http://www.ctv.ca/servlet/ArticleNew...229?hub=Canada
Quote:
Britain paid the last instalment of its Second World War-era debt to Canada and the United States today.
It made its final US$100-million payment to its allies.
Britain was left with a debt of more than $4 billion to the U.S. and $1.2 billion to Canada more than 60 years ago, when London took out loans to finance reconstruction.
Annual payments on the loans, taken out at two per cent interest, have since totalled nearly $10 billion, or about twice the original debt in dollar terms.
Britain agreed to repay the money over 50 years, but the loan's terms allowed deferred payments when economic conditions were difficult.
Britain deferred payments six times during the 1950s and 1960s, when unfavourable exchange rates and low currency reserves made them onerous.
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I thought all debts where forgiven and they dint have to bay them back, i guess i was mistaken.
edit apperently the quotes are broke
12-29-2006, 11:57 AM
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