'The German bankruptcies in the last century show that the sensible thing to do now would be to have a real reduction of the debt.'<blockquote>'..it is now necessary to determine how high the failure rate of government bonds is, and how much money the country's creditors must sacrifice. It's above all a matter of finding the paymaster.
..
The German bankruptcies in the last century show that the sensible thing to do now would be to have a real reduction of the debt. Anyone who has lent money to Greece would then have to give up a considerable part of what they were owed. Some banks would not be able to cope with that, so there would have to be new aid programs. For Germany, this could be expensive, but we will have to pay either way. At least Greece would then have the chance to start over.'
- Albrecht Ritschl (
Source, 06/21/2011</blockquote>