Word: schacht
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...Schacht's victories: 1) the 40% cash value figure was just half what U. S. creditors first demanded: 2) the creditors recognized the principle that Germany wants to pay but cannot...
...Germany are long and medium-term private debts owed to foreign creditors of some 8,000,000,000 marks ($3,140,000,000 at current exchange) and an annual interest bill of about $195,000,000. Last week one of Germany's smartest bargainers, Reichsbank President Dr. Hjalmar Schacht, lowered the debt wall again at the end of a month-long haggle with representatives of Germany's U. S., British. French, Swedish, Dutch and Swiss creditors...
...Schacht had boldly asked for a complete moratorium. He got one for six months, and considerable savings afterwards. He had tried desperately but failed dismally to bring the Dawes and Young plan loans into the haggle...
...conference in a few weeks to determine the future of the moratorium on repayment of Germany's short term obligations, the economic prostration of Germany is revealed more and more clearly by a nation disarmingly frank in dealing with its multitudinous creditors, particularly of the Western Hemisphere. Dr. Hjalmar Schacht, Governor of the Reichsbank, is never at a loss to deal with the financial situation, and has seen to it that Germany shall secure her place among debtor nations as a country on the very verge of financial catastrophe, one which must be handled with kid gloves by its creditors...
Typical of the window dressing methods which have been brought to such a high degree of perfection by the wily Schacht in convincing Germany's creditors of here incipient bankruptcy, is the old reliable plea of a dearth of god wherewith to pay off the adverse balance of trade which is claimed as the root of her financial troubles. Now, no one can deny that Germany, so far as her export situation is concerned, is really in a bad way; but this is the ostensible reason, loud-pedalled mainly for foreign consumption, for her lack of the yellow metal...