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Financial Mirror (Cyprus) - - FRONT PAGE -

Ger­man eco­nomic mir­a­cle of the 1950s was the claims waiver at the Agree­ment on Ger­man Ex­ter­nal Debts of 1953. How­ever, at that time Ger­many only re­ceived 20% of its gross do­mes­tic prod­uct (GDP), in­clud­ing the Mar­shall Plan. Greece, by con­trast, has al­ready been waived debt equiv­a­lent to 76% of its GDP with the ex­plicit and im­plicit hair­cuts of 2012.

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