Agreement on German External Debts
- Agreement on German External Debts
London Agreement on German External Debts also known as the London Agreement, was a debt relief treaty between the Federal Republic of Germany on one part and on Belgium, Canada, Ceylon, Denmark, the French Republic, Greece, Iran, Ireland, Italy, Liechtenstein, Luxembourg, Norway, Pakistan, Spain, Sweden, Switzerland, the Union of South Africa, the United Kingdom of Great Britain and Northern Ireland, the United States of America, and Yugoslavia on the other, signed on 8 August or 27 February 1953 (mixed sources). The German government under Chancellor Konrad Adenauer agreed to assume the external debts incurred before the war by the Nazi Germany. The debts were reducted by 62.6% (Germany’s prewar debt amounted to 22.6 bn reichmarks including interest, its postwar debt was estimated at 16.2 bn; these sums were reduced to 7.5 bn and 7 bn respectively).
The agreement arranges the Federal Republic of Germany’s repayment obligations to 33 countries; however Eastern Bloc nations are excluded from consideration as are foreign claims for reparations against Germany due to the Second World War.
The agreement allowed Germany to enter the World Bank and IMF institutions. The agreement significantly contributed to the reconstruction of German economy and reemergence of Germany as a major economical power of the second half of the 20th century.
ee also
*Marshall Plan
External links
* [http://138.25.65.50/au/other/dfat/treaties/1954/17.html Text of the treaty]
*Éric Toussaint, [http://www.cadtm.org/spip.php?article2162 The Marshall Plan and the Debt Agreement on German debt]
*Timothy W. Guinnane, [http://www.econ.yale.edu/growth_pdf/cdp880.pdf FINANCIAL VERGANGENHEITSBEWÄLTIGUNG: THE 1953 LONDON DEBT AGREEMENT]
Wikimedia Foundation.
2010.
Look at other dictionaries:
London Agreement — The London Agreement may refer to one of the following agreements signed in London:* The London Charter of the International Military Tribunal of 8 August 1945 setting down the laws and procedures by which the Nuremberg trials were to be… … Wikipedia
German–Soviet Commercial Agreement (1940) — For other uses, see German–Soviet Commercial Agreement (disambiguation). German Soviet Commercial Agreement German Soviet Commercial Agreement Signed February 11, 1940 Location Moscow, Union of Soviet Socialist Republics Signatories Union of… … Wikipedia
Old German Baptist Brethren — Part of a series on the Schwarzenau Brethren (the German Baptists or Dunkers) … Wikipedia
Soviet–German relations before 1941 — German and Soviet troops shaking hands following the invasion of Poland. Soviet–German relations date to the aftermath of the First World War. The Treaty of Brest Litovsk,[1] ending World War I hostilities between Russia and Germany, was signed… … Wikipedia
Sovereign default — A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full. It may be accompanied by a formal declaration of a government not to pay (repudiation) or only partially pay its debts (due… … Wikipedia
Debt relief — is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and… … Wikipedia
History of the German Democratic Republic — The German Democratic Republic (GDR), German: Deutsche Demokratische Republik ( DDR ), often known in English as East Germany, existed from 1949 to 1990. It covered the area of the present day German states of Mecklenburg Vorpommern, Brandenburg … Wikipedia
Dawes Plan — Not to be confused with Dawes Act. The Dawes Plan (as proposed by the Dawes Committee, chaired by Charles G. Dawes) was an attempt in 1924, following World War I for the Triple Entente to collect war reparations debt from Germany. When after five … Wikipedia
World War II reparations towards Yugoslavia — The State Reparations Commission of the Yugoslav Government estimated the total war damages inflicted upon Yugoslavia in World War II at approximately USD 47 billion (1938 values: USD 1 = 44 Yugoslav dinars; Germany – 36 billion, Italy – 10… … Wikipedia
Forced labor in Germany during World War II — Use of forced labor in Nazi Germany during World War II occurred on a large scale. It was an important part of the German economic exploitation of conquered territories; it also contributed to the extermination of populations of German–occupied… … Wikipedia
