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The largest recipient of Marshall Plan money was the United Kingdom (receiving about 26% of the total). The next highest contributions went to France (18%) and West Germany (11%). Some eighteen European countries received Plan benefits. [4]
The aid received by Germany through GARIOA was, just as the later Marshall Plan aid (starting 1948), charged to the Germans. By 1953 West Germany's combined GARIOA and Marshall Plan debt was over $3.3 billion. It was however decided in 1953 that West Germany only had to repay $1.1 billion.
The British economy in 1947 was hurt by a provision that called for convertibility into dollars of the wartime sterling balances the British had borrowed from India and others, but by 1948, the Marshall Plan included financial support that was not expected to be repaid. The entire loan was paid off in 2006, after it was extended six years.
The Marshall Plan, named after then-Secretary of State George Marshall, was part of the Economic Recovery of 1948, signed into law by President Harry Truman, which invested more than $13 billion ...
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The Marshall Plan, known as the Economic Cooperation Act, was passed by the U.S. Congress in 1948 to help rebuild Western Europe in the wake of World War Two, ...
Military aid was not part of the plan. [18] The Marshall Plan ended in December 1951. [19] The United States government gave out about $12.5 billion under the Plan during its three-and-a-half-year existence. The countries receiving the most were Great Britain ($3.3 billion), France ($2.3 billion) and West Germany ($1.4 billion). [20]
The Molotov Plan was symbolic of the Soviet Union's refusal to accept aid from the Marshall Plan, or allow any of their satellite states to do so because of their belief that the Marshall Plan was an attempt to weaken Soviet interest in their satellite states through the conditions imposed and by making beneficiary countries economically ...