Although the armistice agreement was only a ceasefire, it signified the end of World War I. It was celebrated by many on all sides, but Germany felt the worst of it, as many citizens felt cheated because German propaganda during the war told them that the Germans were winning. Because of this, people were buying war bonds (loans) with the promise that when they win the war, they will be payed back a larger sum of money. This obviously proved not to be the case.