Perception and Posture in Anglo-American Relations: The War Debt Controversy in the ’Official Mind‘, 1919–1940

Self, Robert

doi:10.1080/07075332.2007.9641127

Cited by 22 publications

(5 citation statements)

References 1 publication

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“…In seguito all'emanazione del Johnson Act, la Gran Bretagna, con una nota del 4 giugno 1934, comunicò l'intenzione di sospendere i pagamenti fino a quando la questione non fosse posta nuovamente sul tavolo delle trattative 82 . Nelle parole del primo ministro inglese Ramsay MacDonald, continuare a pagare sarebbe stata una follia 83 . L'Italia di lì a poco decise di fare lo stesso 84 ; la notizia venne comunicata anche alla stampa, ma -chiaramentenon venne enfatizzata.…”

Section: La Conferenza D Losanna E I Debiti Di Guerra Italianiunclassified

Una montagna di debiti. L'Italia e la gestione del debito pubblico tra le due guerre

Astore

2020

Studi E Saggi

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The surge in public debt during the recent pandemic crisis has made high debt a prominent policy issue. Italy is an interesting case study since it has experienced high levels of debt for a significant part of its history. This article revisits the history of Italian public debts in the inter-war period. Italy emerged from WWI with public debt that peaked around 160 percent of GDP. In the mid-1920s a significant reduction of public debt occurred, in concomitance with a regime of fiscal austerity and two restructuring agreements that wiped more than 80 percent of Italian foreign debts. By the early 1930s, the US reaction to the Great Depression that opposed any form of international cooperation, led to an Italian default on war debts in 1934 and a move toward autarky.

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Section: La Conferenza D Losanna E I Debiti Di Guerra Italianiunclassified

Una montagna di debiti. L'Italia e la gestione del debito pubblico tra le due guerre

Astore

2020

Studi E Saggi

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“…Stronger language about the righteousness of the British default was expressed by Prime Minister Ramsey MacDonald: ‘we have to take upon ourselves the thankless task of putting an end to the folly of continuing to pay’ (Self 2007, p. 286).…”

Section: IImentioning

confidence: 99%

‘We can't pay’: how Italy dealt with war debts after World War I

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Fratianni²

2019

Financial History Review

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The article deals with Italian inter-war debts against the background of the contentious international issue of war reparations that many Allied nations wanted to link to war debt repayments. Italy, having first achieved an extremely large haircut by restructuring US and UK debts in 1925-6, defaulted in 1934, after the Lausanne conference of 1932 failed to deliver war debt forgiveness. We construct a new series of Italian foreign debt from 1925 to 1934 that is consistent with the unfolding of relevant historical events. Starting in 1926, our values are much lower than the currently available foreign debt series. The reason is that the current series do not take into account the large haircut that Finance Minister Volpi extracted from the London debt accord of 1926. Then, beginning in 1932, the values of our series exceed the currently available series because we date the formal Italian exit of the US war debt to 1934, whereas the current series dates it to 1932, at Lausanne.

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“…30 мая 1934 года в своих днев-никах Рамсей Макдональд, самый проамерикански настроенный из всех британских премьер-министров, записал в своем дневнике: «Платежи, ве-дущие к нарушению финансового порядка (каким бы он ни был), являются предательством по отношению ко всему миру. Мы вынуждены взять на себя выполнение неблагодарной задачи и положить конец безрассудству, застав-ляющему нас платить» [Self, 2007 …”

Section: IIunclassified

Europe on the Brink

Tooze¹

2016

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Perception and Posture in Anglo-American Relations: The War Debt Controversy in the ’Official Mind‘, 1919–1940

Cited by 22 publications

References 1 publication

Una montagna di debiti. L'Italia e la gestione del debito pubblico tra le due guerre

Una montagna di debiti. L'Italia e la gestione del debito pubblico tra le due guerre

‘We can't pay’: how Italy dealt with war debts after World War I

Europe on the Brink

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