Germany was so punished so severely after WW1 probably because it was the biggest war ever fought at that time, with most casualties, and there was nobody else to punish. Although not intentionally, the war was started by Austrian empire and Russia. But just before Austria-Hungary surrendered, its parts declared independence from it so you couldn't even sign a peace treaty with it. During the breakup, Hungary and Austria were for scraps, with neighbouring countries often taking German/Hungarian populated areas. So obviously the "German rest of monarchy" which was Austria, a little country now couldnt bear the brunt of reparations. Only Germany was available for big financial reparations. You couldn't punish Romania, Czechoslovakia (it was officially recognized as allied nation during WW1, and foreign legions fought for French), or Kingdom of Serbs, Croats and Slovenes.
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Defeated Germany was still, more or less, in one piece in 1918, apart from the Danzig corridor and bits of Silesia ceded to Poland and the Sudetenland to Czechoslovakia.
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Sudetenland wasn't ceded to Czechoslovakia, it was always part of Bohemia, but mainly German inhabited land. It couldn't have been given to Germany since it lost the war. Those people never lived in Germany anyway, they lived in Austrian empire. The only way how that trouble could have been prevented was if Austria and Bohemia transformed into one confederation with Austria keeping control of the scattered German speaking population. It couldn't have been awarded to independent Austria, due to fact German speaking population was not located in one area but scattered all over the hilly border.