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The prestige of Germany and German things in Latin America remained high after the war but did not recover to its pre-war levels. [ 33 ] [ 34 ] Indeed, in Chile the war bought an end to a period of intense scientific and cultural influence writer Eduardo de la Barra scornfully called "the German bewitchment" ( Spanish : el embrujamiento alemán ).
Detlev Peukert argued the financial problems that arose in the early 1920s, were a result of post-war loans and the way Germany funded her war effort, and not the result of reparations. [116] During the First World War, Germany did not raise taxes or create new ones to pay for war-time expenses.
The Treaty of Versailles placed several restrictions on German ownership of munitions and other arms and limited the army to just 100,000 men. Under the terms of the treaty, poison gas, tanks, submarines, and heavy artillery were prohibited to German forces, and Germany could not import or export "war material" (a vague term that was not clearly defined). [1]
A decree of 1925 reinstated some mortgages at 25% of face value in the new currency, effectively 25,000,000,000 times their value in the old paper marks, if they had been held for at least five years. Similarly, some government bonds were reinstated at 2.5% of face value, to be paid after reparations were paid. [27]
The government of Adolf Hitler declared all further payments cancelled in 1933, and no further reparations payments were made until after the defeat of Nazi Germany in the Second World War. Germany finally paid off its debts under the Versailles treaty, which had been reduced by 50% at the 1953 London Debt Conference, in 2010. [157]
The aftermath of Germany's loss in World War 1 saw the country experience severe hyperinflation, with the Weimar Republic finally tackling the issue by 1923. A period of known as the Golden Twenties then saw major economic stabilization and growth fuelled largely by foreign investments and loans. However, the Great Depression resulted in the ...
The Blockade of Germany, or the Blockade of Europe, occurred from 1914 to 1919.The prolonged naval blockade was conducted by the Allies during and after World War I [1] in an effort to restrict the maritime supply of goods to the Central Powers, which included Germany, Austria-Hungary, and the Ottoman Empire.
Chancellor Max von Baden (center, in light coat) on his way to the Reichstag, 3 October 1918.. The German constitutional reforms of October 1918 (German: Oktoberreformen) consisted of several constitutional and legislative changes that transformed the German Empire into a parliamentary monarchy for a brief period at the end of the First World War.