War, Politics, Money...

UK finished paying off WW2 debts to USA in 2005. WW1 debts were never paid off to USA - nor a larger sum from other countries to UK.

"This was because President Herbert Hoover declared a debt moratorium during the global financial crisis of 1931."

I suppose the USA was world banker at that time - but it is interesting how finance - which on the surface looks like a straight question of who owes who what - is joined at the hip, or even controlled by, world politics. A debt is only a problem when someone calls in the chips.

http://business.timesonline.co.uk/tol/business/article1264220.ece

(Access to The Times is increasingly on a paid basis - but the above link should be free - until Murdoch shuts that particular gate.)