Sovereign debt and its restructuring framework in the eurozone
分析了欧元区主权债务问题的严重性，指出高债务比率、银行脆弱性及财政紧缩对增长的负面影响，并探讨了债务重组的必要性。
Abstract Debt is a particularly serious macroeconomic problem in the eurozone. Public debt ratios are high by international historical standards, with no immediate prospect of a significant reduction. Private — corporate and household — debt ratios are either flat or rising. Banks remain fragile and impose a contingent liability on the public purse. The most stressed economies have not had the option of renewing economic growth through exchange rate depreciation and a boost to exports. Thus, fiscal austerity has been their principal instrument to achieve debt reduction. But since austerity also hurts growth, the debt-to-GDP ratios have barely budged. Persistent low growth has also created deflationary tendencies, which further raise the challenge of debt reduction.