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German economic miracle: thanks to debt relief?
Highly indebted, without access to capital, viewed suspiciously by creditors – that was Germany in 1953. Half the country's debts were canceled 60 years ago this week – the foundation of the “economic miracle.”
Many Germans are still proud of the so-called “economic miracle.” Post-war growth was extraordinary – the new Federal Republic's economic output doubled between 1953 and 1963 alone. Generations of schoolchildren have since be taught that the Germans are simply unbelievably hardworking people who were supported by US money after the war.
“That is a very regrettable part of the suppression of history in this country,” says Joachim Kaiser of erlassjahr.de, an alliance that campaigns for the cancellation of debts in the developing world. He believes that the Germans have forgotten that they were hopelessly in debt after World War II, not unlike Greece today …. http://www.dw.com
Source: http://luismmx.blogspot.com/2015/07/german-economic-miracle-thanks-to-debt.html
