Among modern sovereign debt restructurings, the little-known London Debt Agreement for Germany is an early and important example – not least, because it was so successful in restoring West Germany’s debt sustainability. Beyond the sheer level of relief it provided, the London Debt Agreement shows some »qualitative« dimensions, the lack of which makes present-day restructurings so protracted and painful. They include a conditioning of debt service upon trade surpluses, the possible recourse to arbitration, and the comprehensive character of the negotiation, which included most types of claims on the German economy. Comparing the London Debt Agreement to recent restructurings in Greece, Iraq, and Burundi demonstrates how overall, and in important details, a »London-style« process would have delivered – or still could deliver – faster and more sustainable debt restructuring.