Spiegel: 'Germany Was Biggest Debt Transgressor of 20th Century'

Albrecht Ritschl, is a professor of economic history at the London School of Economics. Born in Munich, he previously taught as a professor at the University Pompeu Fabra in Barcelona, the University of Zürich and Berlin's Humboldt University.

"Think Greece's current economic malaise is the worst ever experienced in Europe? Think again. Germany, economic historian Albrecht Ritschl argues in a SPIEGEL ONLINE interview, has been the worst debtor nation of the past century. He warns the country should take a more chaste approach in the euro crisis or it could face renewed demands for World War II reparations. "

"Ritschl: ..., but we were also extremely reckless -- and our export industry has thrived on orders. The anti-Greek sentiment that is widespread in many German media outlets is highly dangerous. And we are sitting in a glass house: Germany's resurgence has only been possible through waiving extensive debt payments and stopping reparations to its World War II victims."

"SPIEGEL ONLINE: You're saying that Germany should back down?"

"Ritschl: In the 20th century, Germany started two world wars, the second of which was conducted as a war of annihilation and extermination, and subsequently its enemies waived its reparations payments completely or to a considerable extent. No one in Greece has forgotten that Germany owes its economic prosperity to the grace of other nations."



[link to www.spiegel.de]


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