How Europe cancelled Germany’s debt in 1953 – Wake Up From Your Slumber !

The Invisible Opportunity: Hidden Truths Revealed

The 1953 London Debt Accords show that European leaders know how to resolve a debt crisis in the interests of justice and recovery. Here are four key lessons for Greece’s debt crisis today.

On 27 February 1953, an agreement was signed in London which resulted in the cancellation of half of Germany’s (then West Germany’s) debt: 15 billion out of a total of 30 billion Deutschmarks.*

The German delegation signs the London Debt Accords on 27 February 1953. Photo: German Federal Archives

The German delegation signs the London Debt Accords on 27 February 1953. Photo: German Federal Archives

Those cancelling the debt included the United States, the UK and France, along with Greece, Spain and Pakistan – countries which are major debtors today. The agreement also included private individuals and companies. In the years following 1953 other countries signed up to cancel German debts, including Egypt, Argentina, Belgian Congo (today…

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