Germany will settle its final World War I debt Oct.3. The final reparations payment comes 92 years after the country’s defeat against the Allies, on the 20th anniversary of the country’s unification.
The reparations, demanded by the Treaty of Versailles, totaled 112 billion gold marks, and were orginally to be paid back over a period of 59 years, according to Der Spiegel.
Germany settled about an eighth of its debt by 1931 then suspended payments in the midst of financial crisis when Hitler came to power.
In 1953, at an international conference in London, West Germany pledged to resume its obligations and by the 1980’s had repaid all its prewar foreign debt, according to the report.
Under the London agreement, the outstanding interest of 125 million euros, accrued between 1945 and 1952, was to be paid back after the country unified. East and West Germany united in 1990 and Germany will now make the final interest payment Sunday.
The outstanding interest of 125 million euros could be paid back after the country was unified again. The east and west united in 1990 and now the final interest payment will be on Oct. 3. “It’s a historical curiosity that the Treaty of Versailles should continue to have a financial impact to this day,” professor Krumeich said.
The reparations, demanded by the Treaty of Versailles, totaled 112 billion gold marks, and were orginally to be paid back over a period of 59 years, according to Der Spiegel.
Germany settled about an eighth of its debt by 1931 then suspended payments in the midst of financial crisis when Hitler came to power.
In 1953, at an international conference in London, West Germany pledged to resume its obligations and by the 1980’s had repaid all its prewar foreign debt, according to the report.
Under the London agreement, the outstanding interest of 125 million euros, accrued between 1945 and 1952, was to be paid back after the country unified. East and West Germany united in 1990 and Germany will now make the final interest payment Sunday.
The outstanding interest of 125 million euros could be paid back after the country was unified again. The east and west united in 1990 and now the final interest payment will be on Oct. 3. “It’s a historical curiosity that the Treaty of Versailles should continue to have a financial impact to this day,” professor Krumeich said.
