aug 31, 1924 - Dawes Plan (Aug 1924)

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Dawes Plan (1924) negotiated by Charles Dawes; Rescheduled German reparations payments, opened way for further Amer private loans to Germany; Made fin’l cycle more complicated, Germany paid reparations to France/Brit → former Allies pay $$ to USAmerican credit benefits from this; Crash in 1929 → int’l finance dried up; President Herbert Hoover declared one-year debt moratorium (1931), all debtors soon defaulted except Finland which made payments till 1976

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