The Germans are the biggest bank defaulters?

Paddy Samurai

Given all the talk about greece,this is a interesting article from a different perspective.

The Germans lack moral authority in this area. When it comes to debt default, just as in soccer, the Germans are world beaters. They defaulted more than any other country in the 20th century.
They were supposed to pay 132bn Goldmarks in reparations after World War I. They paid only 22.78bn Gm and almost all of that cash came from fresh credits funnelled by US banks through the governments of the German Lander (regions) or big German Corporations.
After a decade of ducking and diving-giving unconvertible Reichsmarks to creditors overseas-Germany formally defaulted under Nazi rule in 1933. To settle all outstanding debt Hitler famously presented The Bank for International Settlements in Lausanne with 3bn Reichsmarks worth of medium dated German bonds. These bonds were literally burned in the BIS’s back garden in 1948 having been deemed worthless.
It was the same story in 1953. Under the London Debt Agreement half of German national debt was simply written off at a stroke. Repayment of much of the remainder was to be delayed bizarrely “until German reunification” which finally took place in 1990. When the Berlin Wall fell the Germans honoured that deferred debt by quietly paying 200m Deutschmarks to creditors who were by then mostly dead.

Good to know they are spending our money wisely,and staying within budget.

The top brass at the ECB in Frankfurt have just moved into a new 46-storey glass office block that cost the European taxpayer €1.2bn, some €450m over budget. Their sense of personal arrogance is enormous.

Also good to know that greece will not be allowed to default ,as thats against the rules:rolleyes:

Quietly some time ago it was also allowed to default on another €100bn worth of debt to private sector banks. This was arranged for Athens and part funded by the ECB in Frankfurt. It was described at the time as a “debt exchange” definitely not a default. But it was a default.

http://www.independent.ie/business/damien-kiberd-on-greece-germans-are-world-class-debt-defaulters-and-soccer-players-30937381.html

NotYourYear20

Paddy Samurai wrote: »

The Germans are the biggest bank defaulters?

Of course they are. After all, didn't little Ireland bail out their banks from the gambles they took.

steddyeddy

If you talk to some Germans about political matters expect to see a large degree of hypocrisy. Glad it's being highlighted.

seamus

Dragging up economic issues from the Nazi era? Wow, that's some epic barrel-scraping going on there just to take a pot-shot at the Germans.

gizmo555

seamus wrote: »

Dragging up economic issues from the Nazi era? Wow, that's some epic barrel-scraping going on there just to take a pot-shot at the Germans.

Well. it was interesting to see on tonight's TV news that the new Greek prime minister's first action after his formal appointment was to the visit the grave of 200 Greek communists shot by the Germans in WW II.

evolving_doors

seamus wrote: »

Dragging up economic issues from the Nazi era? Wow, that's some epic barrel-scraping going on there just to take a pot-shot at the Germans.

considering they just finished paying back the war reparations a couple of years ago ,i think its fair game. Besides, when are we going to finish paying back the private debt which we nationalised... (never mind the privatisation of our national assets!).

arayess

gizmo555 wrote: »

Well. it was interesting to see on tonight's TV news that the new Greek prime minister's first action after his formal appointment was to the visit the grave of 200 Greek communists shot by the Germans in WW II.

Interesting to see alright as he clearly lives in cloud cuckoo land. Empty gestures like that are right up Paul Murphys street .All soundbite and optics rather than actually doing something practical.

Phoebas

gizmo555 wrote: »

Well. it was interesting to see on tonight's TV news that the new Greek prime minister's first action after his formal appointment was to the visit the grave of 200 Greek communists shot by the Germans in WW II.

The upcoming negotiations are going to be smooth sailing.

Arsemageddon

seamus wrote: »

Dragging up economic issues from the Nazi era? Wow, that's some epic barrel-scraping going on there just to take a pot-shot at the Germans.

The German invasion and occupation in WW2 and it's aftermath destabilised Greece for most of the 20th century. It's not the sole reason for Greece's economic catastrophe, but it did play a significant part.

I think bringing it up is fair game.

Smiles35

Arsemageddon wrote: »

The German invasion and occupation in WW2 and it's aftermath destabilised Greece for most of the 20th century. It's not the sole reason for Greece's economic catastrophe, but it did play a significant part.

I think bringing it up is fair game.

Naw. If greece remained uninvaded they probably would have been shot or locked up anyway in some civil war rumblings.

The only way this makes sence to me is if it's for Greeks eyes only as a show for the people and any other parties.

Arsemageddon

Noblong wrote: »

Naw. If greece remained uninvaded they probably would have been shot or locked up anyway in some civil war rumblings.

The only way this makes sence to me is if it's for Greeks eyes only as a show for the people and any other parties.

Thats a very, very stupid post. Fact is the German's did invade.

About 500,000 Greeks died because of war, famine and genocide during WW2.

Smiles35

Arsemageddon wrote: »

Thats a very, very stupid post. Fact is the German's did invade.

About 500,000 Greeks died because of war, famine and genocide during WW2.

And I'm sure every tom dick and harry is bringing it up. Ok. I take it back. It's not for the greeks, it's for the greeks and you.

https://www.youtube.com/watch?v=lIRd4lC04l8

Spook_ie

One of the few times that Godwin eliminated an OP

Arsemageddon

Noblong wrote: »

And I'm sure every tom dick and harry is bringing it up. Ok. I take it back. It's not for the greeks, it's for the greeks and you.

Any chance that you could start posting in intelligible English?

Karl Stein

Hitler.

RobbingBandit

Karl Stein wrote: »

Hitler.

Now come on lets not drag the Austrians into this too.

mikom

Karl Stein wrote: »

Hitler.

And his dog, Blondi.

Karl Stein

One of Hitler's enduring legacies is the stigmatisation of the Charlie Chaplin moustache.

I think Brian Dobson would look great sporting a Charlie Chaplin moustache.

Venus In Furs

How many people have tested same on Paint?

I have, and it does suit him.

Vomit

No to all crackpot theories except 911, because obvious questions remain. Keywords include: Freefall, dust, molten steel, WTC7

20Cent

Jokes aside it is actually true.

Son Of A Vidic

NotYourYear20 wrote: »

Of course they are. After all, didn't little Ireland bail out their banks from the gambles they took.

And feck all thanks we got for it.

malibu4u

from Wiki: ( look up ww1 reparations):
To help make reparations payments, Germany took out various loans during the 1920s. In 1933, following the cancellation of reparations, the new German Chancellor Adolf Hitler cancelled all payments. In June 1953, an agreement on this existing debt was reached with West Germany, which agreed to make symbolic token payments against the loans that had been defaulted on in the 1920s, but deferred some of the debt until West and East Germany were unified. In 1995, following reunification, Germany began making the final payments towards the loans. A final installment of US$94 million was made on 3 October 2010, settling German loan debts in regard to reparations

Having said that, the germans made unsustainable foolish loans to our banksters during the tiger period. There has to be some debt forgiveness.

Karl Stein

Venus In Furs wrote: »

How many people have tested same on Paint?

I have, and it does suit him.

Fuhrer Dobbo?

ezra_pound

This article makes some incorrect implications. The outstanding WWI reparations which Hitler refused to pay were reassumed by w Germany after WWII and these made up about half of Germany's debts at the time of the London agreement. The write down at that occasion roughly matched the outstanding WWI debt. So these two defaults/write offs are essentially the same money. Only a small part of the settlement was also to be paid after unification, the article implies that most of it was.

So really there was one default, under Hitler, and one rescheduling of debt whereby the term was extended for a similar amount of debt in the London agreement.

Edit: just to clarify, the article essentially double enters the German default of the WWI debt under Hitler.

ezra_pound

Also the context of the settlement is entirely different to the current situation with Greece.

Buzz Meeks

The Germans held a victory parade through Paris every single day of the three occupation during WWII. Military Band, marching troops etc. World beaters in rubbing peoples faces in it.

andrew

Good to know they are spending our money wisely,and staying within budget.

Whatever about the rest of that stupid article, It's not Tax payers money, the ECB self finances.

Paddy Samurai

andrew wrote: »

Whatever about the rest of that stupid article, It's not Tax payers money, the ECB self finances.

Think it is taxpayers paying for it


Not only stated in this article,but also in der spiegel below.


http://www.spiegel.de/international/business/cost-overruns-and-delays-plague-ecb-skyscraper-project-in-frankfurt-a-930352.html

ezra_pound

From der Spiegel:

When the monetary watchdogs move into their new home, their offices are likely to be among the most expensive in the euro zone. As the complex will house about 2,000 employees and cost more than €1 billion to build, each workspace will be worth about €600,000, or as much as a very comfortable single-family home. In commercial real estate, €30,000 per desk space is usually considered "upscale."

***

600k per workspace!

andrew

Paddy Samurai wrote: »

Think it is taxpayers paying for it


Not only stated in this article,but also in der spiegel below.


http://www.spiegel.de/international/business/cost-overruns-and-delays-plague-ecb-skyscraper-project-in-frankfurt-a-930352.html

That article is mistaken. The Irish central bank, and all EU central banks, are net contributors to their country's respective exchequer/treasuries. The Irish central bank hands over a few hundred million to the Irish government each year

Egginacup

Paddy Samurai wrote: »

Given all the talk about greece,this is a interesting article from a different perspective.



Good to know they are spending our money wisely,and staying within budget.



Also good to know that greece will not be allowed to default ,as thats against the rules:rolleyes:



http://www.independent.ie/business/damien-kiberd-on-greece-germans-are-world-class-debt-defaulters-and-soccer-players-30937381.html

The Germans bailed out the Germans when they flooded Greece with Troika money. They don't like how things are going now and are trying to come the heavy.

Guy:Incognito

gizmo555 wrote: »

Well. it was interesting to see on tonight's TV news that the new Greek prime minister's first action after his formal appointment was to the visit the grave of 200 Greek communists shot by the Germans in WW II.

In a not at all calculated and deliberate move of course.........

Arsemageddon wrote: »

The German invasion and occupation in WW2 and it's aftermath destabilised Greece for most of the 20th century. It's not the sole reason for Greece's economic catastrophe, but it did play a significant part.

I think bringing it up is fair game.

and jumping straight back to spending all their money again when the outgoing government just had them back to a neutral budget, whose fault will that be? Hitler again?