Editing World War I reparations (section)

===Young Plan===
{{Main|Young Plan}}
[[File:Bundesarchiv Bild 102-08968, Eröffnung der zweiten Haager Konferenz.jpg|thumb|alt=Great hall containing many people|The opening of the [[Hague conference on reparations|Second Hague Conference]]: one of the two conferences aimed at implementing the Young Plan.]]

The adoption of the plan was followed by the [[Locarno Treaties]]. The subsequent "spirit of Locarno" saw an apparent reconciliation between the European Powers. The implementation of the Dawes Plan also saw a positive economic impact in Europe, largely funded by American loans.{{sfn|Herring|Carroll|1996|p=70}} Under the Dawes Plan, Germany always met her obligations.{{sfn|Marks|1978|pp=249–250}} However, German long-term goals remained the same despite the apparent reconciliation: the revision of the Treaty of Versailles to end reparations. The Dawes Plan was seen only a temporary measure, with expected future revisions.{{sfn|Herring|Carroll|1996|p=70}}{{sfn|Marks|1978|pp=249–250}} In late 1927, the Agent-General for Reparations "called for a more permanent scheme" for payments and in 1928 the Germans followed suit.{{sfn|Marks|1978|p=249}} German Foreign Minister [[Gustav Stresemann]] called for a final reparation plan to be established alongside an early withdrawal of Allied troops from the Rhineland. The French, aware of their weakening political and financial position, acquiesced. On 16 September 1928, a joint Entente-German statement acknowledging the need for a new reparation plan was issued.{{sfn|Marks|1978|pp=249–250}}

In February 1929, a new committee was formed to re-examine reparations. It was chaired by the American banker [[Owen D. Young]] and presented its findings in June 1929. The "[[Young Plan]]" was accepted and was ratified by the German Government on 12 March 1930. The plan established a theoretical final reparation figure at 112&nbsp;billion gold marks {{nowrap|({{USD|26.35 billion}})}}, with a new payment schedule that would see reparations completed by 1988{{mdash}}the first time a final date had been set. In addition, foreign oversight of German finances was to end with the withdrawal of the Reparations Agency, which would be replaced by the [[Bank for International Settlements]]. The bank was established to provide cooperation among central banks and to receive and disburse reparation payments. A further loan of {{Nowrap|{{USD|300 million}}}} was to be raised and given to Germany.{{sfn|Backhaus|2012|p=70}}{{sfn|Bell|1997|p=38}}{{sfn|Marks|1978|pp=250–251}}{{sfn|Young|2006|p=171}}

As a result of the plan, German payments were half the sum required under the Dawes Plan.{{sfn|Marks|1978|pp=251–252}} The implementation of the Young Plan required the Anglo-French withdrawal from the Rhineland within months.{{sfn|Shamir|1989|p=25}} Despite the reduction, there was increasing German hostility to the plan. For example, the Law against the Enslavement of the German People, or Freedom Law, was proposed by the nationalist politician [[Alfred Hugenberg]]. Hugenberg's proposed law called for the end of the Ruhr occupation, the official renouncement of [[Article 231 of the Treaty of Versailles|Article 231]] (the "war guilt" clause) and the rejection of the Young Plan. While politicians rejected it, it attracted enough support from voters in order to be put up for a referendum. The [[German referendum, 1929|plebiscite]] was held in December 1929, resulting in 5.8 million people out of 6.3 million voters voting in favor of the law. This fell below the required 21 million votes (50% of eligible voters) in order for it to take effect. While this was a political defeat for Hugenberg, it did result in significant national attention for [[Adolf Hitler]], who had worked with Hugenberg to promote the referendum, and subsequently in valuable right-wing financing.{{sfn|Marks|1978|p=251}}{{sfn|Mommsen|Foster|1988|pp=279–281}}{{sfn|Nohlen|Stöver|2010|p=770}}