Greece has reached a point where, under any plausible macroeconomic scenario, public debt will continue growing faster than GDP. Fiscal consolidation alone cannot close the solvency gap. A substantial reduction in the stock of debt is needed. Even post-debt restructuring, there is no guarantee...

The Excessive Deficit Procedure (EDP) is a political mechanism that aims at "multilevel governance" of state indebtedness in the European Union. As such, it has become the concern of research that asks how sovereignty becomes articulated in this process. This article approaches this question...