Gligorov, Vladimir; Landesmann, Michael - Wiener Institut für Internationale … - 2010
that the key issue has been the development of private debt, both in the bubble period, and now after the bubble has burst …, and thus the key policy remedy would have to be private debt consolidation especially when it goes together with high … foreign debt. Public debt management and thus fiscal policy should be countercyclical in order to support private debt …