Table of Contents

About the Authors   
Acknowledgements   
Foreword  

Executive Summary  

Introduction 

1.    With high debt, the Eurozone remains vulnerable   

2.    Dealing with the legacy sovereign debt   

3.    Reforming the crisis lending framework    

4.    Diversification of sovereign risk and a safe asset    

Conclusion    

Discussion    

References    
Appendix A: Calibration of national debt buyback from seigniorage   
Appendix B: Calculation of the haircut for GDP bonds