Debts and other legacies

Greece wants war reparations and loan repayments from Germany, writes Klaus Neumann, and the idea isn't as far-fetched as it might sound. It still isn't clear whether Greece will default on its massive foreign debt, and even less certain what will happen if it does. Economists need look no further than Germany to get a glimpse of possible scenarios - not because Germany's inflexibility could trigger Greece's insolvency but because, having defaulted at least three times in the past hundred years, Germany has accurately been called the 'biggest debt transgressor of the twentieth century.'