1953 Miracle – ‘Greece (+20 countries) effectively wrote off a large chunk of Germany’s loans’

730px-The_Shirelles_-_Last_Minute_Miracle

Last Minute Miracle” / Wikimedia Commons

The 1953 agreement, in which Greece and about 20 other countries effectively wrote off a large chunk of Germany’s loans and restructured the rest, is a landmark case that shows how effective debt relief can be. It helped spark what became known as the German economic miracle So it’s perhaps ironic that Germany is now among the countries resisting Greece’s requests to have part of its debts written off.” (1) – emphasis added

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AP Shames Merkel on Greece; LaRouche Urges Story Be Spread

LaRouchePAC.com
July 2, 2015

EIR Founding Editor Lyndon LaRouche, whose July 1 statement, “The Trans-Atlantic Financial System Is Bankrupt, Not Greece,” has circulated and been echoed widely from www.LaRouchePAC.com, today urged the widest circulation of an Associated Press article which recommends an emergency debt conference for Greece.

The article’s headline is Germany resists debt relief for Greece, but benefited from such a plan after WWII referring to the 1953 London Debt Conference which arranged the writeoff of half of all German debt going back to the post-World War I period, and helped unleash the “German Economic Miracle” of the 1950s through 1970s.

Among others locations, the AP report appeared at USNews on July 2, just as the IMF reluctantly made public its [leaked] staff report which acknowledged that at least 50-60 billion euros of Greece’s unpayable debt has to be relieved. That would be only 20% of Greece’s current debt, but Germany received relief from nearly half of its debt in 1953, when Greece was one of its creditors.

The key section of the AP article reads:

“The 1953 agreement, in which Greece and about 20 other countries effectively wrote off a large chunk of Germany’s loans and restructured the rest, is a landmark case that shows how effective debt relief can be. It helped spark what became known as the German economic miracle….

“So it’s perhaps ironic that Germany is now among the countries resisting Greece’s requests to have part of its debts written off.

Greek Finance Minister Yanis Varoufakis claims debt relief is the key issue that held up a deal with creditors last week and says he’d rather cut off his arm than sign a deal that does not tackle the country’s borrowings.

“In a closely-watched report on Thursday, the International Monetary Fund backed the call to make Greece’s debt manageable.”

LaRouche was to discuss the situation of the euro system’s breakdown crisis with hundreds of activists around the United States Thursday night. He repeatedly emphasizes that the trans-Atlantic financial system cannot avoid collapse without imposing a “global Glass-Steagall” reorganization on the Wall Street and London-centered megabanks, and writing off their worthless debt “assets.” The bailouts of Greece were swindles which bailed out only these banks, he showed in analysis in late February, and the so-called “Greek debt” both unpayable and illegitimate.

Almost uniquely, LaRouche sees how this collapse leads to London using its puppet Barack Obama to provoke war with Russia and China. His conclusion to that February statement on the “Greek debt” swindle is worth quoting:

“Looting does not constitute legitimate debt. The debt is illegal, it is unpayable, and it is the fruit of a London-led criminal enterprise that must be shut down altogether, if the world is to survive the coming months without an eruption of general war in the center of Europe. This [issue] has to be put loud and clear on every doorstep in the United States. If you want to avoid World War III, that’s what you’ll do.”

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Note:
1. https://larouchepac.com/20150702/ap-shames-merkel-greece-larouche-urges-story-be-spread

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