Even to-day, three years after the War, Great Britain has not paid her debt to America, and France and Italy have not paid their debts to America and Great Britain. Great Britain could pay with a great effort; France and Italy cannot pay anyhow. According to the accounts of the American Treasury the Allies' War debt is 9,587 millions of dollars: 4,277 millions owing from Great Britain, 2,977 millions from France, 1,648 millions from Italy, 349 millions from Belgium, 187 millions from Russia, 61 millions from Czeko-Slovakia, 26 millions from Serbia, 25 millions from Rumania, and 15 millions from Greece. Up to last July Great Britain had paid back 110 millions of dollars. Since the spring of 1919 the payment of the interest on the amounts due to the American Treasury has been suspended by some European States. Between October and November, 1919, the amount of the capitalizing and unpaid interests of the European States came to 236 million dollars. The figure has considerably increased since then. According to the _Statist_ (August 6, 1921) the Allies' debt to the United States on March 31, 1921, amounted to ten milliards and 959 million dollars, including the interests, in which sum Great Britain was interested to the sum of 4,775 million dollars and France for 3,351 million dollars. But the _Statist's_ figures, in variance to the official figures, include other debts than strictly war debts. The debts of the various allied countries' to Great Britain on March 31, 1921, according to a schedule annexed to the financial statement for 1921-22, published by the British Treasury, came to £1,777,900,000, distributed as follows: France 557 millions, Italy 476 millions, Russia 561 millions, Belgium 94 millions, Serbia 22 millions, Portugal, Rumania, Greece and other Allies 66 millions. This sum represents War debts. But to it must be added the £9,900,000 given by Great Britain for the reconstruction of Belgium and the loans granted by her for relief to an amount of £16,000,000. So, altogether, Great Britain's credit to the Allies on March 31, 1921, was £1,803,600,000, and has since been increased by the interests. Great Britain had also at the same date a credit of £144,000,000 to her dominions. France has credit of little less than nine milliard francs, of which 875 millions is from Italy, four milliards from Russia, 2,250 millions from Belgium, 500 millions from the Jugo-Slavs, and 1,250 millions from other Allies. Italy has only small credits of no account. Now this situation, by reason of which the victorious countries of Europe are heavy debtors (France has a foreign debt of nearly 30 milliards, and Italy a debt of more than 20 milliards) in comparison with Germany, which came out of the War without any debt, has created a certain amount of bad feeling. Germany would have got on her feet again quicker than the victors if she had no indemnity to pay and had no foreign debts to settle.