War debt

War debt, financial obligations to the United States incurred by foreign countries during World War I. The United States lent its allies $11.5 billion when the expense of war became unaffordable for many of them. The war debt was paid in part by reparations levied against Germany at the Treaty of Versailles, and in part by the borrower nations. The entire war debt was never paid due to worldwide post-war economic depression.

See also: World War I.