End of Lend Lease

Discussion in 'WW2 General' started by Glider, Aug 20, 2006.

  1. Glider

    Glider Well-Known Member

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    Just picked an interesting point, which is in December this year the UK will pay the final installment of the Lend Lease debt incurred during and after WW2. The original debt was I believe around $31,000,000,000 dollars and the final $80,000,000 will be paid off at the end of the year.

    No one from the UK Goverment has offically said what the final bill will be, as interest was added from the start, but the final figures, will we are told, be broken down at the end of the year. Should be interesting.

    Its complicated as other debts were added to the lend lease bill which had differing rates of interest. The original lend lease was at 2%. The December Payment is the final payment for all the UK debts to the USA.

    In case your wondering, the debts owed from WW1 are still outstanding and will never be paid. The world side financial collapse in 1932 halted all payments. The UK owed the USA around $834m but we were owed $2,000m by other countries namely France.
     
  2. plan_D

    plan_D Active Member

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    That is interesting. And may come as a shock to a lot of Americans who believe the Lend-Lease was free.
     
  3. FLYBOYJ

    FLYBOYJ "THE GREAT GAZOO"
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    Great info - hey now you folks don't have to put up with loudmouth Americans coming over on vacation an saying "We saved ya @sses, ya-all still owe us money from dubya-dubya too." Seriously, when this happens, I think the only other country to pay the US for their WW2 debts was Holland.
     
  4. Glider

    Glider Well-Known Member

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    The only country to pay off its WW1 debt to the USA was of all countries, Finland.

    There was a typo in my first posting. The last para shold have been in Sterling not Dollars.
     
  5. FLYBOYJ

    FLYBOYJ "THE GREAT GAZOO"
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    I always thought it was Holland - you're probably right...
     
  6. Hunter368

    Hunter368 Active Member

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    Amazing and interesting point Glider. Cool
     
  7. plan_D

    plan_D Active Member

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    That's one less weight on the British government then. I wonder what they're going to spend the excess on ... asylum seekers, by any chance? :rolleyes:
     
  8. Wildcat

    Wildcat Well-Known Member

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    Very interesting, I wonder how much money the Australian govt owes?
     
  9. loomaluftwaffe

    loomaluftwaffe Active Member

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    interesting info

    even this crappy third world country owes alot of money
    and what do those government officials do with that money?
    get dozens of houses, with a wife and family in each house

    and thats our tax money (most of the population are squatters and arent able to pay taxes)... i mean this new fire hydrant was constructed and the (corrupt) senator even put up a huge sign

    "Through the generosity of ________ this fire hydrant was constructed blah blah blah"

    im going too off-topic
     
  10. HealzDevo

    HealzDevo Active Member

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    Yes, still it does seem to be a big drain having the much money going out for a debt that old.
     
  11. Civettone

    Civettone Active Member

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    What exactly was this debt about?
    All the equipment which was never returned to the US? Including that which was destroyed due to enemy actions?


    Kris
     
  12. DerAdlerIstGelandet

    DerAdlerIstGelandet Der Crew Chief
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    Paying for it all.
     
  13. davparlr

    davparlr Well-Known Member

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    I was under the impression that all war debt was forgiven. After very little research it turns out I was correct. This is what I got from BBC here

    BBC NEWS | UK | Magazine | What's a little debt between friends?

     
  14. pbfoot

    pbfoot Active Member

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    Good read and info sounds like their credit rating should look like mine
     
  15. davparlr

    davparlr Well-Known Member

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    It also should be noted here that Great Britain received $3.3 billion from the Marshall plan.
     
  16. Glider

    Glider Well-Known Member

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    I think you missed the bit where it says that the interest rate was 2% which was very low and this has been paid off plus the original amount. In addition to the Lend Lease there were war loans and other loans at different rates after the war not including the Marshall Plan. The final payment covered all these loans.
    At least give the UK some plus marks for paying these amounts off, how many other countries have done so?

    Re the WW1 loan, the prolem the UK had is that we were owed much more by other countries in particular the French, than we owed the USA. With the economic recession in the 1930's all countries were unable to pay these off and this is one reason why the debts remained unpaid.
     
  17. davparlr

    davparlr Well-Known Member

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    Yeah, I didn't read the whole passage prior to responding. I do think it is honorable to have repaid the loan.

    I don't think anyone really expects these loans to be repaid, nor does anyone think that it is a problem.
     
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