aug 15, 1924 - Dawes Plan
Description:
US lend money to Germany, to pay to England and France, to pay to US. At the heart of the Debt problem, the U.S. Treasury had loaned $10 billion to European Allies during and immediately after the war. Germany was saddled with the lion share of the costs of the war. This meant that in order for the U.S. to get its money, Germany had to repay France and Great Britain so that those nations could pay the U.S. A U.S. scheme to restructure Germany's reparation payments (the Dawes Plan) was organized in the early twenties, but essentially Germany could not repay such enormous slims, the German economy collapsed and defaulted on the payments. These developments fed the growing World economic depression.
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