Gourinchas, Pierre-Olivier; Martin, Philippe J.; … - 2022
Despite a formal ‘no-bailout clause’, we estimate significant net present value transfers from the European Union to … Cyprus, Greece, Ireland, Portugal and Spain, ranging from roughly 0.5% (Ireland) to 43% (Greece) of 2011 output during the … differences across countries. We characterize bailout size and likelihood as a function of the economic fundamentals (economic …