“Syriza, Greece’s new ruling party, makes an attractive argument for writing off Greek debt: Wasn’t Germany, now the biggest opponent of debt relief, itself the recipient of unprecedented largesse in 1953, when its foreign debt was halved?
Attractive, however, doesn’t mean convincing. Parallels between today’s Greece and 1953 Germany are demagoguery, pure and simple.”
It seems that the Nazi war – that destroyed not only Germany but also several countries in Europe – is more acceptable than the actual Greek squandering.
Good point. Congratulations!
The enlightened Mind who wrote that is not discussing debt relief considered by itself, but is mainly taking into account the people that deserves – or not — the debt relief.
So, the writer’s conclusion is that the German people, who supported Nazism, deserved the debt relief, supposedly because Germany’s ruling class back in the 50’s promised that “it would never happen again” (subjective argument). But we know that Germany has done it many times since Bismark at least, and is doing it again not by military means but by financial means.
In contrast, the writer says that Greece does not deserve a debt relief because the actual ruling politicians in Greece are socialists — “forgetting” that the previous Greek government was not socialist, but still was not entitled to any debt relief .
The writer’s problem is a cognitive dissonance, and he’s doing everything possible to reduce the importance of facts that contradict his expectations about the Greek debt in comparison with Nazi Germany’s debt.
The Greek debt, as it is structured right now, is not payable. And it is stupid not to recognize it.