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The Dawes Plan temporarily resolved the issue of the reparations that Germany owed to the Allies of World War I.Enacted in 1924, it ended the crisis in European diplomacy that occurred after French and Belgian troops occupied the Ruhr in response to Germany's failure to meet its reparations obligations.
The president reported that the state of the Union was now stronger than it had ever been in history. Noting that the only problem domestically was continuing to improve the economic state of the nation. On the subject of foreign policy, the president noted that the Dawes Plan was making
The following months were dominated by debate over the Dawes Plan, which would set out a payment plan for reparations. Its passage required a two-thirds majority due to the constitutional amendments necessary, meaning both SPD and DNVP support was needed.
The crisis was solved by a compromise in the form of the Dawes Plan in 1924. [53] Under the plan, developed by a committee headed by American Charles G. Dawes, New York and London banks loaned Germany hundreds of millions of dollars to stabilize its currency and expand production, which then allowed it to pay reparations. [18]
The end of passive resistance in the Ruhr allowed Germany to undertake a currency reform and to negotiate the Dawes Plan, which led to the withdrawal of French and Belgian troops from the Ruhr Area in 1925. The agreement of the Dawes plan in late 1924 also led to a resumption of reparations payments in hard cash and gold.
Oskar Hergt, the DNVP's first leader from 1918 to 1924 whose Dawes Plan vote of 1924 proved to be the end of his leadership In the summer of 1924, these tensions came out in the open with a vigorous display of party in-fighting over the question of whether the DNVP's MdRs (German MdR: Mitglied des Reichstags —Member of the Reichstag ) should ...
The resulting Dawes Plan, which provided for annual payments by Germany, was accepted at a 1924 conference held in London. [63] Autochrome portrait by Georges Chevalier, 1924. Hughes favored a closer relationship with the United Kingdom, and sought to coordinate US foreign policy with Great Britain concerning matters in Europe and Asia. [64]
A referendum on the Young Plan was held in Germany on 22 December 1929. It was an attempt to use popular legislation to annul the Young Plan agreement between the German government and the World War I opponents of the German Reich regarding the amount and conditions of reparations payments. The referendum was the result of the initiative ...