were some of the territorial changes the treaty imposed upon Germany. The payment schedule required within twenty-five days and then annually, plus 26 per cent of the value of German exports. The German Government was to issue bonds at five per cent interest and set up a sinking fund of one per cent to support the payment of reparations. End of reparations for Austria, Bulgaria, Hungary and Turkey Between the signing of the Treaty of Neuilly-sur-Seine and April 1922, Bulgaria paid 173 million gold francs in reparations. In 1923, the Bulgarian reparation sum was revised downwards to 550 million gold francs, "plus a lump sum payment of 25 million francs for occupation costs". Towards this figure, Bulgaria paid 41 million gold francs between 1925 and 1929. In 1932, the Bulgarian reparation obligation was abandoned following the Lausanne Conference. Because Austria was "so impoverished" after the war, and because of the collapse of the Bank of Vienna, the country paid no reparations "beyond credits for transferred property". Likewise, Hungary paid no reparations beyond coal deliveries because of the collapse of the Hungarian economy. Turkish reparations had been "sharply limited in view of the magnitude of Turkish territorial losses". However, the Treaty of Sèvres was never ratified. When the Treaty of Lausanne was signed in 1923, Turkish reparations were "eliminated altogether". German defaults From the initiation of reparations, German coal deliveries were below the level agreed. In an attempt to rectify this situation, the Spa Conference was held in July 1920. At this conference it was decided that Germany would be paid five marks per coal ton delivered to facilitate coal shipments and help feed the miners. Despite this, Germany continued to default on her obligations. By late 1922, the German defaults on payments had grown so serious and regular that a crisis engulfed the Reparations Commission. French and Belgian delegates urged the seizure of the Ruhr to encourage the Germans to make more effort to pay, while the British supported postponing payments to facilitate the financial reconstruction of Germany. On 26 December 1922, Germany defaulted on timber deliveries. The timber quota was based upon a German proposal and the default was massive. The Allies were unanimous that the default was in bad faith. In January 1923, despite quota reductions, the German Government defaulted on coal deliveries for the 34th time in three years following the loss of the Upper Silesian coal