from Robert Reich, re: Greece/Merkel

German Chancellor Angela Merkel adamantly declares that Greece must adhere to the rules of debt repayment despite 25 percent unemployment in Greece and 40 percent of Greek children in poverty.

Is there a touch of hypocrisy here? In 1953, Germany’s creditors forgave half of German’s debt so it could thrive economically and recover from the war Germany had inflicted on those same creditors. That move wasn’t motivated by generosity. Germany's creditors recalled that their opposite response after World War I. Their harsh demands for debt reparations forced German Chancellor Heinrich Bruning to slash spending, and pushed German unemployment to record heights. According to many historians, this led to the rise of Nazi Germany.

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