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World War One: reparations finally over 2, October 2010

Posted by thegulfblog.com in Russia.
Tags: , , , , , , ,
6 comments

Germany has finally paid back all World War One reparations with a payment of £60m. Stemming from defeat and the Treaty of Versailles, Germany and its allies were saddled with enormous debts to pay back for ‘starting’ the war. The ‘war guilt’ price alone was some 100,000 tonnes of gold.

There were various plans that amended the amount to be paid (such as the 1924 Dawes Plan and the 1929 Young Plan) but the coming of Hitler ended any notions that Germany would fulfil its commitments.

The London Treaty in 1953 agreed to suspend payments until Germany was unified. Thus in 1990 the debt effectively began to ‘count’ again, though the majority of the debt was written off.

Why it was not all written-off is beyond me. I think that it’s truly absurd that Germany was still servicing this debt in any way, shape or form nine decades after the initial hopelessly biased and unfair punishment was passed down.

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