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Why is it that the Versailles Peace Treaty can be considered a lost opportunity?

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The treaty was lengthy, and ultimately did not satisfy any nation.

The Versailles Treaty forced Germany to give up territory to Belgium, Czechoslovakia and Poland, return Alsace and Lorraine to France and cede all of its overseas colonies in China, Pacific and Africa to the Allied nations. In addition, it had to drastically reduce its armed forces and accept the demilitarization and Allied occupation of the region around the Rhine River. Most importantly, Article 231 of the treaty placed all blame for inciting the war squarely on Germany, and forced it to pay several billion in reparations to the Allied nations.

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