To end the Eurozone crisis, bury the debt forever

Pierre Pâris, Charles Wyplosz, 6 August 2013

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The Eurozone’s debt crisis is getting worse despite appearances to the contrary.

Topics: EU institutions, Macroeconomic policy
Tags: Debt crisis, debt monetisation, Eurozone crisis

Disaster economics and bond yields

Ziad Daoud, Martin Brookes, 16 August 2012

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Two-year bond yields in six European countries recently turned negative. The decline in bond yields has prompted a growing number of commentators to say that bonds are overvalued.

Topics: International finance
Tags: bond markets, Debt crisis, Eurozone crisis

The Italian situation: Clarification and a prediction

Alberto Alesina, Francesco Giavazzi, 13 September 2011

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Under pressure from the bond market and the European Central Bank, Italy has adopted a budget that implies a sharp shift in fiscal stance.

Topics: Europe's nations and regions, Macroeconomic policy, Politics and economics
Tags: austerity, Debt crisis, Eurozone crisis, Italy

Italy's confidence crisis: Bad policies from bad politicians

Tito Boeri, 17 August 2011

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Three fiscal consolidation packages in six weekseach more ambitious than the lasthave failed to prevent a credibility crisis that has doubled the Italy’s risk premium. The problem was that none of the packages addressed the fundamental shortcomings of the first onethe one that started the credibility crisis.

Topics: Europe's nations and regions
Tags: Debt crisis, Eurozone crisis, Italy

Eurozone debt crisis: Reckless debtors or misguided rescuers?

Stefano Micossi, 29 May 2011

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Our disgraceful leaders did it again. They managed to deeply unsettle financial markets by once again sparking off doubts on the orderly rollover of distressed sovereigns (Reguly 2011).

Topics: EU policies, Europe's nations and regions
Tags: Debt crisis, Eurozone crisis, Fiscal crisis

The European debt crisis: Worrisome delusions

Charles Wyplosz, 19 December 2010

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Lorenzo Bini-Smaghi – Member of the ECB's Executive Board – has produced a brilliant defence of the no-default strategy currently pursued by the Eurozone authorities (Financial Times 2010).

His arguments are straightforward.

Topics: EU institutions
Tags: Debt crisis, ECB, eurozone

Sovereign defaults, banks and financial institutions

Nicola Gennaioli, Alberto Martin, Stefano Rossi, 17 November 2010

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Recent sovereign defaults highlight a close link between government default and financial sector turmoil, where banks often take centre stage. In the Russian default of 1998 the government's suspension of debt payments triggered large losses on the balance sheets of Russian banks, which had heavily invested in public bonds.

Topics: Global crisis, International finance
Tags: Debt crisis, default, financial development, Fiscal crisis

Debt and growth revisited

Carmen M Reinhart, Kenneth Rogoff, 11 August 2010

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Economics has been under fire since the recent crisis for enshrining abstract models that offer little connection to the real world.

Topics: Global crisis, Global governance, International finance
Tags: Debt crisis, Eurozone crisis, Fiscal crisis, global crisis

It takes less than a sovereign default to cause instability

Fabio Panetta, Giuseppe Grande, 7 August 2010

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According to many commentators a sovereign default could be the next stage of the crisis (Reinhart 2010, Rogoff 2010 and Reinhart and Rogoff 2010).

Topics: Global crisis, Global economy
Tags: Debt crisis, Eurozone crisis, Fiscal crisis, sovereign default

The Eurozone debt crisis: Facts and myths

Charles Wyplosz, 9 February 2010

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Like any crisis, the new one generates myriads of misguided comments and reactions by journalists, financiers and policymakers. Ten myths that are frequently heard clash with ten facts that are frequently overlooked.

Topics: Financial markets, International finance
Tags: bailout, Debt crisis, eurozone, Greece

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