Nightmare on Kaiserstrasse

Kenneth Rogoff

Business Economics, 2011, vol. 46, issue 4, 194 pages

Abstract: The overhang of debt (private and surging public) is perhaps the principal reason why recessions following financial crises are so deep and lasting. Frequently, a wave of international financial and banking crises is followed by a wave of sovereign defaults. This is the case of the Eurozone crisis today. How might a sovereign debt default of, say, Greece affect the Eurozone? The nightmare scenario is a complete unraveling of the euro. The euro can still be saved, but perhaps only with the weaker countries undergoing major restructuring of their sovereign debt.

Date: 2011
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