Pascual, Antonio I. Garcia; Ghezzi, Piero - CESifo - 2011
solvency and closing the competitiveness gap. Yet we think Greece stands a better chance of accomplishing these goals from … loss of competitiveness, and the failure of the first EU-IMF programme. We also present our views on the likely debt … than GDP. Fiscal consolidation alone cannot close the solvency gap. A substantial reduction in the stock of debt is needed …