A big
chance for Greece to take advantage of the war
As the
German Handelsblatt reported,
a group of British and American scientists concludes that Germany
owes its economic miracle in debt haircut.
Historians
of the economy are convinced that the debt haircut was decisive in
helping the economically kneeling Germany to overcome the other
European countries, although they have most benefited from the
Marshall Plan, as a British-American group emphasised. Albrecht
Ritschl from London School of Economics found that Germany owes its
economic miracle, the fixed mark, and favorable fiscal position, to
the drastic debt haircut.
The research
team examined how the London Agreement had affected public spending
and found that the debt haircut improved creditworthiness of the
country. The government was able to get new loans at low interest
rates, while since the start of negotiations in mid-1951 until their
ending, the government bonds for ten years dropped from 3 to 1.8%.
From this reduction also benefited businesses while reducing their
expenses in foreign currency.
From what we
know so far, the argument was supported only by the Tsipras
administration to highlight that even Greece had accepted the German
debt haircut back in 1953, despite that Greece didn't receive any
reparation (until today) for the big damage suffered by the German
occupied forces during WWII.
The question
is: why now? Why after seven years of destruction of the Greek
economy due to the destructive policies by its creditors, an
Anglo-American team of economists officially aligned with the Greek
position using the same argument to show that the Greek debt needs a
big haircut?
A probable
answer is that the economic transatlantic war culminates with Trump
in power, and the Germans seek to create their own autonomous pole.
As described already:
Merkel knows that the economic
domination is not adequate for a country to become a major power. It
is also important to have a strong military presence in its “sphere
of influence”, or, its financial/debt colonies, if you prefer. The
German military presence in Lithuania is a first step towards this
direction as the Baltic countries have already become German
"satellites" in the economic field.
That's why Merkel would not be
probably very unhappy with Trump's statements about calling NATO an
'obsolete' alliance. Germany can use NATO as a pretext to put troops
in eastern Europe, but they can stay permanently under a new European
military alliance in the future.
Therefore, while Trump will be
occupied with his efforts to 'lure' Russia in order to break its
alliance with China, Germany may find the chance to build a third
major pole between a possible refreshed Anglo-American axis and the
Sino-Russian bloc, replacing the US hegemony in Europe.
It's a huge chance for Greece to
take advantage of the war between the big players, in order to be liberated
from the debt slavery.
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