The United States was overwhelmingly Germany’s largest foreign lender. Service on American debts alone came to at least 600 million Reichsmarks in addition to the large bilateral trade deficit with the United States. In 1929 this had stood at close to 800 million Reichsmarks. By 1933–4 the deficit had been reduced to 230 million Reichsmarks. But, at 800 million Reichsmarks per annum, the combined American claims on the German balance of payments for debt service and net imports were clearly unsustainable.
