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When the 1921 London conference to determine how much Germany should pay was called, the Allies calculated on the basis of what Germany could pay, not on their own needs. [170] In this way, Marks says, the Germans largely escaped paying for the war and instead shifted the costs onto American investors. [171]
The government believed that it would be able to pay off the debt by winning the war and imposing war reparations on the defeated Allies. This was to be done by annexing resource-rich industrial territory in the west and east and imposing cash payments to Germany, similar to the French indemnity that followed German victory over France in 1870. [1]
"The Food Supply of Germany During the War," Journal of the Royal Statistical Society (1920) 83#2 pp. 225–254 in JSTOR; Tobin, Elizabeth H. "War and the Working Class: The Case of Düsseldorf 1914–1918," Central European History (1985) 18#3 pp 4+ Vincent, Charles Paul. The Politics of Hunger: The Allied Blockade of Germany, 1915–1919 (1985)
As a result, the sum was split into different categories, of which Germany was only required to pay 50 billion gold marks (US$12.5 billion); this being the genuine assessment of the commission on what Germany could pay, and allowed the Allied powers to save face with the public by presenting a higher figure. Furthermore, payments made between ...
When Germany stopped making payments in 1932 after the agreement reached at the Lausanne Conference failed to be ratified, [12] Germany had paid only a part of the sum. This still left Germany with debts it had incurred in order to finance the reparations, and these were revised by the Agreement on German External Debts in 1953. After another ...
After Germany was declared in default in January 1923, French and Belgian troops occupied the Ruhr. Germany responded with passive resistance to the occupation. The government printed money in order to pay the idled workers, which fuelled the hyperinflation that all but wrecked the German economy. [4]
The Young Plan was a 1929 attempt to settle issues surrounding the World War I reparations obligations that Germany owed under the terms of Treaty of Versailles.Developed to replace the 1924 Dawes Plan, the Young Plan was negotiated in Paris from February to June 1929 by a committee of international financial experts under the leadership of American businessman and economist Owen D. Young.
A supplementary protocol signed in August 1918 required Russia to pay Germany war reparations of six billion marks. The treaty was controversial in Russia, giving a unifying cause to the White movement and opening a rift between the Bolsheviks and the Left Socialist-Revolutionaries , whose representatives withdrew from the Council of People's ...