creditors in 2012 was a “unique and exceptional” event, never, ever to be repeated in any other Eurozone country. Maybe so. But … by the problem of non-participating creditors -- holdouts. Indeed, it is the undisguised fear of holdouts and the … creditors of Eurozone countries receiving bailouts (the belated Greek restructuring being the sole exception).This article …

, because the transfers are based on changes in world trade in the various sectors. These changes can be considered as largely … manipulation. Our scheme works as follows: if a sector is hit by a bad shock at the world market level, then a country with an … addition, since transfers are based on temporary changes in world trade, the danger of permanent transfers from one set of …