Paolo Manasse, 05 February 2011

Recent press reports suggest that Greece and Ireland may be allowed to buy back some of their debt. This column provides an example to show that if the purpose of the restructuring is to reduce the burden of payments for the debtor and to have creditors share the losses, a unilateral partial default or a debt swap would be preferable to a buyback.

Beatrice Weder di Mauro, Jeromin Zettelmeyer, 26 November 2010

The bailout of the Irish government has turned up the heat on Europe’s leaders. This column argues that it is time for a serious debate over one possible solution: A European Sovereign Debt Restructuring Mechanism.

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