Is It Too Late to Bail Out the Troubled Countries in the Eurozone?
分析欧元区国家债务水平过高，导致附带惩罚性利率的救助可能引发违约而非减债，指出恢复经济增长是解决危机的少数途径之一。
In January 1995, US President Bill Clinton organized a bailout for Mexico that imposed penalty interest rates and induced the Mexican government to reduce its debt, ending the debt crisis. Can the Troika (European Commission, European Central Bank, and International Monetary Fund) organize similar bailouts for the troubled countries in the eurozone? Our analysis suggests that debt levels are so high that bailouts with penalty interest rates could induce the eurozone governments to default rather than reduce their debt. A resumption of economic growth is one of the few ways that the eurozone crises can end.