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25 Oct 2010

Liquidate or liquefy?

Daniel Gros

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In this CEPS Commentary, Daniel Gros seeks an alternative between indiscriminate liquidation, which contributed to the Great Depression in the US, and continuing liquefaction, which appears to be the official policy line in Europe today? In his view, the way out is controlled rescheduling and/or restructuring in order to avoid turning part of the euro periphery into ‘zombie countries’.