Germany’s War Debt to Greece: A Burden Unsettled by Nicos Christodoulakis

By Nicos Christodoulakis

The publication chronicles the career mortgage that used to be forcibly got by way of the 3rd Reich from the Greece in 1942-1944 and demonstrates why Greece's declare for the reimbursement of the personal loan continues to be legitimate. to beat the absence of a standard debt contract among the 2 international locations, numerous exams of its present worth are awarded and mentioned.

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Extra info for Germany’s War Debt to Greece: A Burden Unsettled

Example text

The memories from 1923 – when hyperinflation had destroyed the economy and paved the way to Nazism – made Germans wary of the disaster repeating itself. 21 Germany’s economy effectively became a barter or “black-market” exchange with the currencies of the Allied powers used in transactions. The situation started to normalize only after a currency reform took place in 1948. The 1948 currency reform Under such conditions, Germany decided to switch to a new credible currency and did so with the reform of 1948: the Reich Mark (RM) was replaced by the new Deutsch Mark (DM) at a rate of 10 RM per DM.

Database, adapted by the author. However, such attempts have also a profound flaw since they fail to take into account the fact that the Reich Mark (RM) was deeply depreciated and replaced in 1948 by a new and much stronger currency, the Deutsche Mark (DM). Germany’s postwar collapse After the war, defeated Germany was trapped in dire economic and social straits. Cities had been devastated by the Allied bombings while the country was partitioned in four zones of military occupation under the control of the major victorious powers, namely the US, Soviet Union, Britain and France.

Currency volatility After its defeat by Germany, Greece was occupied by three members of the Axis – Germany, Italy and Bulgaria – and each one printed its own currency to finance army logistics and administrative expenses. The result was that on top of the Drachma issued by the Bank of Greece, three other separate currencies circulated in Greece at the same time, namely: (a) The occupational Mark issued by the German authorities, at an initial exchange rate of one mark to 60 GRD. (b) The Mediterranean Drachma issued by the Italian authorities, at an exchange rate of six GRD.

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