SPIEGEL ONLINE: Mr. Ritschl, Germany enters into the debate about financial aid for Greece on a know-how. The Federal Government is acting with their intransigence by the motto "money for you there is only if you do what we ask." Is this attitude justified?
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Ritschl: No, there is no basis.
SPIEGEL ONLINE: That probably most Germans see things differently.
Ritschl: That may be, but Germany has in the 20th Century laid the probably the biggest sovereign default in modern history. Its current financial stability and status as head teacher of Europe owes the Federal Republic of the United States alone who have renounced both after the first and after the Second World War a lot of money. Unfortunately, this is always forgotten.
SPIEGEL: What exactly happened there?
Ritschl: The Weimar Republic who lived from 1924 to 1929 on credit and borrowed money for their reparations from the First World War America. This credit pyramid collided in the economic crisis the 1931st The money was gone, the damage to the U.S. gigantic, the effect on the global economy devastating.
SPIEGEL: It was similar to the Second World War.
Ritschl: Since America has equally made sure not back high reparations were imposed on Germany. With few exceptions, all such demands were put on the back burner, until a future reunion. For Germany, which has been vital, it was the actual financial basis for the economic miracle. At the same time, the victims had the German occupation in Europe do without, including the Greeks.
SPIEGEL ONLINE: In the current crisis, Greece should first get 110 billion euros from the euro zone countries and the International Monetary Fund. Now, a further rescue package to be adopted, which should have similar dimensions. So it's about a lot of money. How big was the German state bankruptcy?
Ritschl: Measured in each case on the economic performance of the United States alone, German debt default in the thirties was as significant as the costs of the financial crisis of 2008. In comparison, the Greek payment problem is actually insignificant.
SPIEGEL ONLINE: Suppose there were a global ranking of bankruptcy kings. On which position would end Germany?
Ritschl: Germany's debt Kaiser: is calculated by the amount of damage compared to the economy of Germany's largest debt sinners of the 20th Century - if not the most recent financial history.
SPIEGEL ONLINE: Even Greece can not compete with us?
Ritschl: No, it plays a minor role in itself. Only the risk of contagion to other euro countries are the problem.
SPIEGEL ONLINE: The Federal Republic is considered the epitome of stability. How often because Germany was a total bust?
Ritschl: That depends on how you count. In English "haircut" - - only in the last century at least three times after the first debt default in the thirties of the Federal Republic in 1953 by the U.S., a haircut was missed, which reduced the debt problem by a voluminous Afro-Look on a fully bald head. Since then, Germany was as shiny as the other Europeans abrackerten with the burdens of the world war and the consequences of the German occupation. And even 1990 there was still a debt default.
SPIEGEL ONLINE: What?
Ritschl: Yes, then-Chancellor Helmut Kohl refused at that time to implement the London Agreement of 1953. It was stipulated that the German war reparations from World War II in the event of reunification must be regulated. It has handled only serve a small residual amounts. The guests were to minimal amounts. Reparations Germany has not paid since 1990 - apart from the forced labor compensation - and not in the Second World War, pressed out of the occupied countries loans and occupation costs repaid. Also to not Greece.
SPIEGEL ONLINE: Unlike in 1953 in Germany when it comes to the current debate on the Greek bailout even less a "haircut" as simply an extension of maturities of government bonds, ie a "soft restructuring". Can we then speak of an impending bankruptcy?
Ritschl: In any case. Even if a country is not blank hundred percent, it may be broke. Just like in the fifties, in the case of Germany, it is illusory to believe that the Greeks could ever pay off their debts alone. And who does not create is just broke. Must now be determined how high the failure rate of government bonds is, on how much money have to give the creditors of the country so. It's mostly a matter of finding the paymaster.
SPIEGEL ONLINE: The biggest paymaster would be Germany.
Ritschl: That's the bottom well, but we were also plenty of peace of mind - and our export industry has lived on the good jobs. The anti-Greek sentiment that is widespread in many German media is highly dangerous. And we sit in a glass house: Only by extensive debt and Reparationsverzicht its war dead from World War II, Germany's resurgence has become possible.
SPIEGEL: Germany should be restrained so more?
Ritschl: Germany in the 20th Century started two world wars, the second of which led the war of annihilation and extermination - and then have the enemies adopt reparations whole or to a considerable extent. That Germany owes its economic prosperity of the grace of other nations, including Greece, no one has forgotten.
SPIEGEL ONLINE: How do you mean?
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Ritschl: The Greeks know the enemy article from German media very well. If the mood in the country turns, old claims for reparations levied loud and also from other European countries and Germany would have to demonstrate this ever, we all stripped to his shirt. As we might be compared be grateful Greece luxuszusanieren at our expense. If we follow the propaganda and give the thick Emil, puffing a cigar and do not want to pay, then eventually the old bills will be presented again.
SPIEGEL: At least, finally, a few conciliatory tone: If you draw a lesson from history, which is currently the best solution would be for Greece - and Germany?
Ritschl: The German bankruptcies in the last century show: The sensible thing is to make now a real haircut. Who would have lent money to Greece, then give up a significant portion of its receivables. That would not cope with a number of banks, it would have to be new aid programs. For Germany could be expensive, but we have to pay either way. And after all, Greece would then have the chance of a new start.
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