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London Agreement on German External Debts
The London Agreement on German External Debts, also known as the London Debt Agreement (German: Londoner Schuldenabkommen), was a debt relief treaty between the Federal Republic of Germany and creditor nations. The Agreement was signed in London on 27 February 1953, and came into force on 16 September 1953.
On 24 May 1951, the US and UK Departments of Foreign Affairs respectively, informed the Allied Countries involved in the settlement, about a new arrangement regarding Germany's External Debts. The content of the dispatch made the main points of discussion clear from the start. The dispatch contained the following texts.
"4. The three Governments, in order to make an overall settlement of German debts possible, are prepared to modify the priority of their claims in respect of the post-war economic assistance which they furnished to Germany, on condition that the settlement plan is acceptable to them."
"5. The arrangements contemplated relate to Germany's pre-war public and private indebtedness and to the German debt arising out of post-war economic assistance; they do not relate to claims arising out of the war which can only be dealt with in connexion with a peace treaty."
In response to the Allies, Adenauer informed them about Germany’s desire to repay its debts. The Conference on German External Debts (also known as the London Debt Conference) was held between 28 February and 28 August 1952. The Agreement reached at the Conference was signed in London on 27 February 1953. The Agreement was ratified by the United States, France, and United Kingdom on 16 September 1953, at which point the agreement came into force. The Agreement was firstly turned down by the Bundestag and then approved on a following vote.
The parties that were involved besides West Germany included Belgium, Canada, Ceylon, Denmark, France, Greece, Iran, the Republic of 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. The states of the Eastern Bloc were not involved.
Some amounts owed by Germany arose from its efforts to pay war reparations, and others were associated with large scale loans by the United States. In total, 80 percent of Germany’s external obligations were owed to the United States, the Netherlands, the United Kingdom, and Switzerland.
The Agreement covered loans arising from external investments due to the Dawes Plan, and loans from economic aid to Germany. The support was provided by two major programs, the GARIOA and the Marshall Plan.
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London Agreement on German External Debts
The London Agreement on German External Debts, also known as the London Debt Agreement (German: Londoner Schuldenabkommen), was a debt relief treaty between the Federal Republic of Germany and creditor nations. The Agreement was signed in London on 27 February 1953, and came into force on 16 September 1953.
On 24 May 1951, the US and UK Departments of Foreign Affairs respectively, informed the Allied Countries involved in the settlement, about a new arrangement regarding Germany's External Debts. The content of the dispatch made the main points of discussion clear from the start. The dispatch contained the following texts.
"4. The three Governments, in order to make an overall settlement of German debts possible, are prepared to modify the priority of their claims in respect of the post-war economic assistance which they furnished to Germany, on condition that the settlement plan is acceptable to them."
"5. The arrangements contemplated relate to Germany's pre-war public and private indebtedness and to the German debt arising out of post-war economic assistance; they do not relate to claims arising out of the war which can only be dealt with in connexion with a peace treaty."
In response to the Allies, Adenauer informed them about Germany’s desire to repay its debts. The Conference on German External Debts (also known as the London Debt Conference) was held between 28 February and 28 August 1952. The Agreement reached at the Conference was signed in London on 27 February 1953. The Agreement was ratified by the United States, France, and United Kingdom on 16 September 1953, at which point the agreement came into force. The Agreement was firstly turned down by the Bundestag and then approved on a following vote.
The parties that were involved besides West Germany included Belgium, Canada, Ceylon, Denmark, France, Greece, Iran, the Republic of 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. The states of the Eastern Bloc were not involved.
Some amounts owed by Germany arose from its efforts to pay war reparations, and others were associated with large scale loans by the United States. In total, 80 percent of Germany’s external obligations were owed to the United States, the Netherlands, the United Kingdom, and Switzerland.
The Agreement covered loans arising from external investments due to the Dawes Plan, and loans from economic aid to Germany. The support was provided by two major programs, the GARIOA and the Marshall Plan.
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