This month marks the centenary of the Treaty of Versailles, one of the agreements that brought World War I to a close. In a sense, the tables have turned. Whereas the treaty imposed huge reparations on Germany, today’s Germany has taken the lead in imposing a large debt obligation on its fellow Eurozone member Greece.

Although the creditor-debtor cards have been reshuffled since 1919, the game remains the same. Creditors want their pound of flesh, and debtors want to avoid giving it. Debt...


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