"Britain has cleared the payment of loans lent by the US and Canada during World War Two some 61 years ago.
The British Treasury sent its 50th and last repayments of Pnds 42.4 million (Dlrs 80 m) to the US and Pnds 9.8 m to Canada via electronic payment on December 29" 2006.
"In contrast, loans issued by and to Britain during the first world war were never resolved until a deal was struck in 1931 to wipe them out and give countries a chance to rebuild during the years of the Great Depression." (IRNA)
There are some interesting historical tidbits to be found in the three following stories:
The Independent story
London Free Press story
Islamic Republic News Agency story
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Loans issued by and to Britain during the first world war have never been resolved. A deal was struck in 1931 to wipe them out, to give countries a chance to rebuild during the Great Depression.
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Despite the heavily discounted rate of interest on the loans, in the intervening years Britain has failed to make any payments on six occasions because of balance of payments problems — in 1956, 1957, 1964, 1965, 1968 and 1976.
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