Wednesday, September 29, 2010

Closing the chapter on the Great War

This is very interesting. Spiegel reports that Germany is about to make its final payment on the bonds it issued to raise cash in order to pay war reparations to the Allies after the end of WW1. According to the magazine, Germany issued these bonds to raise cash for the reparations and once issued, repaid them per their regular installments (except during the 2nd World War and through 1953 while the country was rebuilding).

By the early 1980s, the debt itself was repaid leaving the accrued interest still due. Now, on October 3, the final installment of that interest will be paid coinciding with the 20th anniversary of German unification following the collapse of die Mauer two years earlier.