{"id":2962,"date":"2011-11-17T17:29:47","date_gmt":"2011-11-17T15:29:47","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=2962"},"modified":"2011-11-17T17:29:47","modified_gmt":"2011-11-17T15:29:47","slug":"speculative-attacks-within-or-outside-a-monetary-union-default-versus-inflation-what-to-do-today","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/speculative-attacks-within-or-outside-a-monetary-union-default-versus-inflation-what-to-do-today\/","title":{"rendered":"Speculative Attacks within or outside a Monetary Union: Default versus Inflation (what to do today)"},"content":{"rendered":"<p><a href=\"http:\/\/www.ceps.eu\/author\/daniel-gros\" target=\"_blank\">Gros, Daniel<\/a>.<\/p>\n<p>In this analytical policy brief, CEPS Director Daniel Gros explores whether there is a fundamental difference between a formal sovereign default with a haircut and debt monetisation, which reduces the purchasing power for investors by the same amount. He argues that there is indeed a difference because a formal sovereign default invariably leads to a banking crisis. Moreover, within a monetary union a sovereign is more exposed to liquidity problems than a country with an independent currency and any of its problems quickly spill over into the banking system, which cannot survive without a reliable source of liquidity given that banks are by nature highly leveraged institutions.\u00a0 \u00a0<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <\/strong>CEPS<\/p>\n<p><a href=\"http:\/\/www.ceps.eu\/book\/speculative-attacks-within-or-outside-monetary-union-default-versus-inflation-what-do-today\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gros, Daniel. In this analytical policy brief, CEPS Director Daniel Gros explores whether there is a fundamental difference between a formal sovereign default with a haircut and debt monetisation, which reduces the purchasing power for investors by the same amount. He argues that there is indeed a difference because a formal sovereign default invariably leads [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,32],"tags":[26,25],"class_list":["post-2962","post","type-post","status-publish","format-standard","hentry","category-19","category-32","tag-26","tag-25"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/2962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=2962"}],"version-history":[{"count":1,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/2962\/revisions"}],"predecessor-version":[{"id":2963,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/2962\/revisions\/2963"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=2962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=2962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=2962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}