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After World War II, both the Federal Republic and Democratic Republic of Germany were obliged to pay war reparations to the Allied governments, according to the Potsdam Conference. Other Axis nations were obliged to pay war reparations according to the Paris Peace Treaties, 1947. Austria was not included in any of these treaties.
War reparations are compensation payments made after a war by one side to the other. They are intended to cover damage or injury inflicted during a war. War reparations can take the form of hard currency, precious metals, natural resources, industrial assets, or intellectual properties. [ 1 ]
The process in Germany was often extremely difficult. According to a report commissioned by the German government on the "Fate of Jewish Clothiers in the Nazi Dictatorship": "For those who applied, the euphemistic-sounding terms "compensation" and "reparations" often meant a bitter fight which sometimes lasted for decades and over generations ...
A product of the Potsdam Conference, it concerned the military occupation and reconstruction of Germany, its border, and the entire European Theatre of War territory. It also addressed Germany's demilitarisation, reparations, the prosecution of war criminals and the mass expulsion of ethnic Germans from various parts of Europe. France was not ...
The Korean War was important in the development of the Cold War, as it showed that the two superpowers, United States and Soviet Union, could fight a "limited war" in a third country. The "limited war" or " proxy war " strategy was a feature of conflicts such as the Vietnam War and the Soviet War in Afghanistan , as well as wars in Angola ...
(Bulgaria was part of the Axis but did not declare war on the Soviet Union). In the cases of Romania and Hungary, the reparation terms as set forth in their armistices were relatively high and were not revised. War reparations at 1938 prices, in United States dollar amounts: $360,000,000 (equivalent to $7,792,000,000 in 2023) from Italy:
The Dawes Plan temporarily resolved the issue of the reparations that Germany owed to the Allies of World War I.Enacted in 1924, it ended the crisis in European diplomacy that occurred after French and Belgian troops occupied the Ruhr in response to Germany's failure to meet its reparations obligations.
The overall "German Question" became one of the salient and crucial issues of the long-running Cold War, and until it ended in the late 1980s, little progress had been made in the establishment of a single government of Germany adequate for the purpose of agreeing to a final settlement.