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PAM Institutional Investment Focus - April 2010

12 April 2010

Greek sovereign debt – the eurozone papers over the cracks"“In a crisis government debt burdens often come pouring out of the woodwork, exposing solvency issues about which the public seemed blissfully unaware.”


Carmen Reinhart, University of Maryland, and

Kenneth Rogoff, Harvard University. 

 

Publication cover 

Europe agrees a tentative solution

to the Greek problem

 

Following weeks of growing tension within Europe over the risk of Greek default, the immediate pressure eased in late March as eurozone members unveiled their response. Under an agreement, principally reached between Chancellor Merkel and President Sarkozy, should Greece be unable to meet its debt commitments it would receive coordinated bilateral loans from both the eurozone and the IMF, with the European member states providing two-thirds and the IMF one-third of the funding.

 

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