, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted …This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study … different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First …

Greek’s government debt based on Greece meeting certain targets for structural economic reforms in areas such as its labor … market and pensions sector.The authors argue that the position of the European institutions that debt relief for Greece … cannot be part of an agreement is based on the illusion that Greece will be able to service its sovereign debt and reduce its …