Saturday, December 30, 2006

A Friend in Need

An interesting milestone. I first saw this in the Wall Street Journal but couldn't find it online. Here it is from the Sydney Morning Herald.
Britain pays off its WWII debt

BRITAIN has paid the last instalment of its World War II-era debt to the US and Canada, with a $US100 million ($126.8 million) payment to its allies.

Britain was left with a debt of $US4.3 billion to the US and $US1.2 billion to Canada more than 60 years ago, when London took out loans to finance reconstruction.

Annual payments on the loans, taken out at 2 per cent interest, have since totalled twice the original debt in dollar terms.

"We finally honour in full our commitments to the US and Canada for the support they gave us 60 years ago," Economic Secretary Ed Balls said. "It was vital support which helped Britain defeat Nazi Germany."

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