Part 7/15:
Adding fuel to the fire, in April 1921, the Allies outlined a hefty reparations bill— the London Schedule of Payments—demanding Germany pay 132 billion gold marks over time. The reparations plan stipulated annual installments and a percentage of exports, with the threat of extended occupation or penalties if payments were missed. The announcement triggered further devaluation of the mark, with the exchange rate against the pound reaching 268:1. The political fallout was immediate: Chancellor Konstantin Fehrenbach’s government collapsed under pressure.