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Olivier Blanchard x.com
Repetition, I am afraid, is the key to convincing.... So let me repeat (Reaction to comments about Greece and the like. ) The argument that the cancelling of the public debt by the central bank has either zero or a negative effect, the argument that I have made this week, is not an argument about debt cancellation in general. Debt (partial or full) cancellation (or restructuring, or reprofiling) of the debt held by investors is a whole different ballgame. It has big real effects. It decreases the interest rate charge, but makes it harder to issue more debt: Creditors, who just lost money, are…
public debtinterest ratesgreece
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