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540-Year Old Debt: German Town Owed Trillions

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540-Year Old Debt: German Town Owed Trillions

540-year old debts are unheard of in this day and age; I would imagine that anyone owed money for that long would simply write it off as a loss and try not to cry themselves to sleep.

That’s not the case for one German town however; Mittenwalde lent some money to Berlin in 1562 and they want it back, especially now that they have a receipt for the transaction that shows the terms of the deal, which adds up to some big figures.

When town historian Vera Schmidt was going through some files, she came across the slip of paper which details the transaction: 400 guilders, to be repaid with 6% interest added every year. When she had someone do the math, factoring in inflation and all that interest, the repayment amount comes out in the trillions of Euros.

“In 1893 there was a debate in which the document was examined and the writing was determined to be authentic,” Schmidt said.

Apparently, the slip was filed away in the 60′s and forgotten about, but records show that someone from Mittenwalde has demanded repayment every 50 years or so, to no avail. Because Berlin is in a massive amount of debt–about 63 million Euros, according to a financial report released in June–there’s not much of a chance Mittenwalde will ever see their money. They may have to go the route Columbia House Records had to go with a 15-year old me and just chalk it up to a bad decision.

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There are 7 Comments. Add Yours.
  1. Like (0) Dislike (0)
    Ivan

    That last line made me giggle.

    Reply
    • Like (0) Dislike (0)
      james

      Heh yea I liked that last line, because its so true

      Reply
  2. Like (0) Dislike (0)
    d loc

    who cares.. black ppl owed millions too… only jews got paid….

    Reply
    • Like (0) Dislike (0)
      james

      Blacks are owed nothing….if they hadnt come over as slaves, theyd still be wearing loin cloths on the savannah

      Reply
  3. Like (0) Dislike (0)
    Silent American

    Well, Mittenwald,, I think you as a townshipubernokinfelerwasninnoggernaut should demand that Berlin should rebuild ” the wall” with arched pass throughs every 22 meters and make the entire wall be a hanging gardens and multi colored ivy on both sides of the wall. Your pal the ” Silent American”

    Reply
  4. Like (0) Dislike (0)
    Gramps

    “If one were to total black earnings and consider black Americans a separate nation, he would find that, in 2008, they earned $726 billion. That would make them the world’s sixteenth-richest nation, just behind Turkey but ahead of Poland, Belgium, and Switzerland.” -From Walter Williams’ Race and Economics

    No African nation is as prosperous as Black America, and slavery continues in parts of Africa today.

    Reply
  5. Like (0) Dislike (0)
    Alex

    Well, Berlin seems financially strained even now. Trillions of additional debt would equal the financial deathblow, so that won’t happen: Berlin > Mittenwalde!

    Reply

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