june memories / 08


8th June, 1929 : Germany can now expect to finish paying off her war debts to the Allies by 1988. Under the Young Plan, named after the American banker, Owen Young, and agreed by the Allies this week in Paris, Germany will pay a total of $7.8 billion between now and 1996 in annual instalments. Subsequent payments will be negotiated later, but Germany can expect to pay many millions of dollars fewer than was originally intended. The payments will cover the debts incurred by the Allies during the war, chiefly in America; but Germany is no longer being asked to pay the cost of reconstruction in France.

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