Reforming the Eurozone: Structuring versus restructuring sovereign debts

In the debate on European reforms, one often hears the idea that the Eurozone needs a sovereign debt restructuring mechanism (SDRM) (see, for example, the ‘non-paper’ that was circulated at the latest Eurogroup meeting (Schäuble 2017); also Sapir and Schoenmaker 2017, Weder di Mauro and Zettelmeyer...
Reforming the Eurozone: Structuring versus restructuring sovereign debts