It must be understood that war reparations are actually backed by collateral.
For instance, Austria's reparations are backed by national tariffs along with the salt and liquor taxes from all regions except Hungary.
This means that France's bonds are collateralized by Austria's various state revenues. The security of these bonds far surpasses those issued purely on national credit.
With almost equivalent returns, anyone would buy such government bonds.
And the bigger "trump card" is the anonymous purchase model.
Currently, government bonds across all of Europe are purchased through bank registration. To resell, one must handle cumbersome procedures at the bank, which locks up the buyer's capital. Many factory owners worry about insufficient liquidity and thus dare not purchase.
