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    Debt crisis: the benefits of selective eurozone default

    Wed, 06/27/2012 - 00:45 EDT - Telegraph
    • Personal View
    • RDF10

    There is a consensus in the corridors of power that if any eurozone member defaults or leaves, contagion and collapse are assured. This is a fairy tale designed to frighten voters into submission to bizarre government policies. It also ignores two historical lessons.

    • Original article
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    Related

    • S&P raises Greek rating to B-minus, citing efforts to keep country in eurozone

      NEW YORK — Rating agency Standard & Poor’s on Tuesday raised Greece’s sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe’s efforts to keep the country part of the euro. “The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone,” S&P said.

    • Greece: Default is no soft option

      The head of the European Central Bank once again said today that a Greek default "would not happen". Every G20 official - in or outside the eurozone - will tell you the same thing: with markets as fragile as they are, it is unthinkable that a sovereign government would be allowed to default. Investors and experts are thinking about it all the same.

    • Imminent Eurozone Default: How Likely?

      By Simon Johnson The big question of the week in Europe is deceptively simple – will any countries that share the euro as their currency default on their government or bank debts in the foreseeable future?  The answer to this question determines how you regard bonds from countries such as Portugal, Spain, Italy, and Belgium.

    • The Tax Policy and the Economy Fairy Tale

      My latest Tax Notes column which came out today (subscription-only access here) is basically a recap of my testimony on March 1st before the

    • Eurozone Contagion Recap

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    • An historical view on government defaults: Lessons from the 17th century

      Steven CA Pincus, James A Robinson, 7 August 2011As financial markets around the world turn in fear of further government defaults, this column asks what lessons can be taken from a fiscal crisis that occurred over 200 years ago.Full Article: An historical view on government defaults: Lessons from the 17th century

    • Greece in the spotlight after evoking selective default (AFP)

    • The Problem With Opposing a Debt Limit Increase Without Opposing the Policies That Breach the Debt Limit

      Hmmm….. According to a Reuters/Ipsos poll released this week: The U.S. public overwhelmingly opposes raising the country’s debt limit even though failure to do so could hurt America’s international standing and push up borrowing costs…

    • Euro slumps after Juncker leaves open Greek default risk

      The euro tumbled on Thursday after Eurogroup chairman Jean-Claude Juncker said that eurozone leaders would not rule out a Greek debt default at their emergency summit in Brussels.In late morning London deals, the single currency sank as low as $1.4139 as it was also hit by downbeat data. It later stood at $1.4168, compared with $1.4212 late in New York on Wednesday."Headlines that an agreement for Greece may involve a selective default sapped the optimism out of the euro this morning," said Rabobank analyst Jane Foley.

    • Eurozone 'may allow' selective Greek debt default

      Eurozone finance ministers are open to the possibility of allowing a selective debt default in Greece within a new rescue plan for the country, the Dutch finance minister said Tuesday."It's not excluded anymore, clearly," Jan Kees de Jager said on arriving for talks with European Union counterparts, one day after eurozone ministers issued a statement vowing to ensure the stability of the single currency area.

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