Mody, Ashoka - Bruegel - 2014
debt to private creditors, although the option of such default was implied in the Treatyâ??s so-called 'no bailout' clauses … states but consciously leaves fiscal sovereignty and responsibility at the national level since the member states have … prohibits the monetary financing and bailout of governments by the ECB. A widely-held presumption is that the ECJ, since it …