Compulsory loan of Greece to Nazi Germany

The Compulsory loan of Greece to Nazi Germany (German: Deutsche Zwangsanleihe in Griechenland), also known as the forced loan of 1942 (Greek: καταναγκαστικό δάνειο του 1942) or Occupation loan (κατοχικό δάνειο) refers to a payment for occupation costs demanded by Nazi Germany from the collaborationist Greek government during the German occupation in the Second World War.

From April 1943, Germany began repaying part of its debt in monthly installments. Converted into Reichsmark and taking into account exchange rate fluctuations, a German document compiled in 1945 listed a "German Remaining Debt" of 476 million RM.

The question of a Greek repayment claim now valued between 5 and 11 billion Euro has been a contentious issue between Greece and Germany in the 21st century, recently intertwined with the debate over the Greek debt crisis. The dispute is pursued more through public media than legal or diplomatic channels.

The occupation regime by the Axis powers (Bulgaria, Italy, and Germany) was marked by economic exploitation. Greece not only had to bear the occupation costs; the occupying powers also extensively extracted raw materials and products from Greece, leading to what is known as the Great Famine.

As the transportation of valuables from Greece continuously increased in value and volume, with little reciprocal supplies from the German side, Greece's accounts, which formally managed the payments for these goods, showed a credit balance. In December 1942, the Greek collaborationist government was forced to agree to treat this credit balance as an interest-free claim, to be repaid after the war.

According to a final report by the Foreign Office of the German Reich to the Reichsbank dated April 12, 1945, this outstanding debt amounted to 476 million Reichsmark.