World War I reparations  

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World War I reparations were compensation imposed during the Paris Peace Conference upon the Central Powers following their defeat in the First World War by the Allied and Associate Powers. Each of the defeated powers was required to make payments in either cash or kind. Because of the financial situation Austria, Hungary, and Turkey found themselves in after the war, few to no reparations were paid and the requirements for reparations were cancelled. Bulgaria, having paid only a fraction of what was required, saw its reparation figure reduced and then cancelled. Historians have recognised the German requirement to pay reparations as the "chief battleground of the post-war era" and "the focus of the power struggle between France and Germany over whether the Versailles Treaty was to be enforced or revised".

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