{"id":26975,"date":"2013-12-01T15:23:36","date_gmt":"2013-12-01T14:23:36","guid":{"rendered":"https:\/\/www.generationlibre.eu\/?p=26975\/"},"modified":"2018-07-12T18:29:57","modified_gmt":"2018-07-12T16:29:57","slug":"to-restructure-sovereign-debt","status":"publish","type":"post","link":"https:\/\/www.generationlibre.eu\/en\/to-restructure-sovereign-debt\/","title":{"rendered":"Restructuring public debt"},"content":{"rendered":"<p><strong>France is on the verge of a serious crisis of over-indebtedness. Interests paid on the public debt is about to become the largest spending category for the state. Public debt is now close to 100% of GDP, putting in jeopardy the stability of the euro area.<\/strong><\/p>\n<p>The classic solutions to lower public debt &#8211; such as strong growth, hyperinflation, or persistent austerity &#8211; seem to be insufficient or impracticable today. Some advocate to spend more, others to cut spending, we want a preventive and orderly restructuring of the French public debt.<\/p>\n<h3><b>An illegitimate debt\u00a0?<\/b><\/h3>\n<p>The aim of our report is to remove this taboo from the public debate. Its authors adopt a diametrically opposite point of view than the far-left argument based on an alleged illegitimacy of the creditor. Let\u2019s remember the debt was created by a ventripotent state living beyond its means for more than thirty years and struggling today as a result of it.<\/p>\n<blockquote>\n<h2>The authors openly address an issue that is only discussed behind closed doors: the possibility for a large and developed country to restructure its debt.<\/h2>\n<\/blockquote>\n<p>Such a proposal would only make sense, and could only be accecpted by financial markets, if accompanied by major structural reforms.<\/p>\n<h3>A European debt restructuring ?<\/h3>\n<p>Such a debt restructuring is the best way to meet our European commitments without relying on hyperinflation or a euro exit.<\/p>\n<p>The idea of a joint effort to restructure public debt at a European level, through the creation of a pan-European sinking fund, needs to be discussed.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>France is on the verge of a serious crisis of over-indebtedness. Today, the burden of debt interest is fast becoming the nation\u2019s first budget. <\/p>\n","protected":false},"author":52,"featured_media":26191,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[108],"tags":[],"_links":{"self":[{"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/posts\/26975"}],"collection":[{"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/comments?post=26975"}],"version-history":[{"count":0,"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/posts\/26975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/media\/26191"}],"wp:attachment":[{"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/media?parent=26975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/categories?post=26975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.generationlibre.eu\/en\/wp-json\/wp\/v2\/tags?post=26975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}