This document was requested by the European Parliament's Committee on Economic and Monetary Affairs.
Abstract
The Greek sovereign is insolvent and despite the insistence of members of the Executive Board and Governing Council of the ECB and of EU policymakers to the contrary, it is likely that it will default before the European Stability Mechanism takes force in 2013. This paper discusses the likely costs of an early default for both Greece and the euro area. It considers ways of structuring such a default to minimise the likely damage.
http://www.europarl.europa.eu/document/activities/cont/201106/20110615ATT21437/20110615ATT21437EN.pdf
Abstract
The Greek sovereign is insolvent and despite the insistence of members of the Executive Board and Governing Council of the ECB and of EU policymakers to the contrary, it is likely that it will default before the European Stability Mechanism takes force in 2013. This paper discusses the likely costs of an early default for both Greece and the euro area. It considers ways of structuring such a default to minimise the likely damage.
http://www.europarl.europa.eu/document/activities/cont/201106/20110615ATT21437/20110615ATT21437EN.pdf
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