The Treaty of Versailles (1919)

The Treaty of Versailles imposed crippling reparations, territorial losses, and military restrictions on Germany after World War I. John Maynard Keynes warned at the time that the punitive terms would destabilise Europe. He was right — the treaty's harshness fuelled German resentment, hyperinflation, and the rise of Adolf Hitler. It is considered by many historians not a peace treaty but a 20-year ceasefire, and it is cheaper than the typical rival peace accord in terms of immediate implementation cost but more expensive in long-term consequences, with reparations totaling 269 billion gold marks.