This brief book is about an event, long forgotten but of some import. Dean Acheson realized that the establishment of an independent West Germany, NATO, and the Marshall Plan left unresolved a major impediment to European recovery: Germany’s vast debts were unpaid, and many throughout Europe sought reparations. The US, France, and Britain established a Tripartite Commission to negotiate with Konrad Adenauer. Before those negotiations began, West Germany agreed to provide 3 billion DM to Israel and signed a treaty for the European Coal and Steel Community with France, Italy, and the Benelux countries.
The Allies eventually agreed to reduce all prewar debts by half and require full repayment of postwar borrowings. Any consideration of reparations would be postponed until German reunification. The London Debt Agreement of 1952 was generous to Germany but certainly helped Europe’s recovery and established a peaceful, stable political environment. Ultimately, Germany paid additional billions to Israel, various charities and European countries, and numerous individuals. After reunification, the US, Britain, France, and the USSR agreed to no war reparation claims. All in all, it was a very successful diplomatic process.
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