DIRECTORATE GENERAL FOR INTERNAL POLICIES
POLICY DEPARTMENT A: ECONOMIC AND SCIENTIFIC POLICIES
ECONOMIC AND MONETARY AFFAIRS
Debt Restructuring: Ramifications for the Euro Area
Draft Briefing Note
Abstract
The Greek sovereign is insolvent and despite the insistence of members of the Executive Board and Governing Council of the ECB and of EU policymakers to the contrary, it is likely that it will default before the European Stability Mechanism takes force in 2013. This paper discusses the likely costs of an early default for both Greece and the euro area. It considers ways of structuring such a default to minimise the likely damage.
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