What can we learn from the 1953 London debt agreement?


The 1953 London debt agreement has become a critical issue in the European and international public sphere since the beginning of 2015, when Syriza came to power. But what do we really know about this agreement ? What was the context in which 50% of the German foreign debt was written down by its former creditors ? Here is a seminal piece written by sociologist Timothy Guinnane in 2006, in which he warned against the misunderstanding of the historical circumstances of the early 1950s.


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