<P> The London Schedule of Payments of 5 May 1921 established "the full liability of all the Central Powers combined, not just Germany alone," at 132 billion gold marks . This sum was a compromise promoted by Belgium--against higher figures demanded by the French and Italians and the lower figure the British supported--that "represented an assessment of the lowest amount that public opinion...would tolerate". </P> <P> This figure was divided into three series of bonds: "A" and "B" Bonds together had a nominal value of 50 billion gold marks (US $12.5 billion)--less than the sum Germany had previously offered to pay . "C" Bonds, comprising the remainder of the reparation figure, "were deliberately designed to be chimerical ." They were "a political bargaining chip" that served the domestic policies of France and the United Kingdom . The figure was completely unreal; its primary function was to mislead public opinion "into believing that the 132 - billion - mark figure was being maintained". Furthermore, "Allied experts knew that Germany could not pay 132 billion marks and that the other Central Powers could pay little . Thus, the A and B Bonds, which were genuine, represented the actual Allied assessment of German capacity to pay ." Taking into account the sum already paid between 1919 and 1921, Germany's immediate obligation was 41 billion gold marks . </P> <P> To pay towards this sum, Germany could pay in kind or in cash . Commodities paid in kind included coal, timber, chemical dyes, pharmaceuticals, livestock, agricultural machines, construction materials, and factory machinery . The gold value of these would be deducted from what Germany was required to pay . Germany's assistance with the restoration of the university library of Louvain, which was destroyed by the Germans on 25 August 1914, was also credited towards the sum, as were some of the territorial changes the treaty imposed upon Germany . The payment schedule required US $250 million within twenty - five days and then US $500 million annually, plus 26 per cent of the value of German exports . The German Government was to issue bonds at five per cent interest and set up a sinking fund of one per cent to support the payment of reparations . </P> <P> Between the signing of the Treaty of Neuilly - sur - Seine and April 1922, Bulgaria paid 173 million gold francs in reparations . In 1923, the Bulgarian reparation sum was revised downwards to 550 million gold francs, "plus a lump sum payment of 25 million francs for occupation costs". Towards this figure, Bulgaria paid 41 million gold francs between 1925 and 1929 . In 1932, the Bulgarian reparation obligation was abandoned following the Lausanne Conference . </P>

When did germany pay off its war debt