Greek PM reminds Europe of Germany’s debt relief, asks for same

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On Monday, which marked the 63 years since the 1953 London Debt Agreement whereby war torn Germany was granted debt relief, Greek PM Alexis Tsipras used the occasion to remind Europe that it was high time a similar gesture was made to Greece.

The Greek PM made his request for debt relief as part of a message he posted on his official social media pages:

“On this day, in August 8, 1953, a nearly six-month negotiation between Germany and its creditors was concluded, with the signing of the London Debt Agreement. The debt-ridden and war-torn Germany enjoys the ultimate move of solidarity in modern European history by having 60 percent of its foreign debt cancelled, its internal debts restructured and a trade surplus clause,” Tsipras said.

The announcement comes amid a climate of despair and disbelief over the IMF’s mishandling of the Greek financial crisis as reported by the organisation’s watchdog and allegations of European basis towards other EU member states like Spain.

‘’Europe must rise to the occasion and turn its gaze to the future by signing a new social contract that will guarantee the prosperity of its peoples,” he added.

GCT Team

This article was researched and written by a GCT team member.