How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone … debt crisis, placing "lessons learned" in historical perspective. The crisis featured: (i) the return of debt problems to …-over problems and self-fulfilling crisis dynamics; (iv) severe debt distress without outright sovereign defaults; (v) large …

Debt Overhang is a controversial issue in the eurozone countries and is considered as one of the factors which created … the current economic crisis. How to deal with sovereign debt has been debated both at the theoretical and policy making …

Public debts in the euro area have increased sharply due to the economic crisis, and remain at historically high levels … between member states, a liquidity crisis in one of them would trigger area-wide turmoil. While prudent fiscal policies are … essential to address the legacy debt problem, it takes time for them to bring the debt back to (at least) pre-crisis levels …

during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were …Despite a formal 'no-bailout clause; we estimate significant net present value transfers from the European Union to …

recent Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed …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 …

during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were …Despite a formal 'no-bailout clause,' we estimate significant net present value transfers from the European Union to …

recent Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed …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 …