Germany vs. Greece: Which is champion debt defaulter of the 20th century?

Germany outranks Greece in debt defaults

The Greek and German governments do not see things eye to eye and it’s not just the weather that’s to blame. They may view the world from different economic contexts. Germany’s economy is robust while in Greece, austerity has crippled the country’s economy for six years — but after decades of mismanagement, petty to grand corruption, a political client states and other ills. Ironically, German companies are the ones buying up more Greek companies than anyone else.

While Greece totters on the edge of a default, Germany’s economy is soaring. Germany has the lowest unemployment rate (4.7%) and Greece has the highest (25.6%).

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Greeks want debt restructuring, but Germans, according to opinion polls, mostly insist that “a debt is a debt.” Ironically, however, Germany is the biggest debt defaulter of the 20th century, with two defeats in a same-number of World Wars to blame for that.

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