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Whether or not their intentions were to give him what they offered or not is debatable, but most likely they believed he could not do it. Therefore proposing an absurd amount on the grounds that he would not succeed. However in the end they refused to even give him the minimum he asked for. Now that their problem was solved they had no use for the stranger and no real need to pay him, or so they thought.
The story is really a parable about the problem of greed. In their exuberance and greed the townspeople denied the piper his money, and they ended up losing something even more valuable than their money, the children...
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