The purpose of this article is mainly twofold: first, to discuss the difficulties that being a member of the European Monetary Union (‘EMU') entail, with particular focus on Greece and on the implications of an internal devaluation. Secondly, how debt re-profiling can help to support the...

The unprecedented global financial crisis and economic downturn that hit the world in 2007–2008 has resulted in the deterioration of budget deficits and has caused an overall increase of sovereign debt levels globally. The turmoil of the banking sector was mitigated by a large infusion of...