Janssen, Ronald, (2015), “How Germany Gains From The Euro While Others Pay”, Social Europe Journal, 27 Σεπτεμβρίου
One of its main ideas is that the euro area lacks a procedure that could declare member states bankrupt when having lost access to financial markets. This makes the restructuring of unsustainably high debt burdens even more complicated than it is. Schäuble’s non-paper even uses the Greek crisis to argue that this situation produces ‘unnecessary social hardship’ and deepens the crisis.
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