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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