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Sovereign debt vs foreign debt in the Eurozone. CEPS Commentary, 12 May 2011

Gros, Daniel. (2011) Sovereign debt vs foreign debt in the Eurozone. CEPS Commentary, 12 May 2011. [Policy Paper]

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    Abstract

    This Commentary argues that the current crisis in the eurozone periphery is really about foreign debt, not sovereign debt and that the single-minded concentration of the EU and the IMF on fiscal adjustment in the EU periphery is misguided. For Greece, fiscal adjustment is undeniably the key issue. For Portugal, however, the key problem is the private sector’s continuing external deficit. Ireland is different again, as it has very little foreign debt and will soon run a current-account surplus.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > External relations > international economy
    Countries > Greece
    Countries > Ireland
    Countries > Portugal
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 16 May 2011 10:12
    Number of Pages: 2
    Last Modified: 16 May 2011 10:12
    URI: http://aei.pitt.edu/id/eprint/31862

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