Search results
Results from the WOW.Com Content Network
In 1928 German Foreign Minister Gustav Stresemann, the former chancellor, called for a final plan to be established, and the Young Plan was enacted in 1929. [19] Dawes, who was the U.S. vice president at the time, received the Nobel Peace Prize of 1925 for "his crucial role in bringing about the Dawes Plan", specifically for the way it reduced ...
The Young Plan was a 1929 attempt to settle issues surrounding the World War I reparations obligations that Germany owed under the terms of Treaty of Versailles.Developed to replace the 1924 Dawes Plan, the Young Plan was negotiated in Paris from February to June 1929 by a committee of international financial experts under the leadership of American businessman and economist Owen D. Young.
A solution was finally agreed upon that shifted the amounts due to the various creditors. Germany waived the so-called surplus, the difference between the Dawes Plan and the Young Plan during the five-month transition period, amounting to 300 million Reichsmarks. That alone satisfied three-quarters of the British demands.
As a result of the plan, German payments were half the sum required under the Dawes Plan. [81] The implementation of the Young Plan required the Anglo-French withdrawal from the Rhineland within months. [82] Despite the reduction, there was increasing German hostility to the plan.
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 ...
The immediate crisis was solved by the 1924 Dawes Plan, an international effort chaired by the American banker Charles G. Dawes. It set up a staggered schedule for Germany's payment of war reparations, provided for a large loan to stabilise the German currency and ended the occupation of the Ruhr. [126]
The Anglo-German Payments Agreement was a bilateral agreement signed on 1 November 1934 between the governments of the United Kingdom and Nazi Germany.The agreement aimed to address German debt obligations, particularly in relation to the Dawes and Young plans as part of World War I reparations, and set a framework for trade relations between the two countries during a period of increasing ...
In 1924, he coauthored the Dawes Plan, which provided for a reduction in the annual amount of German reparations. After the Allied Powers had settled their war debts to Washington, a new international body met beginning in 1928 to consider a program for the final release of German obligations; Young acted as chairman. [ 7 ]