Resolving the European Debt Crisis : Special Report 21.

Cover -- Preface -- Ch. 1 Overview -- I Political-Economic Environments -- Ch 2. Greece in the Euro Area: Odd Man Out, or Precursor of Things to Come? -- The Outbreak of the Crisis -- The Weak Link of the Euro Chain -- Can Greece Do It? -- Odd Man Out? -- References -- Ch 3. Political-Economic Context in Ireland -- Summary Description of the National Political Situation and Near-Term Outlook -- How Is the Debt Crisis Debate Framed in the National Public Arena? -- The Public Attitude to Euro Area-Wide Solidarity -- Conclusion -- References -- Ch 4. Understanding Portugal in the Context of the Euro Crisis -- Euro Area Crisis versus National Crises -- 2002-08: The Portuguese Economy -- Facing the Sovereign Debt Crisis -- Conclusions and Looking Ahead -- References -- Ch 5. Italy and the Euro Crisis -- The Euro Crisis Reaches Italy -- Understanding the Crisis in Italy -- Response to the Crisis -- Postscript -- Ch 6. Spain and the Euro Area Sovereign Debt Crisis -- A Long Period of High Growth -- Internal and External Imbalances -- The Financial Crisis and Spanish Vulnerability -- The Buildup of the Sovereign Debt Crisis -- Spain's Serious Steps to Avoid Contagion -- Reasonable Level of Competitiveness -- Serious Issues Still Pending -- Conclusion -- Postscript -- Ch 7. France, the State, and Globalization -- The Specificities of the French Political System -- Decision Making versus Consensus Building -- French Defiance of the Market -- Ch 8. The Political Economy of Germany in the Sovereign Debt Crisis -- Budgetary and Economic Policy Priorities -- The Political Situation in Germany -- Germany's Management of the Sovereign Debt Crisis -- Germany and Economic Governance Reforms -- Germany in the European Union under the Lisbon Treaty -- References -- II Lessons from Past Debt Crises.

Ch 9. How to Do a Sovereign Debt Restructuring in the Euro Area: Lessons from Emerging-Market Debt Crises -- Five Lessons from Past Experience -- Implications for Europe Today -- References -- Ch 10. Sovereign Debt Restructuring: The Legal Context -- How to Restructure Sovereign Debt -- What Does History Teach? -- III Pros and Cons of Alternative Policy Options -- Ch 11. Alternative Strategies for Resolving the European Debt Crisis -- Sustainability of Greek Public Debt -- Debt Sustainability in Ireland and Portugal -- Confronting Market Pressures on Sovereign Debt in Spain and Italy -- Policy Options for Debt Crisis Resolution -- Three Additional Policy Options for Restructuring -- Benefits and Costs of Alternative Options for Stakeholders -- Conclusion -- Postscript -- References -- Ch 12. The Euro Area Crisis: Policy Options Ahead -- The Issue -- Debt Restructuring -- Eurobond: Possibilities and Difficulties -- The EFSF/ESM Solution -- Euro Breakup -- Conclusion -- References -- Ch 13. Sustainability, Financial Backstopping, and the Restructuring of Greek Debt -- Strategies to Resolve the Sovereign Crisis in the EMU -- Ch 14. Does the Euro Have a Future? -- IV Policy Simulation Game -- Ch 15. The Simulation Exercise: A Real-Time Economic and Political Stress Test -- Players and Objectives -- The Game: First Phase (September to December 2011) -- The Game: Second Phase (January 2012 to mid-2012) -- Postgame Discussion -- About the Contributors -- Index.

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