European Sovereign Debt — Why We Should Care

Law360, New York (July 14, 2011, 5:03 PM EDT) -- In the aftermath of the financial crisis of 2008, many nations find themselves massively over-leveraged and without a clear plan to service or repay their debt. While the issues in Greece have been well publicized and represent the most immediate threat of a sovereign default, many other countries — Ireland, Portugal and Spain, as examples — face impending potential default scenarios. To date, the threat of a Greek default has been addressed through bailouts and debt extensions.

However, these measures are temporary stopgaps and merely exacerbate...
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