However, the system had collapsed, and Germany made no further payments. By 1933, Germany had made World War I reparations of only one eighth of the sum required under the Treaty of Versailles.

After Germany’s defeat in World War II, payment of the reparations was not resumed. There was, however, outstanding German debt that the Weimar Republic had used to pay the reparations. An international conference decided (Agreement on German External Debts, 1953) that Germany would pay some parts of the remaining debt only after the country was reunified, at that time an event thought very unlikely to happen. West Germany  paid off the remainder by 1980. According to the agreement, the debt would be serviced for 20 years, leading to the last payments being due on 3 October 2010, the 20th anniversary of German reunification. About 10% of this debt, about 20 million euro, has not been claimed yet.
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Alan65
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« Reply #1 on: 5 October 2010, 17:08:50 »
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Utterly fascinating!  I'd like to know who/what agency(ies) received this money. 
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Koen
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« Reply #2 on: 5 October 2010, 17:34:09 »
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Utterly fascinating!  I'd like to know who/what agency(ies) received this money. 


yeah, and what they did with the money?Huh?
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