stock price movements. Policy announcements of 21 July of no haircut on any sovereign but Greece appear to be perceived as … credible. The exposure to Greece cannot explain the general and large decline in euro area banks' market cap. Instead, a … Greece and a way forward for the larger institutional set-up, including a federal fiscal back-stop of the banking system, are …

. It is unlikely that Greece will be able to exit its programme in December 2014. A third programme should be put in place … to take Greece out of the market until 2030, accompanied by enhanced budgetary and structural reform commitments by … Greece, a European boost to economic growth in the euro-area periphery and willingness on the part of lenders to reduce loan …

the privatization of Greece’s public banks. We focus on two challenges for policy makers: the need to strengthen …

stock price movements. Policy announcements of 21 July of no haircut on any sovereign but Greece appear to be perceived as … credible. The exposure to Greece cannot explain the general and large decline in euro area banks' market cap. Instead, a … Greece and a way forward for the larger institutional set-up, including a federal fiscal back-stop of the banking system, are …

. It is unlikely that Greece will be able to exit its programme in December 2014. A third programme should be put in place … to take Greece out of the market until 2030, accompanied by enhanced budgetary and structural reform commitments by … Greece, a European boost to economic growth in the euro-area periphery and willingness on the part of lenders to reduce loan …