First came the financial and debt crisis in Greece, then government
financing difficulties and rescue programs in Ireland in 2010 and
Portugal in 2011. Before long, Italy and Spain were engulfed by
financial contagion as well. Finally in 2012, the European Central
Bank pledged to do "whatever it takes" to preserve the euro area
with purchases of government bonds, a step that achieved impressive
results, according to William R. Cline in this important new
book.One of the world's leading experts on fiscal and debt issues,
Cline mobilizes meticulously researched and forceful arguments to
trace the history of the euro area debt crisis and makes
projections of future debt sustainability. He argues that euro area
leaders made the right decision to keep the euro from breaking
apart but warns against complacency about the future. Cline
contends that troubled European economies should continue their
fiscal consolidation but that further debt restructurings for most
countries are not called for. Greece is a special case and may need
some further debt relief contingent on continued progress on fiscal
and structural reform, however. In this landmark study, Cline
offers a detailed analysis of the mistakes, successes, and options
for Europe as it struggles to overcome its worst economic disaster
since World War II.
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