Financial and sovereign debt crises: Some lessons learned and those forgotten by Carmen Reinhart and Kenneth Rogoff published by IMF (12/2013). “…The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression…”
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