The last time Germany needed a bail-out from world creditors, it secured better terms than shattered Greece last week.
The austerity policy being forced on Greece by Germany and the eurozone cannot command democratic consent over time.
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. Continue reading
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Tagged 12 February, 2012, Ambrose Evans-Pritchard, European Central Bank, European Union, Germany, Germany's Carthaginian Terms For Greece, Greece, Greek, Hellenic Parliament, International Monetary Fund, The Telegraph UK