Germany still paying WWI reparations to the Allies presstv

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Germany still paying WWI reparations to the Allies presstv

Post  jesuitsdidit2 on Thu Dec 03, 2009 12:15 pm

Germany still paying WWI debts
Thu, 03 Dec 2009 08:04:11 GMT

Years after accepting the guilt and responsibility for the First World War, Germany still continues to pay off reparations to the Allies.

According to Boris Knapp of the German Finance Agency, the country still has some €56 million ($84 million) outstanding agreed at the peace treaty of Versailles in 1919, German daily Bild reported on Wednesday.

Under the agreement, Germany had to pay the Allied victors 226 billion Reichsmarks [the German currency from 1924 until June 20, 1948] — a sum reduced in 1921 to 132 billion Reichsmarks.

By 1952, Germany had paid some 1.5 billion Reichsmarks ($357 million by 1952 exchange rates) in war reparations, but the balance was suspended in 1953 when the country was divided into East and West.

On October 3, 1990, the old debts came into force when East and West Germany became reunited. Germany plans to pay off its World War I debts by October 3, 2010.

World War I, also known as the Great War, was a military conflict which involved most of the world's great powers.

More than 70 million military personnel, including 60 million Europeans, were mobilized in World War I. More than 15 million people were killed, making it one of the deadliest conflicts in history.

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