The French Debt and the Young Plan

June 30, 1929

Report Outline
French Debt Pacts with Britain and America
French Debt Payments and Reparation Receipts
Special Focus

At the end of the fiscal year 1919, two days after the signing on June 28 of the Treaty of Versailles, the debts of foreign nations to the Government of the United States totaled a little more than nine billion dollars. The public debt of the United States stood on the same day at $25,482,034,419,

By the end of the fiscal year 1929, ten years after the signing of the Treaty of Versailles, the public debt of the United States had been reduced to $16, 931, 088, 484. In the meantime, the indebtedness of foreign nations, as carried on the books of the Treasury, had increased to more than $11, 825, 000.000. The increase in foreign indebtedness during this period was due in part to additional cash advances made after June 30, 1919; in part to the acceptance of new foreign obligations in exchange for surplus American war supplies, and in part to the accrual of interest on outstanding obligations without payment by certain of the country's foreign debtors.

Agreements have been signed with fourteen nations for the funding of their indebtedness to the United States. In addition, the debts of Austria and Nicaragua are regarded as being substantially in funded form. However, one major funding agreement-the Mellon-Bérenger agreement with France-remains to be ratified by the debtor nation. Russia is the only major debtor that has taken no step to regularize its indebtedness to this country. Armenia has ceased to exist as a nation, but the principal of the Armenian debt, plus accrued interest, is still carried on the books of the Treasury.

ISSUE TRACKER for Related Reports
Mar. 03, 1978  French Parliamentary Elections
Feb. 14, 1973  French Elections, 1973
Apr. 10, 1968  French-American Relations
Nov. 24, 1965  Election of De Gaulle: Past and Future Policies
Nov. 20, 1963  French Policy Under De Gaulle
Feb. 20, 1963  France and the Alliance
Nov. 07, 1962  French Governmental Crisis
Mar. 10, 1960  Status of France
Sep. 15, 1955  Future of France in North Africa
Dec. 16, 1953  French Political Instability
Nov. 15, 1952  France and Germany in West European Defense
Jan. 29, 1947  Empire of France
Sep. 01, 1945  France in Transition
Aug. 08, 1944  Relations with France
Mar. 21, 1942  Relations with France
Apr. 10, 1934  Constitutional Reform in France
Jun. 30, 1929  The French Debt and the Young Plan
Apr. 27, 1928  The Briand-Kellogg Correspondence
Mar. 30, 1928  French National Elections - 1928
Aug. 24, 1926  French Currency and Exchange
Jun. 30, 1925  The Moroccan Problem
Jun. 17, 1925  The French Debt to the United States
Apr. 11, 1925  The French Financial Problem
May 07, 1924  The French National Elections
Sep. 21, 1923  French Reparation Policy in the Light of the Dariac Report
Deficit, Federal Debt, and Balanced Budget
International Economic Development