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The fiscal situation in Greece has focused attention on the issue of sovereign bankruptcy in the Eurozone or - more broadly - in the EU. However, it is difficult to discuss this problem in a sensible way without first analyzing some broader questions. It also deals with the main causes of the sovereign debt distress and their economic consequences. As they can be very serious, one must discuss how the alternative sovereign debt resolution mechanisms influence the behavior of the sovereign debtors and their creditors and, as a result, the probability of sovereign debt crises.
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