News – World War One Over (This is Not a Repeat from 1919)
On Sunday, October 3, Germany will close its twenty two billion dollar tab that was opened at the end of World War One. That bill was given to them during the Treaty of Versailles when the Allied Powers–mainly America, Britain, and France–set war reparations. The reparations were meant as compensation and to punish Germany for starting the four year war that claimed the lives of ten million soldiers.
German newspapers are saying that finally, at least in the financial sense, the First World War is over for Germany. It took them 92 years to be able to make that statement.
The initial sum of the reparations was set at 226 billion Reich marks, but was later reduced to 132 billion, which was 22 billion pounds sterling at the time. With inflation, that 22 billion would be worth over 270 billion today. Quite a bit of money, for sure.
What’s also interesting is that the bill would have been settled much earlier if Hitler has agreed to pay it during his dictatorship. But as we all know, he had some big plans for that money. The country’s split into East and West Germany also delayed reparation payments, but they started up again after reunification in 1990.
The upcoming payments are made mostly to private individuals and corporations who now own the debenture bonds.
I think it’s amazing that something like this was still going on. I consider myself a history buff and I was shocked to see that Germany’s debt was still outstanding nearly a century after the treaty was signed, even with the delays between then and now. It goes to show that war leaves some long-lasting scars in many different ways.
To read the original article, please go to http://uk.news.yahoo.com/38/20100929/twl-first-world-war-officially-ends-on-s-6ae0455.html