Das Baseline Scenario hat einen neuen Eintrag zu den Schuldenproblemen der europäischen Peripherie. Die Kernpunkte:
The fundamental flaw in these programs is the morally dubious decision to bail out the bank creditors while foisting the burden of adjustment on taxpayers. … Kazakhstan’s refusal last year to bail out its major banks, despite strong demands from the senior creditors of these banks, has proved a far more successful path. … Sovereign defaults are always contentious, but they don’t need to end in catastrophic financial collapse. … The direct impact of debt relief for Greece, Ireland and others is easily measured and managed.