The Great War resulted in Germany being plunged into debt, owning a total of 144,000 million marks by 1919.
The Treaty of Versailles, also from 1919, did not help this, with Germany owing the Allies a total of 20,000 billion gold marks in reparations, the sum having been finally set in May 1921. In July 1922, the German government asked the Allies to suspend the reparation payments, but they were refused. By December 1922, the national debt had reached a huge total of 469,000 million marks.
In November 1922, a new centre-right government came to power, led by Wilhelm Cuno. This new government faced a major financial crisis.
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