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DEBT MANAGEMENT

POLITICALLY ACCEPTABLE DEBT RESTRUCTING IN THE EUROZONE

The PADRE plan starts from the view that several Eurozone countries have accumulated unsustainable public debt. Unsustainability here does not imply that the governments are bankrupt; technically, given sufficient time, governments are rarely unable to raise adequate resources one way…

EXPERT GROUP ON DEBT REDEMPTION FUND AND EUROBILLS

Following a commitment made on 12 March 2013 to the European Parliament as part of the overall agreement on the Two Pack legislation, the European Commission established, in July 2013, this Expert Group on a Debt Redemption Fund and Eurobills.…

THE LONG HAUL: DEBT SUSTAINABILITY ANALYSIS

Assessing the sustainability of public debt is a crucial input to policy analysis, and to market assessment of fiscal risk. In Darvas, Sapir and Wolff (2014) we used a debt sustainability analysis (DSA) for Greece, Ireland and Portugal to simulate…

THE LONG HAUL: MANAGING EXIT FROM FINANCIAL ASSISTANCE

HOW MUCH EUROPE HAS CHANGED:two years ago, GREXIT, or potential Greek exit from the euro area, was the main discussion. Today, policymakers are again discussing exit, but with a decisively positive meaning: how, when and under what conditions countries will…

A MODEST PROPOSAL FOR RESOLVING THE EUROZONE CRISIS

Europe is fragmenting. While in the past year the European Central Bank has managed to stabilise the bond markets, the economies of the European core and its periphery are drifting apart. As this happens, human costs mount and disintegration becomes…