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Nitti, Francesco Saverio, 1868-1953

"Peaceless Europe"

The other vanquished States are more in need
of succour than anything else.
What are the reparations?
Let us follow the _precis_ of them which a representative of France
made at the signing of the Treaty of Versailles. They are as follows:
1. Germany is responsible for the total of the losses and damages
sustained by her victors inasmuch as she caused them.
2. Germany, in consideration of the permanent diminution of her
resources, resulting from the Peace Treaty, is only obliged (but is
obliged without restitutions or reserves) to reimburse the direct
damages and the pensions as precised in Schedule I of Clause viii of
the treaty.
3. Germany must pay before May 1, 1921, not less than twenty milliards
of gold marks or make equivalent payment in kind.
4. On May 1 the Reparations Commission will fix the total amount of
the German debt.
5. This debt must be liquidated by annual payments whose totals are to
be fixed by the Commission.
6. The payments will continue for a period of thirty years, or longer
if by that time the debt is not extinguished.


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