Economic Scene: Germany’s Debt History, Echoed in Greece

http://rss.nytimes.com/c/34625/f/640350/s/47eb242b/sc/24/l/0L0Snytimes0N0C20A150C0A70C0A80Cbusiness0Ceconomy0Cgermanys0Edebt0Ehistory0Eechoed0Ein0Egreece0Bhtml0Dpartner0Frss0Gemc0Frss/story01.htm

As policy makers know well — and Germany perhaps better than any — major debt overhangs are solved only by writing down the debt. And the longer the delay, the deeper the pain.

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