With an effort Great
Britain could pay; France and Italy will never be able to, and have,
moreover, exchanges which constitute a real menace for the future of
each.
The fact that France and Italy, although they came out of the war
victoriously, have not been able to pay their debts or even the
interest on them is the proof that Germany, whose best resources have
been taken away from her, can only pay an indemnity very different
from the fantastic figures put forward at the time of the Conference
of Paris, when even important political men spoke of monstrous and
ridiculous indemnities.
The problem of the inter-allied debts, as well as that of the
indemnity, will be solved by a certain sacrifice on the part of all
who participated in the War.
The credits of the United States amount to almost 48 milliards of lire
or francs at par, and the credits of Great Britain to 44 milliards.
Great Britain owes about 21 milliards to the United States and is in
turn creditor for some 44 milliards. She has a bad debt owing from
Russia for more than 14 milliards, but 13 milliards are owing from
France, about 12 milliards from Italy, and almost 2-1/2 milliards from
Belgium.
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