02855cam a2200373 i 4500 96019 96019 BJBSDDR 20230410143121.0 ta 140313s2014 dcu b 001 0 eng 9780881326871 spa BJBSDDR eng HJ 8615 C641m 2014 336.3 Cline, William R. 1941- Managing the euro area debt crisis / William R. Cline. Washington, DC : Peterson Institute for International Economics, 2014. xvii, 218 pages ; 23 cm. text txt rdacontent unmediated n rdamedia volume nc rdacarrier Includes bibliographic references (pages 201-209) and index. Overview and policy implications -- Fiscal adjustment, growth, and default risk -- The bank-sovereign debt nexus -- External adjustment : breakup costs -- Eurobonds, firewalls, OMT, and debt restructuring -- Projections with the European debt simulation model : Ireland, Italy, Portugal, and Spain -- Debt restructuring and economic prospects in Greece. First came the financial and debt crisis in Greece, then government financing difficulties and rescue programs in Ireland in 2010 and Portugal in 2011. Before long, Italy and Spain were engulfed by financial contagion as well. Finally in 2012, the European Central Bank pledged to do "whatever it takes" to preserve the euro area with purchases of government bonds, a step that achieved impressive results, according to William R. Cline in this important new book. One of the world's leading experts on fiscal and debt issues, Cline mobilizes meticulously researched and forceful arguments to trace the history of the euro area debt crisis and makes projections of future debt sustainability. He argues that euro area leaders made the right decision to keep the euro from breaking apart but warns against complacency about the future. Cline contends that troubled European economies should continue their fiscal consolidation but that further debt restructurings for most countries are not called for. Greece is a special case and may need some further debt relief contingent on continued progress on fiscal and structural reform, however. In this landmark study, Cline offers a detailed analysis of the mistakes, successes, and options for Europe as it struggles to overcome its worst economic disaster since World War II. Debts Public European Union countries. Monetary policy European Union countries Currency crises European Union countries. Deudas públicas 2978 Política monetaria 1662 Crisis monetaria. 2979 European Union countries Economic policy. lcc BK SH 0 0 0 0 CS BJB BJB CS 2023-04-10 0 HJ 8615 C641m 2014 00000122123 2019-01-21 00:00:00 1 2019-01-21 BK