In reality, the peace terms were not unprecedented in their harshness, and the German hyperinflation was mainly due to the irresponsible fiscal and monetary policies adopted by the Germans themselves. They thought they could win the peace by economic means. In British minds they did. The Germans were also more successful than any other country in defaulting on their debts, including the reparations demanded from them by the Allies. However, this victory was pyrrhic: it was won by democratic politicians at the expense of democracy and their own power.