Benjamin M. Friedman in the current issue of The New York Review of Books on debt and Europe:
“There is no economic ground for Germany to be the only European country in modern times to be granted large scale debt restructuring and debt relief.”
Friedman is arguing for debt restructuring and debt relief in order to prevent disasters, in other words xenophobia and nationalism, rightwing or leftwing.
To be indebted is not a sin, to be indebted is just a sign that you have a healthy appetite to consume or to invest, or to do both. (Of course we should strive to pay our creditors back, but we know that we sometimes default on our obligations. And the creditors know this as well. To go bankrupt is a human right. And countries should be able to restructure their sovereign debt, even when they cannot print their own currency.)
(Read Friedman's article here.)