> Some still have too much debt compared to GDP Some countries never defaulted except during wars (Italy, France), other did (Germany: 1931, 1953) and have now

> Some still have too much debt compared to GDP Some countries never defaulted except during wars (Italy, France), other did (Germany: 1931, 1953) and have now a decent debt/GDP ratio. One can say much about Italian politics, but part of current Italian debt goes to repay debts contracted to pay war reparations back to the first world war. http://www.spiegel.de/international/germany/economic-historian-germany-was-biggest-debt-transgressor-of-20th-century-a-769703.html http://www.spiegel.de/international/germany/economic-histori... https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises