Here is the title of a ridiculous little piece in a former newspaper, the New York Times:
The author argues that Germany, “benefited not so long ago from more lenient terms than it is now prepared to offer” Greece. In 1953, Germany’s creditors cut its outstanding debt in half.
What a convenient flogging of history. Germany’s debt in 1953 was war debt. It acquired that debt not by borrowing, but through its surrender of World War II, as the allies sought repayment for all the gold and treasure spent liberating Europe from the Third Reich. Thus, Germany’s debt of the 1950’s was laid upon it as merciless war reparations.
It is rampantly disingenuous to compare that to Greece’s debt. Greece spent decades running a massive socialist state with generous pensions, early retirement ages, and bloated government.
How can the New York Times take itself seriously with such a flawed comparison?
(Click the large title for a linked to the original article at the New York Times.)