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2012-02-13

Han är bildad, Ambrose; Grekland, Tyskland och the London Debt Agreement of 1953

The US, Canada, Britain, France, Greece, and other signatories at the London Debt Agreement of 1953 granted Chancellor Konrad Adenauer a 50pc haircut on all German debt, worth 70pc in relief with stretched maturities. There was a five-year moratorium on interest payments. 

Det skriver Ambrose Evans-Pritchard i Daily Telegraph 12 Feb 2012

The finance ministers of the day agreed to overlook the moral origins of that debt, and the moral hazard of “rewarding” a country that had so disturbed the European order.
 

The Wirtschaftswunder whittled down the burden of German debts to modest levels within a decade. Germany emerged as a vibrant democracy and a pillar of the western security system.
 

Greece has less strategic relevance, and must comply with tougher terms.
 

As Professor Vanis Varoufakis from Athens University says: “If we had better implemented the measures, the worse it would be: the economy would be comatose, and the debt-to-GDP ratio would be even more explosive.”
 

So yes, like Germany accepting the terms of the Carthaginian Peace with a gun to its head in 1919, Greece signed “an insincere acceptance of impossible conditions” - to borrow from Keynes - hoping that sense would prevail with time.

Han är bildad Ambrose. Jag måste använda Google och Wikipedia för att förstå vad han syftar på.
 

Med Google och Wikipedia kan vi alla vara bildade. 
Om vi vill förstå.

Grekland
Keynes



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