Deadbeat Germany - Historically Yes!

The German online magazine Spiegel has a great article that should humble Germany's demands for Greek, Irish and Portuguese austerity. It makes the case that in the twentieth century, Germany was a major defaulter and depended on other countries absorbing its losses - i.e. taking "haircuts". It is a good historical perspective that shows that Germany does not have a financially righteous past - but is really a reformed sinner.