70 billion German reparation debt owed to Greece would ease crisis

The issue of the occupation loan remains open

The Greek government could do much more to ease the current economic crisis by pursuing the 70 billion still owed by Germany in World War II reparation debts. The issue is a talking point amongst Greek citizens who have suffered odious insults in the German press regarding Germany bailing out Greece.

In an interview with Der Spiegel eminent economic historian Albrecht Ritschl, a professor at the London School of Economics, has criticized Germany for their hostilty towards Greece in the current economic

Keep Talking Greece quotes Greek Deputy Foreign Minister Dimitris Dollis confirming that Greece has not abandoned their demands concerning the occupation loan and outstanding reparations due. He said "The issue of occupation loan as a war fact remains open, that is it open to a settlement under the rules of International Law."

• According to estimated figures compiled by "National Council for the Claim of German Debts, led by the Resistance hero Manolis Glezos, the debt now exceeds, in present value, 162 billion euros plus interest." This contrasts with other sources who put the figure at 70 billion. The Athens News cites the unpaid debt as resulting from:
• "The obligation to pay compensation for the loss mainly of vessels (due to bombing, torpedoing, sinking or captivity) during the period of Greek neutrality, before the Italy's and Germany's invasions. The forced "occupation loan." The $3.5 billion loan now stands at $25 billion with inflation and interest payments taken into account.
• The reparations acknowledged by the Paris Peace Conference (1946) to be paid by Germany for damage caused to the Greek economy
• The payment of compensation to the victims of the atrocities perpetuated by the German occupation army. The victims are 1,125,960 people. (38,960 executed, 12,000 dead from stray bullets, 70,000 killed in the battle field, 105,000 dead in concentration camps in Germany, 600,000 deaths from starvation).
• Greek archaeological treasures stolen by Nazi Germany

One suggested solution discussed in Parliament is to register the German debt and deduct it from the corresponding debt owed by Greece to Germany.

Following World War II Germany had so much debt that it was bailed out by the London debt agreement of 1953, forcing other nations to forgive debt Germany owed. Whilst Germany's economy went on to become a modern miracle the countries it occupied are often still paying the economic price. If the German reparation debt to Greece was finally paid it would significantly reduce the nation's current crisis.