The End of the War and the Financial Toll of Reconstruction
With war raging over Eastern Europe by 1942 it is perhaps surprising that Hungary lived in relative tranquillity, and that the nation largely did not suffer physically from the effects of the war until late 1944.1 However, the last 6 or 7 months of the war, that is, from approximately October 1944 to April 1945, when the last German troops occupying Hungary were pushed out by the Red Army, would prove to be a nightmare. In fact, by the war’s end, the total physical damage inflicted on Hungary would be exceeded in Europe only by that in Germany and Belgium.2 Militarily, the end began with the great defeat of the Hungarian army at Voronezh in January and February 1943. Thereafter, politically, the government was in turmoil, if one can speak of an independent Hungarian government after March 1944, when German troops occupied the nation and ran its affairs through a puppet government.
KeywordsForeign Loan Marshall Plan Armistice Agreement Western Ally Hungarian Government
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