If Germany had had to pay no indemnity this absurd situation would
have come about, that although exhausted, Germany would have issued
from the War without debts abroad and could easily have got into her
stride again, while France, Italy, and in much less degree Great
Britain, would have come out of the War with heavy debts.
This anxiety was not only just and well founded, but it is easy to see
why it gave ground for a feeling of grave disquiet.
France and Italy, the two big victor States of the Continent, were
only able to carry on the War through the assistance of Great Britain
and the United States. The War would not have lasted long without the
aid of the Anglo-Saxons, which had a decisive effect.
France has obtained all she asked for, and, indeed, more than all her
previsions warranted. Italy has found herself in a difficult position.
She too has realized her territorial aspirations, though not
completely, and the assistance of her Allies has not always been
cordial.
I have had, as head of the Government, to oppose all the agitations,
and especially the Adriatic adventures, which have caused an acute
party division in Italy.
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