Motivated by the recent European debt crisis, this paper investigates the scope for a bailout guarantee in a sovereign … debt crisis. Defaults may arise from negative income shocks, government impatience or a "sunspot"-coordinated buyers strike …. We introduce a bailout agency, and characterize the minimal actuarially fair intervention that guarantees the no …

crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010,they were facing severe … other countries in the Eurozone, and how they may be addressed by policies at the European level …

production using data from credit default swap spreads during the global financial crisis and the subsequent European debt crisis … nonfinancials dramatically increased relative to financials at the height of the COVID-19 crisis, reflecting the nonfinancial nature …

sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. Besides … important that IFIs operate under a predetermined crisis-resolution framework that ensures commitment …