The Country Risk Concept
The expression “country risk” emerged in the United States in the 1960s. Its meaning has evolved over time, without any definition ever really being settled on.
The Sovereign Debt Crisis and the Future of the Euro
The specter of sovereign defaults is back. The roots of a sovereign debt crisis are deep and concern all the industrialized countries. In 2010, those fears coagulated on Greece because Greece was the worst offender. Disgusted by the political economy of the Eurozone, investors concluded in the spring that the Eurozone and its currency had lost its attractiveness. But it would be completely premature to conclude that the Eurozone is condemned. What happened in the spring is breathtaking and very much in line with the European tradition to use every crisis as an opportunity: the paper offers a dissenting, unfashionable and optimistic view of the future of the Euro.
The Sovereign Debt Crisis and the Future of the Euro
The specter of sovereign defaults is back. The roots of a sovereign debt crisis are deep and concern all the industrialized countries. In 2010, those fears coagulated on Greece because Greece was the worst offender. Disgusted by the political economy of the Eurozone, investors concluded in the spring that the Eurozone and its currency had lost its attractiveness. But it would be completely premature to conclude that the Eurozone is condemned. What happened in the spring is breathtaking and very much in line with the European tradition to use every crisis as an opportunity: the paper offers a dissenting, unfashionable and optimistic view of the future of the Euro.
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