World War I left in its wake an unparalleled amount of international debt. Within a period of 5 years a larger sum of international obligations existed than had been built up by ordinary processes during the whole of the preceding century. These debts were, moreover, inter-governmental in character and resulted almost wholly from the destructive processes of war. At the end of the war there was surprisingly little realization in the world of the all-pervasive and far-reaching political and economic implications of the war debts. Originally published in 1927, this book discusses the amount and origin of each of the debts; the nature of the various negotiated settlements; the changes in national policies which occurred and the issues which remained unresolved at the time of publication.