World War I reparations | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-05-16

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/World_War_I_reparations


00:04:19 1 Background
00:07:59 2 German reaction
00:10:42 3 Evolution of reparations
00:10:52 3.1 Initial demands
00:14:20 3.2 London Schedule of Payments
00:17:36 3.3 End of reparations for Austria, Bulgaria, Hungary, and Turkey
00:19:21 3.4 German defaults
00:23:36 3.5 Dawes Plan
00:25:52 3.6 Young Plan
00:28:41 3.7 End of German reparations
00:32:57 3.8 Amount paid by Germany
00:35:33 3.9 Loan payments
00:36:40 3.10 Summary
00:36:48 4 Analysis
00:36:57 4.1 Impact on the German economy
00:37:07 4.1.1 Overall
00:42:46 4.1.2 Hyperinflation
00:46:21 4.2 Reparations
00:46:30 4.2.1 Contemporaneous
00:57:06 4.2.2 Modern
01:12:16 5 See also
01:12:51 6 Notes
01:12:59 6.1 Footnotes



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SUMMARY
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World War I reparations were war reparations imposed during the Paris Peace Conference upon the Central Powers following their defeat in the First World War by the Allied and Associate Powers. Each of the defeated powers was required to make payments in either cash or kind. Because of the financial situation Austria, Hungary, and Turkey found themselves in after the war, few to no reparations were paid and the requirements for reparations were cancelled. Bulgaria, having paid only a fraction of what was required, saw its reparation figure reduced and then cancelled. Historians have recognized the German requirement to pay reparations as the "chief battleground of the post-war era" and "the focus of the power struggle between France and Germany over whether the Versailles Treaty was to be enforced or revised".The Treaty of Versailles (signed in 1919) and the 1921 London Schedule of Payments required Germany to pay 132 billion gold marks (US$33 billion) in reparations to cover civilian damage caused during the war. This figure was divided into three categories of bonds: A, B, and C. Of these, Germany was required to pay towards 'A' and 'B' bonds totaling 50 billion marks (US$12.5 billion) unconditionally. The payment of the remaining 'C' bonds was interest free and contingent on the Weimar Republic's ability to pay, as was to be assessed by an Allied committee.
Due to the lack of reparation payments by Germany, France occupied the Ruhr in 1923 to enforce payments, causing an international crisis that resulted in the implementation of the Dawes Plan in 1924. This plan outlined a new payment method and raised international loans to help Germany to meet its reparation commitments. Despite this, by 1928 Germany called for a new payment plan, resulting in the Young Plan that established the German reparation requirements at 112 billion marks (US$26.3 billion) and created a schedule of payments that would see Germany complete payments by 1988. With the collapse of the German economy in 1931, reparations were suspended for a year and in 1932 during the Lausanne Conference they were cancelled altogether. Between 1919 and 1932, Germany paid less than 21 billion marks in reparations.
The German people saw reparations as a national humiliation; the German Government worked to undermine the validity of the Treaty of Versailles and the requirement to pay. British economist John Maynard Keynes called the treaty a Carthaginian peace that would economically destroy Germany. His arguments had a profound effect on historians, politicians, and the public at large. Despite Keynes' arguments and those by later historians supporting or reinforcing Keynes' views, the consensus of contemporary historians is that reparations were not as intolerable as the Germans or Keynes had suggested and were within Germany's capacity to pay had there been the political will to do so. Following the Second World War, West Germany took up payments. The 1953 London Agreement on German External Debts resulted in an agreement to pay 50 pe ...