I wish to ask some questions, and we should be able to broaden the discussion with other examples on war debt and related activities, to get a better understanding of what really happens with war debt. Government to 'retire' some of its WW1 debt Who was the interest paid to? Ok, I get it, the bond holders. Who could they be? This part if not clear to me. What was the original interest rate? What is the current interest rate. Who will buy the bonds? Historical note. What are "Consols?" Historical note. Interest paid to whom? Interest paid by whom? @Sakal Gharelu Ustad, @Mad Indian, @Known_Unknown, and anyone interested.