The article deals with Italian inter-war debts against the background of the contentious international issue of war reparations that many Allied nations wanted to link to war debt repayments. Italy, having first achieved an extremely large haircut by restructuring US and UK debts in 1925-6, defaulted in 1934, after the Lausanne conference of 1932 failed to deliver war debt forgiveness. We construct a new series of Italian foreign debt from 1925 to 1934 that is consistent with the unfolding of relevant historical events. Starting in 1926, our values are much lower than the currently available foreign debt series. The reason is that the current series do not take into account the large haircut that Finance Minister Volpi extracted from the London debt accord of 1926. Then, beginning in 1932, the values of our series exceed the currently available series because we date the formal Italian exit of the US war debt to 1934, whereas the current series dates it to 1932, at Lausanne.

中文翻译：

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“我们付不起”：第一次世界大战后意大利如何处理战争债务

这篇文章在许多盟国希望将战争赔款与战争债务偿还联系起来的有争议的国际战争赔偿问题的背景下处理意大利的战争间债务。意大利在 1925-6 年通过重组美国和英国的债务首次实现了极大的削减，在 1932 年洛桑会议未能提供战争债务减免后，于 1934 年违约。我们从 1925 年到 1934 年构建了一系列新的意大利外债，这与相关历史事件的展开是一致的。从 1926 年开始，我们的价值远低于目前可用的外债系列。原因是目前的系列没有考虑到财政部长沃尔皮从 1926 年的伦敦债务协议中提取的大幅削减。然后，从 1932 年开始，