aug 1, 1923 - Dawes plan
Description:
n August 1923 a new government under Gustav Stresemann took over.He called off the passive resistance in the Ruhr.
He called in the worthless marks and burned them, replacing them
with a new currency called the Rentenmark.
He negotiated to receive American loans under the Dawes Plan.
He even renegotiated the reparations payments.
Under the Dawes Plan, reparations payments were spread over a longer period, and 800 million marks in loans from the USA poured into German industry. Some of money went into German businesses, some of the money went into public works, these projects created jobs.
Added to timeline:
Date:
aug 1, 1923
Now
~ 101 years ago