On the basis of my estimate of $40,000,000,000 for the total liability, which is more likely to be criticized as being too low than as being too high, the amount of this balance will be $15,000,000,000.
Assuming interest at 5 per cent, this will raise the annual payment to $2,150,000,000 without allowance for amortization.
5.

But even this is not all.

There is a further provision of devastating significance.

Bonds representing payments in excess of $15,000,000,000 are not to be issued until the Commission is satisfied that Germany can meet the interest on them.

But this does not mean that interest is remitted in the meantime.