New York Times
May 17, 2011
What should be done with Greece?
The country that gave birth to Western civilization appears increasingly likely to be the first euro sovereign to restructure its debt. It all has the potential to be a mess.
Nonetheless, Europeans do have a number of options to restructure Greece’s debt.
The hard trick is to do it in a manner that allows the euro to survive and to stem any further collapse of Greece or other at-risk countries.
Europe can look to a long history of debt defaults by sovereign nations for precedent. In recent times there have been debt restructurings by Argentina, Mexico, Pakistan, Uruguay and Russia, and they have largely taken two forms when voluntary.
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