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23 Jun 2011

Debt reduction without (a messy) default

Daniel Gros / Thomas Mayer

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Pointing out that disorderly default or further bailouts are not the only solution to the Greek debt crisis, Daniel Gros and Thomas Mayer argue in this CEPS commentary that a sounder and less messy approach would be to take advantage of the current low prices of Greek debt to go for a market-based debt reduction.
Daniel Gros is Director of CEPS. Thomas Mayer is Chief Economist of Deutsche Bank.