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The Lausanne Conference of July 1932, attended by the former allied powers of World War I (Britain, France, Belgium and Italy), and Germany, accepted that the world economic crisis made continued reparations by Germany virtually impossible. Various long-term arrangements were made, but in effect it allowed Germany off the hook for the monetary compensation it had agreed to pay for its responsibility in starting the war. Germany was now free to rebuild its own economy. This was a very importance conference attended by the world press, among whom was Clare Sheridan.