Since the financial crisis in 2008-09, concern over the sustainability of some EU countries’ sovereign debt has continued to mount higher and higher. This paper explores the ways in which the financial crisis caused the deterioration of European debt-to-GDP ratios, examines which countries are...

The establishment of a European Monetary Fund (EMF) enjoys increasing academic and political support, though its advocates do not necessarily agree on the purpose and functions of such an institution. This paper aims to examine the features of the EMF that are relevant to sovereign debt...

The problem of the growing indebtedness of developing countries is playing an increasingly important role at international conferences. It was also the central subject of the ninth special session of the UNCTAD Board whose third part ended on March 11, 1978. The resulting resolution, though not...

Since the summer of 1982 the banking community has been faced with an international debt crisis of unprecedented dimensions. The debt rescheduling agreements that have been negotiated since then involve sums totalling no less than $ 100 billion. However, they give the international financial...

The correct understanding of Greece’s debt can only be obtained by using international accrual accounting standards rather than the cash-basis future face value definition. Changing the terms of debt changes the value of the debt in Greek governmental financial statements correctly prepared...