Thomas Piketty calls for European Debt Conference

“We need a conference on all of Europe’s debts, just like after World War II. A restructuring of all debt, not just in Greece but in several European countries, is inevitable. Just now, we’ve lost six months in the completely intransparent negotiations with Athens. The Eurogroup’s notion that Greece will reach a budgetary surplus of 4% of GDP and will pay back its debts within 30 to 40 years is still on the table. Allegedly, they will reach a 1% surplus in 2015, then 2% in 2016, and 3.5% in 2017. Completely ridiculous! This will never happen. Yet we keep postponing the necessary debate until the cows come home.”

Eruoean Debt Conference 1953


One thought on “Thomas Piketty calls for European Debt Conference

  1. David Sucher via Quartz
    July 6 at 7:04pm ·

    Too emotional. Stupid, really. The issue is not whether Germany has “right” to lecture but what is smart thing to do now and how to handle the crisis. In fact I tend to agree with Piketty’s substance but guilt-tripping Germany is an emotional sideshow. Let’s assume that the Germans are pompous greed-heads. So what? Does that mean that Greece gets out if its debts? Piketty admits that the Greek government was FORGING financial docs until 2009. Does Greece have no culpability?

    Sheesh, Piketty, I expect better from you.


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