(A) Austria Hungary
(B) Serbia
(C) Russia
(D) ** Germany
EXPLANATIONS BELOW
Concept note-1: -Allied victors took a punitive approach to Germany at the end of World War I. Intense negotiation resulted in the Treaty of Versailles’ “war guilt clause, ” which identified Germany as the sole responsible party for the war and forced it to pay reparations.
Concept note-2: -Over the next four years, U.S. banks continued to lend Germany enough money to enable it to meet its reparation payments to countries such as France and the United Kingdom. These countries, in turn, used their reparation payments from Germany to service their war debts to the United States.
Concept note-3: -After World War II both West Germany and East Germany were obliged to pay war reparations to the Allied governments, according to the Potsdam Conference.
Concept note-4: -Germany agreed to pay reparations of 132 billion gold marks to the Triple Entente in the Treaty of Versailles, which were then cancelled in 1932 with Germany only having paid a part of the sum.
Concept note-5: -Few people in Germany noted the country’s final $94 million WWI reparations payment on Sunday. Some historians say that’s for the best. To some historians, World War I ended Sunday.