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The London Agreement on German External Debts, also known as the London Debt Agreement (German: Londoner Schuldenabkommen), was a debt relief treaty between the Federal Republic of Germany and creditor nations. The Agreement was signed in London on 27 February 1953, and came into force on 16 September 1953.
After World War II ended, the main four Allied powers – Great Britain, The United States, France, and the Soviet Union – jointly occupied Germany, with the Allied occupation officially ending in the 1950s. During this time, Germany was held accountable for the Allied occupation's expenses, amounting to over several billion dollars. [21]
The German government needed to spend a large amount of money to fund the Depression-era reconstruction of its heavy industry based economy and, ultimately, its re-armament industry. However, it faced two problems. First, rearmament was illegal under the terms of the Treaty of Versailles, and secondly there was a legal interest-rate limit of 4.5%.
To pay for the large costs of the First World War, Germany suspended the gold standard (the convertibility of its currency to gold) when the war broke out in 1914. Unlike France, which imposed its first income tax to pay for the war, German Emperor Wilhelm II and the Reichstag decided unanimously to fund the war entirely by borrowing.
During World War II, Germany extracted payments from occupied countries, compelled loans, stole or destroyed property. In addition, countries were obliged to provide resources, and forced labour. After World War II , according to the Potsdam conference held between July 17 and August 2, 1945, Germany was to pay the Allies US$23 billion mainly ...
The Nazi government tried to limit the number of its trade partners, and, when possible, only trade with countries within the German sphere of influence. A number of bilateral trade agreements were signed between Germany and other European Countries (mostly countries located in Southern and South-Eastern Europe) during the 1930s.
Germany's balanced budget amendment, also referred to as the debt brake (German: Schuldenbremse), is a fiscal rule enacted in 2009 by the First Merkel cabinet.The law, which is in Article 109, paragraph 3 and Article 115 of the Basic Law, Germany's constitution, is designed to restrict structural budget deficits at the federal level and limit the issuance of government debt.
The Compulsory loan of Greece to Nazi Germany (German: Deutsche Zwangsanleihe in Griechenland), also known as the forced loan of 1942 (Greek: καταναγκαστικό δάνειο του 1942) or Occupation loan (κατοχικό δάνειο) refers to a payment for occupation costs demanded by Nazi Germany from the collaborationist Greek government during the German occupation in the ...