Germany. Chancellor Kohl opposes the renegotiation of Germany’s war debt. For the second time (the first in 1953), Western nations such as Italy and Greece agree to forgo German repayment. In 1953, in London, Western countries had written off 50% of Germany’s debt (accumulated from two world wars, both caused and lost). This was a colossal sum, given that the total debt amounted to 100% of Germany’s GDP. Furthermore, the remaining debt could be repaid over a full 30 years. The remaining 50% was to be repaid upon German reunification. The Soviets, however, obtained payment down to the last mark.
