debtors would go on making payments in Reichsmarks into accounts administered by the Reichsbank. However, the Reichsmarks accumulated in the creditors’ accounts would no longer be transferred into foreign currency. Payment in foreign currency would only resume once Germany’s foreign trade position was restored to a healthy surplus. This ultimately depended on the creditor countries. If they wanted repayment of their debts, they would have to purchase German goods. If Germany could not achieve the required trade surplus, it could not be expected to engage in large-scale foreign debt service.
