Dhillon, Amrita; García-Fronti, Javier; Ghosal, Sayantan; … - C.E.P.R. Discussion Papers - 2005
demonstrably unsustainable. But it was not clear what restructuring was feasible, nor when. Eventually, in 2005 after a delay of … dollar. In this paper a bargaining approach is used to explain both the settlement and the delay. We conclude that the agreed … substantial delay occurred as negotiators seeking a sustainable settlement waited for economic recovery. Factors not explicit in …