war debts

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war debts.

This article discusses the obligations incurred by foreign governments for loans made to them by the United States during and shortly after World War I. For international obligations arising out of World War II, see lend-leaselend-lease,
arrangement for the transfer of war supplies, including food, machinery, and services, to nations whose defense was considered vital to the defense of the United States in World War II. The Lend-Lease Act, passed (1941) by the U.S.
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. As early as 1914 the United States began to extend credits for the purchase of American goods to the European Allies, and in 1915 the first of many long-term war loans was made to the Allied powers. In addition to loans made during the war itself, loans and credits were extended for several years after the armistice, both to allied and former enemy nations. All the debtor nations except Russia (where the USSR had replaced the Russian Empire) recognized their obligations. In 1922 the World War Foreign Debt Commission of the United States negotiated with 15 European countries and set the funded indebtedness, based on capacity to pay, at slightly more than $11.5 billion. A 62-year period of repayment was arranged for, and thus principal and interest charges would have amounted to more than $22 billion. The United States refused to reduce the debt further, but the serious European financial situation caused U.S. agreement on some reductions in 1925–26. Payments were made until 1931, largely out of the reparationsreparations,
payments or other compensation offered as an indemnity for loss or damage. Although the term is used to cover payments made to Holocaust survivors and to Japanese Americans interned during World War II in so-called relocation camps (and used as well to describe
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 that the Allies received from Germany. In 1931, in the face of the worldwide economic depression, President Hoover's proposal for a one-year moratorium on all intergovernmental obligations was adopted. In the Lausanne Pact of 1932 the debtors greatly reduced German reparations in the hope that the United States would release all claims. The United States refused. Six countries made token payments in 1933, but in 1934 all the debtors formally defaulted except Hungary, which paid interest until 1939, and Finland, which continued to pay in full.
References in periodicals archive ?
It can be argued that all post-war governments reduced the massive Second World War debt through the counter-intuitive Keynes economics (governments spend in a slump and save in the good times) but Margaret Thatcher and her heirs have ditched that system for the ultimately disastrous economics of austerity and "trickle down" economics, where you make the rich richer and hope money will trickle down to the poor.
Germany, Greece's largest and arguably most demanding creditor, has staunchly refused to forgive any debt, despite the fact that its creditors forgave that country's war debt after the Second World War.
BRITAIN'S outstanding First World War debt has been repaid after the Chancellor redeemed PS1.
Britain's | outstanding First World War debt has been repaid after the Chancellor redeemed PS1.
We've already paid $260 billion in interest on the war debt and future outlays are likely to reach into the trillions.
Germany made its final First World War debt repayment 92 years after its end.
According to the report, the US "has already paid $260bln in interest on the war debt," and future interest payments would amount to trillions of dollars.
The financial difficulties were not the only reason why the government did not make efforts to spend money on war debt service after the economic depression.
Congress soon called for construction of a larger statue but burdened with war debt, it could provide no financing and de Weldon funded it himself.
Moreover, as in Europe today, when Alexander Hamilton proposed a central banking system, the Bank of the United States, alongside consolidation of states' Revolutionary War debt into federal debt, the implementation of his sensible plan was imperfect.