Policy seminar on the Eurozone Debt Crisis In Historical Perspective

Friday, March 4, 2011
George Shultz Conference Room, Herbert Hoover Memorial Building


Ken Scott, Michael Boskin, Derek Kan, John Taylor, John Gunn, Darrel Duffie, Jeremy Bulow, Gary Becker, Joe Grundfest, Andrew Crockett, John Shoven, Monika Piazzesi, Martin Schneider, John Geanakoplos, Jacob Goldfield, Johannes Stroebel


Lee Buchheit, a partner in the New York office of Cleary Gottlieb Steen & Hamilton LLP, addressed the group on “The Eurozone Debt Crisis In Historical Perspective.” Mr. Buchheit began by comparing the current Eurozone debt crisis with the emerging market debt crises of the 1980s and 1990s. He argued that much about the resolution of the European crisis ought to be informed by the techniques developed in those prior operations. Buchheit also outlined a number of possible end-game scenarios for the Greek sovereign debt crisis, explaining how their likelihood was affected by the legal and political environment in Germany. He closed by providing a number of policy conclusions that could help to prevent similar crises in the future.

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