A Greek Escrow Account for Bondholders Could Put New Pressure on Athens

An escrow account for bondholders, combined with a likely enhanced euro area/IMF financial firewall against contagion, to become operational by July, would disarm the Greek government in future games of chicken with the euro area. By lifting the threat of potential turmoil throughout the region caused by a Greek domestic default and subsequent meltdown, an escrow would really put the screws on Athens.

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