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  E-mail Message: I thought you might be interested in this item at http://www.worldcat.org/oclc/838037109 Title: Debt restructuring in the euro area : a necessary but manageable evil? Author: Zsolt Darvas Publisher: Budapest Institute of Economics, Hungarian Academy of Sciences 2011 ISBN/ISSN: 9786155024702 6155024707 OCLC:838037109

  
  

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Debt restructuring in the euro area : a necessary but manageable evil?

Author:	Zsolt Darvas
Publisher:	Budapest Institute of Economics, Hungarian Academy of Sciences 2011
Series:	Discussion papers / Institute of Economics Hungarian Academy of Sciences, 2011/33; Muhelytanulmányok, Közgazdaságtudományi Intézet, 2011/33
Edition/Format:	Computer file : EnglishView all editions and formats
Summary:	There are two possible responses to the Greek debt crisis: 'Plan A', continued official lending, for as long as needed, with possible voluntary private sector involvement, and 'Plan B', coercive pre-emptive or post-default restructuring with significant face value reduction in privately-held debt. Both options have risks, but it is necessary to move to Plan B sooner or later. The impact on Greece could be mitigated by foreign bank ownership and proper liquidity support measures. The direct spillover impact on the rest of the euro area seems small. But there is the risk of contagion, which is a serious concern. There is a cautious case for delaying somewhat Plan B in order to prepare for it. -- debt restructuring ; euro-area crisis ; fiscal sustainability ; financial interdependence ; Lehman Brothers  Read more...
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