The war debt issue of the 1920s was greatly aggravated by the fact that the Allies tried to include their debts to the United States as part of the reparations the Germans were forced to pay.

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The Allies, burdened by their own debts to the United States from World War I, sought to have these debts offset by the reparations that Germany was required to pay, thus complicating the financial and diplomatic landscape of the 1920s.

The War Debt Issue of the 1920s Was Greatly Aggravated