This article offers a new interpretation of Marcel Mauss’s The Gift. It situates Mauss’s argument within his broader thinking on the politics of sovereign debt cancellation and the question of German reparations paid to the Allies after World War I. Mauss applauded the policies of reparation and debt cancellation proposed by the French “solidarist” activists who were responsible for inclusion of reparations provisions in the Versailles Treaty. But Mauss was also aware that their legal mobilization could not by itself restore a sense of solidarity among European peoples. Broader systems of political alliance and anthropological norms of gift-making were also necessary. In Mauss’s writings on war reparations, as in The Gift, he described the legal, political, and macrostructural dynamics at work in the settlement of reparations and sovereign debts, which he differentiated from the dynamics at work in the speculative logics of financial capitalism. In doing so, Mauss provided insights into the settlement of sovereign debt crises, which still agitate the international community today.