alternatehistory.com

I cannot find exact numbers for the debts the allied nations had with US banks in World War I, only the overall estimate of 2.5 billion US$.

But let us assume that the Central Powers win in 1917 or early 1918 by defeating the French, British and other allied forces at the western front.
France is heavily punished, loses territory and is occupied and forced to pay huge reparations.
The UK cannot possibly be forced to pay money to Germany, but they will obviously receive no money either. This will make paying back the US loans rather difficult.
The Soviet Union never accepted a responsibility for Tsarist Russias' debts, IIRC.

Basically, my question is: By 1920, it has become obvious that a big part of all US loans to the allied powers is lost. How will the public react, how will the banks react, how will Wall St. react?
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