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Greece is insolvent but illiquid. CEPS Commentary, 18 June 2015

De Grauwe, Paul. and Paulson, John (2015) Greece is insolvent but illiquid. CEPS Commentary, 18 June 2015. [Policy Paper]

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    Abstract

    In a new CEPS Commentary, Paul De Grauwe argues that the Greek government is solvent but is trapped in a liquidity dilemma in which cannot find liquidity because markets believe it cannot find liquidity. He then explores the role of the European Central Bank in this self-fulfilling problem and ask specifically whether its outright monetary transactions (OMT) programme, introduced in September 2012, should be used to ease the constraints on Greece.

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    Item Type: Policy Paper
    Subjects for non-EU documents: Countries > Greece
    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) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 20 Jun 2015 15:00
    Number of Pages: 3
    Last Modified: 20 Jun 2015 15:00
    URI: http://aei.pitt.edu/id/eprint/65086

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