Sorry, first the outburst, then the argument: Such a load of bullshit! The reason: What are you talking about? Generous? Currently, Germany is profiting from

Sorry, first the outburst, then the argument: Such a load of bullshit! The reason: What are you talking about? Generous? Currently, Germany is profiting from Greece as it extends loans at comparatively high interest rates. The interviewer suggests with his question that it's about generosity? (come on!) Piketty responds that Germany is profiting. Using the math I learned, adding up say 5 years of 5% doesn't even come close to the 50%-80% haircut that's gonna be needed. So how is there profiting? Even worse: In the end, the creditors of sovereigns are rarely other sovereigns but banks and funds. The former will be probably bailed out by the taxpayer, the latter is usually pensions of taxpayers. Of course, the sovereigns themselves are funded by the taxpayer, too. So no matter the result, it's not about generosity, there is no profiting (except for the few) and someone's got to pay (debts don't disappear) and he (the taxpayer) is not even mentioned. I sincerely get angry when I read such "elitist" opinions that completely contort and ignore facts.