Gourinchas, Pierre-Olivier - 2023
Cyprus, Greece, Ireland, Portugal, and Spain, ranging from roughly 0.5% (Ireland) to a whopping 43% (Greece) of 2010 output … bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were …Despite a formal 'no-bailout clause,' we estimate significant net present value transfers from the European Union to …