EU Must Restructure Debt to Solve the Eurozone Crisis

From the start, the eurozone crisis has been a battle over who will ultimately be liable for the billions worth of actual and potential losses on sovereign debt held by European financial institutions. With neither the issuance of collectively backed Eurobonds nor the use of the European Central Bank (ECB) as lender of last resort initially available as options, the European Union, the ECB and the International Monetary Fund decided to protect bank bondholders at all costs, choosing instead to impose losses on taxpayers, even at the risk of stretching governments’ solvency to the breaking point. But because voters’ tolerance […]

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