RMF Report: Breaking Up? A Route Out of the Eurozone Crisis (2011)

“Debtor-led default and exit are fraught with risk, and have costs attached to them. But the alternative is economic and social decline within the EMU that could still end up in chaotic and even costlier exit. In contrast, if default and exit were planned and executed by a decisive government, they could put the country on the path to recovery. For that it would be necessary to adopt a broad economic and social programme including capital controls, redistribution, industrial policy, and thorough restructuring of the state. The aim would be to change the balance of power in favour of labour, simultaneously putting the country on the path of sustainable growth and high employment. Not least, national independence would also be protected.” (from Executive summary)

Authors: C. Lapavitsas, A. Kaltenbrunner, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, N. Teles, L. Vatikiotis
Published by Research on Money and Finance, November 2011
RMF Occassional Report 3
92 pages

Media Coverage of the Report: The Miami Herald (by Joanna Kakissis, 17 November 2011), Prin (in Greek, by Petros Kosmas, 13 November 2011), El Pais (in Spanish, by Amanda Mars, 13 November 2011), Guardian (by Heather Stewart, 13 November 2011), Eleftherotypia (in Greek, by Leonidas Vatikiotis, 12 November, 2011), CNN (by Costas Lapavitsas, 10 November 2011).

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