However, Brazil was so prosperous that the government retired the war debt in only ten years.
Interest on the war debt had been a major cost in each budget.
Some States paid off their war debts and others did not.
The treaty also stipulated that a war debt was to be paid to the Brazilian government.
However, the country was so prosperous that the government was able to retire the war debt in only ten years.
"You don't need a branch where heating and cooling costs alone approach the American war debt."
It involved the writing down of war debts which would have the effect of increasing international trade all round.
Chamberlain was able to reduce the interest rate on most of Britain's war debt from 5% to 3.5%.
Saddam was also stuck with a war debt of roughly $75 billion.
Two committees addressed questions related to the slave trade and the assumption of war debts.