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The gloomy scenario of Italy’s default. ECMI Commentary No. 31, December 2011

Valiante, Diego. (2011) The gloomy scenario of Italy’s default. ECMI Commentary No. 31, December 2011. [Policy Paper]

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    Abstract

    This Commentary explores what will happen if Italy is not able to implement structural reforms and if international institutions, such as the EFSF and the IMF, do not intervene with sufficient resources to prevent Europe’s second-largest economy from defaulting on its debt. It warns that the Italian economic system would certainly embark on a perverse path that would follow three phases: liquidity crisis and insolvency; deflationary pressures; and finally inflationary pressures and economic and political instability.

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    Item Type: Policy Paper
    Subjects for non-EU documents: Other international institutions > IMF
    Countries > Italy
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on/reforms/economic governance
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 21 Dec 2011 17:42
    Number of Pages: 5
    Last Modified: 08 Apr 2014 12:19
    URI: http://aei.pitt.edu/id/eprint/33180

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