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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]
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.
The Nazi government's continued use of debt funding created a large financial deficit. However, MEFO bills were very effective in providing funds. Previous to the MEFO program, the Reichsbank was not allowed to loan more than 100 million reichsmarks to the government. [1] MEFO bills allowed billions in military and public-works funding.
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 in machinery and manufacturing plants. Dismantling in the West stopped in 1950. Reparations to the Soviet Union stopped in 1953 (only paid by the GDR).
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 ...
The two shared a room rented from a local tailor. Hitler painted pictures, watercolours, and copied postcards and sold them to tourists for a small profit. [5] In 1907, he applied to join Vienna's Academy of Fine Arts, but was rejected due to a "lack of talent". [6] In 1908, Hitler tried again, but was once again rejected. [6]
Soviet industrialization of the early 1930s required massive debt expansions. [36] To attempt to decrease this debt, grain was sold in large quantities in world markets. [36] German debt also soared with increased state spending. [37] Both countries turned more to economic isolation and autarky. [37]
Map showing the Oder–Neisse line and pre-war German territory ceded to Poland and the Soviet Union. (click to enlarge) The reconstruction of Germany was the process of rebuilding Germany after the destruction endured during World War II. Germany suffered heavy losses during the war, both in lives and industrial power.