The programme for the settlement of German reparations payments after World War I. The plan was embodied in the recommendations of a committee that met in Paris (February 1929) under the chairmanship of a US financier, Owen D. Young, to revise the Dawes Plan (1924). The total sum due from Germany was reduced by 75% to 121 billion Reichsmark, to be paid in 59 annual instalments. Foreign controls on Germany’s economy were lifted. The first instalment was paid in 1930, but further payments lapsed until Hitler repudiated all reparations debts in 1933.