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Germany, the creditor nation, resents bailing out debtor nations on the periphery.
During World War II, America was a creditor nation, lending out money to others.
Once the world's largest creditor nation, we are now its largest debtor.
But I suggested that the Chinese, as chief creditor nation, might be the one to set the rules.
Pessimists compare it to Japan, which like China was a creditor nation when its bubble burst in 1991.
Today's euro has no such mechanism to force the biggest creditor nation (Germany) to run down its colossal surpluses.
Similar(15)
If we want to fix international economic crises, we cannot have wealthier creditor nations unilaterally making national law that pushes poorer nations into bankruptcy.
High-level meetings with creditor nations bring no surcease.
Creditor nations like Germany insist there can be no renegotiation.
In March the Paris Club of creditor nations canceled the entire $134 million debt owed by Burundi.
And yet, the natural resources of the debtor nations feed the creditor nations".
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