CEP News: Debating Europe: Should Greek debt be forgiven as German debt was in 1953?

Debating Europe:
Should Greek debt be forgiven as German debt was in 1953?

18 March 2015

An even more dramatic example is provided by Germany itself. Historically, Germany has been described as the biggest ''debt transgressor'' of the 20th Century, with restructurings in 1924, 1929, 1932 and 1953. Total debt forgiveness for Germany between 1947 and 1953 amounted to somewhere in the region of 280% of GDP, according to economic historian Albrecht Ritschl of the London School of Economics. Today, Greece has an external debt-to-GDP ratio of roughly 175% (by comparison, Germany's external debts currently stand at about 145% of GDP).

This article was published by Debating Europe online on March 18, 2015
Link to article here

Related publications
'Reparations, Deficits, and Debt Default: the Great Depression in Germany', Albrecht Ritschl, Centre for Economic Performance Discussion Paper No.1149, June 2012

Related links
Albrecht Ritschl webpage
Macro Programme webpage

Debating Europe:Should Greek debt be forgiven as German debt was in 1953?

Debating Europe:
Should Greek debt be forgiven as German debt was in 1953?