GERMANY

Hawera & Normanby Star, Volume XLI, Issue XLI, 16 December 1920, Page 7

GERMANY

DRASTIC FINANCIAL PvEFORMS

(Renter). (Received Dec. 16, 1.55 p.m.)

T3Y GABLE— l-RESS ASSOCIATION—COPYRIGHT

BRUSSELS.. Dec. 15

According to L'Etoile Beige, the German delegation has handed a Note to the Allied -experts on Germany's economic and financial situation. It -emphasises the magnitude of the floating debt, which actually exceeds 165,918,000,000 marks, and *is still accumulating. Her only chance of salvation is.the application of drastic fiscal reforms, which have already been inaugurated, but it will take a long time to affect the finances. It concludes- "If it becomes impossible to solve the financial crisis because a section of the people clings to wealth in bonds and paper, an immense economic catastrophe is inevitable."