The economist Thomas Piketty, who gained fame last year as the author of Capital in the Twenty-First Century, reminds Merkel, “It was in the 1950s, he notes, that Germany benefited from a massive — and, in those days, surprisingly common — round of debt forgiveness that catapulted its rise into a peaceful economic power. Greece was one of the nations forgiving Germany’s debts. In other words, Piketty suggested, when it comes to how to handle Greece in 2015, the best argument against Germany might be … Germany, circa 1953.” Piketty is right, of course, but I doubt Angela Merkel will change her stance. She seems determined to punish Greece even if it makes things worse not just for Greeks, but for all of Europe.
Read Piketty’s history lesson here: Thomas Piketty accuses Germany of forgetting history as it lectures Greece – The Washington Post.