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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 …
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private creditors (LIA) or official bilateral creditors (LIOA). It also considers other indirect channels through which the …
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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...
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A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...
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