Publication of the Dawes plan

Source: nobelprize.org Charles Dawes

On 9 April 1924 in Paris, an international committee of experts led by American banker Charles Dawes publishes a report on the regulation of German reparations. According to the „Dawes Plan“ the Reich is supposed to transfer an annual amount of one billion marks to the allies until 1928 then, beginning in 1929 and thereafter, an amount of 2.5 billion marks each year. Neither a time limit nor an indication of the ultimate amount of reparations is contained in the report. To assure payments both the Reich railroad system and the Reich Bank are to be put under international control. As compensation for the extensive financial burdens, the Reich, in return, can expect large sums of American credits.