The second major shift came through the Dawes Plan. In addition to reducing reparations burdens, the Dawes Committee also extended Germany a significant foreign exchange loan.168 The loan, issued in October 1924, amounted to 800 million gold marks worth of foreign currency, divided mainly between dollars, pounds, and francs.169 Though the amount was not extraordinarily large, it meaningfully improved the Reichsbank’s credibility when it came to defending against speculative attacks.170 It also sent a reassuring signal to foreign investors. In the four years following the implementation of the
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