This site is for archive purposes. Please visit for latest updates
Go to Top

Capturing the ECB

Stiglitz, Joseph, (2012), ‘Capturing the ECB’,, 6 Φεβρουαρίου.

Nothing illustrates better the political crosscurrents, special interests, and shortsighted economics now at play in Europe than the debate over the restructuring of Greece’s sovereign debt. Germany insists on a deep restructuring – at least a 50% “haircut” for bondholders – whereas the European Central Bank insists that any debt restructuring must be voluntary.