the 1930s. It is a historical irony that European countries that avoided a repeat of the Great Depression after the banking crisis are now driving into the blind cul-de-sac that led to extremism in that earlier disaster. German historical memory has vivid recall of the hyperinflation of 1920-23. But it is possible to forget it was deflation and the Great Depression that brought Hitler to power in 1933. One of the lessons of history is that sovereign debts must be managed in ways that do not destroy either the economy or the political centre ground. Europe hosts some of the best -- and best paid -- financial experts in the world; let their talents help governments shake off their paper shackles and devise ways of reducing debt without austerity. If this means project spending -- financed off-balance sheet by jointly guaranteed liabilities or by higher taxes, so be it. If it means substantial restructuring of sovereign debts swapped into indexed debt or growth bonds, or with grace periods until countries resume growth, so be it. If it requires shifting some of the burden of debt finance on to older generations who own the debt, that political issue must also be faced. Eurozone countries must be allowed to grow again. For a country in such desperate straits as Greece, however, orderly exit from the euro to regain competitiveness looks to be the best option. But it is in the interest of both Greece and its creditors that the resulting devaluation be