New bond issues, following a big debt write-down in 1924 (the Dawes Plan), enabled Germany to borrow the money to resume payments. There then followed a crazy system: Germany borrowed money from the US in order to repay Britain, France, and Belgium, while France and Belgium used a bit of it to pay back Britain, and Britain used more of it to pay back the US.
但不出一年，德国就要求暂缓偿付并获得了同意。在1924年进行了大规模债务减记后（即道威斯计划），德国通过发行新债券融资偿还战争赔款。接着就形成疯狂的体系：德国从美国那里借钱，目的是赔付英国、法国和比利时，而法国和比利时用部分德国赔款偿付英国，英国用更多的赔款偿付美国。