Working paper on sovereign debt restructuring in the euro area

The working paper "A mechanism to regulate sovereign debt restructuring in the euro area" by Jochen Andritzky, Désirée Christofzik, Lars P. Feld, and Uwe Scheuering proposes a two-stage mechanism for the restructuring of sovereign debt during ESM programmes and illustrates the transition into the new regime.

You can download the working paper here.