Word: defaultations
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Dates: during 1920-1929
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...Defaults. The question of a possible German default under the Experts' Plan was one of the great stumbling blocks to the proceedings of the Conference. Bankers who were concerned with the floating of an international loan of $200,000,000 for Germany, as provided for in the Experts' Plan, expressed the opinion that there was no tangible security for the loan (TIME, Aug. 4). Premier Herriot was obdurate in claiming France's right under the Treaty of Versailles to independent action in case of default...
...conference agreed to a compromise designed to satisfy everyone. It was agreed: 1) To empower the Reparations Commission to declare Germany in default and to permit it to make such recommendations as to the actions to be taken that it thinks the circumstances necessitate...
...That all Powers signatory to the agreement must pledge themselves not to take sanctions (seizure penalties) in Germany unless default has been declared under paragraphs 1 and 2 above...
...Reparations Commission shall find that Germany has made default, the Governments interested . . . will confer at once on the nature of the sanctions to be applied . . ." These words upset the apple cart in the Premiers' Conference.* They formed part of the recommendations of Committee No. 1 appointed by the Conference (TIME, July 28), to settle a method of determining possible German default under the Experts' Plan and to recommend what measures should be taken against Germany in case of default...
...decide upon the method by which possible German default under the Experts' Plan could be adjudicated and to settle the measures which were to be taken if this should happen...