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December 30th, 2006, 11:36 AM
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WORLD BRIEFING | EUROPE; Britain: World War II Debt to Be Paid Off
Britain will finally pay off the last installments of World War II-era debt to the United States and Canada before the end of the year. The debt has been repaid in a total of 50 installments since 1950. According to the British Treasury, the amount repaid to the United States is $7.8 billion while $2 billion has been repaid to Canada. With interest at 2 percent, the amounts are nearly double the amounts lent in 1945 and 1946, the BBC said. The loans helped Britain’s war effort with purchases of weapons, oil, food and equipment, and were also used to finance postwar reconstruction....
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