The global financial crisis of 2007-2009 crystallized the underlying imbalances that are currently acting to tear apart the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro crisis, the insolvency of the Euro area member-states...

In many theoretical models of debt crises, the operative trigger for the run on sovereign debt is a shortage of the liquidity reserves necessary to finance short-term debt services. As a result, the concept of a solvent, illiquid sovereign debtor has generated significant literature on debt...

In 1998, following some 10 years of structural reforms that began during the late Soviet era under the Perestroika processes and continued after the collapse of the USSR, Russia has recorded its first year of economic growth. Then, with virtually no advanced warning, by the of August 1998,...