How did Germany's debt change from 1921 to 1924?
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![EUROPEAN DEBT AFTER THE GREAT WAR
In the years following World War I, European nations were buried in debt. Germany, slapped with punitive war
reparations, routinely defaulted on its payments even after several restructuring efforts were attempted in 1920s.
350%-
300%-
250%-
200%
150%-
100%
50%
0%
A
305%
B
155%
134%
258%
196%
140%
Germany's debt increased
154%
Germany's debt decreased
175%
Germany
France
Italy
Source: Reinhart and Rogoff, Guggenheim Investments, "Note: German debt to GDP ratio includes reparation obligations
European Debt After the Great War
160% 153%
U.K.
141%
98%
1921 1924 1929
51% 57% 57%
Spain
33% 24% 16%
U.S.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F26180091-a03f-4b1e-a945-45eda9017a91%2F36d78e9f-01a6-4db7-bee0-51320e239478%2Fi1iu0vu_processed.png&w=3840&q=75)
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