In 1919 Lord Keynes penned a wonderful tome, The Economic Consequences of the Peace. It is a profound work, written by him to express his concern, as an economist, with the punitive and inflexible approach being taken to German debt. It contains nary an equation but is one of the best pieces of economic analysis you will find anywhere. It would be well worth a read by the politicians of Europe.

You cant expect Greece to immiserate itself forever

Germany should realise that a settlement that is generous to Greece will hurt in the shortterm but reap benefits longterm

Debt reduction is the best way forward, then and now…

Handily enough, now as then much of the debt is owed “internally” in a bloc of so called allies…

Just set the payments in such a way as to make it in everybodys interest that Greece trades and prospers

Irving…