La crise grecque. Leçons pour l'Europe

This paper analyzes the Greek crisis, starting in fall 2009, and draws a set of lessons regarding the mechanisms for sovereign crisis resolution in Europe. After a chronological review of the Greek crisis, the role of rating agencies is highlighted, before proposing a model of sovereign default with multiple equilibria and self-fulfilling expectations, such as to justify the adoption of rules of solidarity against sovereign debt crisis? risk in the euro area. Classification JEL : G10, F55