“Does Greece ‘deserve’ the debt relief? […] Did Germany ‘deserve’ the relief in 1953? That was not the right question. […] Greek politicians behaved badly; so did German, French, and US banks; and so have many Greek tycoons who hid their wealth abroad, out of reach of the tax authorities.
Who ‘deserves’ what remains a difficult question. Yet as with Germany in 1953, the proper question is whether Greece needs debt relief, and whether Germany and the other creditors should give it. On that the answer is unequivocal. The eurozone is heading either for a constructive debt-relief agreement or for a political crash with potential ramifications vastly larger than Greece.”