segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt … sustainability. In the Greek case, after an intense internal debate, the IMF initially chose a program without debt reduction because …The book explores the Fund's engagement in Europe in the aftermath of the 2008 global financial crisis, and especially …

potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis … longer capable of issuing bonds under their own exclusive monetary control. Thus, integrating euro area sovereign bond … risk-sharing among sovereigns, to introduce synthetic euro bonds that work without debt mutualization. …

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on … the international "rules of the game for dealing with sovereign debt crises. These rules rest on two main pillars. The … to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary …

We review the impact of the global financial crisis, and its consequences for the sovereign sector of the euro area, on … the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The … to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary …

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on … the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The … to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary …

relative to its recent history and/or the occurrence of a financial crisis. However, the Greek and Italian debt … sustainability when debt gets 'too high' relative to a threshold which is not necessarily fixed but varies with the level of debt …We assess the sustainability of the public finances of Greece, Ireland, Italy, Portugal and Spain (GIIPS), allowing for …

sovereign should be solvent because the country has little net foreign debt. • Spain faces a similar problem as Ireland … problem. In both countries fiscal adjustment is a necessary condition for overall sustainability, but it not sufficient by …This paper describes four key drivers behind the adjustment difficulties in the periphery of the eurozone: • The …

-2018 sovereign debt crisis in the Eurozone, the impact on the stability of the EU financial system has been comparatively mild so far …The pandemic crisis, which broke out in early 2020, is still affecting human lives and economic activity around the …).Nevertheless, unlike in the two previous, most recent economic crises, namely the 2007-2009 Global Financial Crisis (GFC) and the 2010 …

effects from one Eurozone country to another. -- debt sustainability ; financial crisis … relative to its recent history and/or the occurrence of a financial crisis. However, the Greek and Italian debt … sustainability when debt gets "too high" relative to a threshold which is not necessarily fixed but varies with the level of debt …

debt markets in the euro area 27 have all contributed to put sovereign debt markets under strain and forced governments to … France, on the contrary, the financial crisis has not stopped a downward trend in the domestic holding of government debt … previous section has discussed how the changes in the patterns of financial intermediation and sovereign debt holding emerged …