on 13 January1922: Conference of Cannes concerning German retribution payments ended. Germany had been having a difficult time paying reparations established by the Treaty of Versailles (related to their actions in World War I). This conference eased the requirements for repayment of this debt but it was still more than the Germans could realistically afford. Originally, Germany was required to formally admit guilt, relinquish lands, reduce military to only 100,000 and pay monetary reparations. "The final sum amounted to 132 billion gold marks; the schedule of payments drawn up in 1921 would have burdened the German economy until 1988." (Richard Overy, The Road to War Revised and Updated Edition, (London, Penguin, 1999), 28). Germany's economy entered crisis mode and after the Conference of Cannes, a more realistic system of payments was instituted. The system of payments continued to cause hardships to the German economy and individuals and ultimately helped to set the stage to put Hitler in power and the start of World War II.
Here's a newspaper article concerning this conference:
