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Between 1919-21, 23 conferences were held to discuss the levels of reparations to be paid:

July 1920 - Spa Conference: agreed that reparations payment would be recieved in the following proportions - France 52%, Britian 22%, Italy 10%, Belgian 8%

Jan 1921 - Paris Conference: Reparations Commission decided on 226 milliard gold marks. The German government rejected this demand as excessive + France sanctioned the occupation by French troops of German cities; i.e. Dusseldorf

May 1921 - London Conference: set a new figure for reparations - 132 milliard gold marks to be paid by Germany in annual instalments.Failure to agree/pay the first instalment would result in invasion of the Ruhr by French troops.

The German government led by Fehrenbach resigned in protest + a new government was formed under the leadership of Julian Wirth. 1921, Wirth's government accepted reparation terms and raised a loan in London to pay the first instalment.

Growing financial crisis:
One of the greatest threats to the Republic came from the consequences of the currency collapse in 1923.
In 1919 the national debt stood at 144 milliard marks; by late 1922 it increased to a staggering 469 milliard marks.
Without meaningful currency reform + a balancing of the budget - the Republic was set


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