The reparation schedule created a balance of payments crisis. In many ways, a balance of payments crisis is just like any other serious problem faced by individuals, households, and corporations in making a payment. To come up with the money, a country must either 1) spend less, 2) earn more, 3) finance the payments through borrowing and/or tapping into savings, or 4) default on the debt (or convince creditors to give it relief). Unlike its domestic
