Marcus Miller, The CAGE-Warwick in Brussels Series, No. 2, May 2016

Sovereign debt continues to hang over the Eurozone. Debt burdens have limited the fiscal options of member states. Debt and default, actual and feared, have embittered the relations among them. The legacy of Argentina’s 2001 default provides a cautionary tale for the Eurozone. In a final settlement, Argentina’s long-term holdout creditors – so-called vulture funds - have secured full compensation for the bonds they acquired for a fraction of their face value, and more in other charges and penalties.

Political Economy