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Nightmare on Kaiserstrasse

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  • Kenneth Rogoff

Abstract

The overhang of debt (private and surging public) is perhaps the principal reason why recessions following financial crises are so deep and lasting. Frequently, a wave of international financial and banking crises is followed by a wave of sovereign defaults. This is the case of the Eurozone crisis today. How might a sovereign debt default of, say, Greece affect the Eurozone? The nightmare scenario is a complete unraveling of the euro. The euro can still be saved, but perhaps only with the weaker countries undergoing major restructuring of their sovereign debt.

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  • Kenneth Rogoff, 2011. "Nightmare on Kaiserstrasse," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 46(4), pages 191-194, October.
    • Handle: RePEc:pal:buseco:v:46:y:2011:i:4:p:191-194
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