On 18 December, at exactly the moment at which the German army finalized its new plan of expansion, Schacht announced a unilateral reduction in the rate of cash payment to foreign creditors from 50 to 30 per cent. What particularly incensed the British was that this moratorium included the Dawes and Young Plan loans, which were supposed to enjoy first claim on German resources.63 The outrage in both London and Washington reached new heights.
