On Sunday Oct 3rd, Germany will pay the last of its debt for WWI - yes World War One! The original total amount of $20 billion was agreed by the victors at the Treaty of Versailles in June 1919. The terms, and for then, huge amount were almost certainly a major contributor to the Wiemar Republic's financial difficulties in the Depression, and caused the rise of Hitler.
The reparations were originally designed to pay for the rebuilding of many towns and villages in Belgium and France, but today the notes are held by several US financial institutions. The last payment will be for about $100 million. You can read about it all here http://www.dailymail.co.uk/news/article-1315869/Germany-end-World-War-One-reparations-92-years-59m-final-payment.html
Incidentally England payed her final "Lend Lease" debt to the US on December 31st 2006 - so don't any of you Yanks try and tap me up in the local boozer any more! It's over!
No comments:
Post a Comment