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- W3121782793 abstract "The official position of the financial and political authorities of Europe is that there will never be any restructuring of Euro area sovereign debt. But the ability of governments to raise sufficient domestic resources to service their debts cannot be guaranteed; so this official position implies that the Euro area stands ready in extremis to providing either monetary financing or resources from other countries to prevent debt default, thus overriding Maastricht treaty articles 101 and 102. This paper argues that it is unnecessary to abandon the Maastricht treaty in this way. Instead limited liability arrangements can set out ex-ante when and how restructuring will take place. This will complement the article 104 rules on debt and deficits, which are anyway neither necessary nor sufficient for the stability of European monetary union and cannot realistically be enforced as rigidly as current European Commission proposals envisage. By guiding market expectations about restructuring, limited liability will make clear that debt repudiation is not possible and that restructuring should it occur will impose only relatively small investor haircuts. Thus limited liability can be expected to substantially reduce spreads on periphery Euro area debt." @default.
- W3121782793 created "2021-02-01" @default.
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- W3121782793 date "2011-01-01" @default.
- W3121782793 modified "2023-09-23" @default.
- W3121782793 title "The Case for Limited Liability Eurozone Government Debt" @default.
- W3121782793 hasPublicationYear "2011" @default.
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