The sovereign debt crisis is well known.

And the evidence confirms that the euro crisis is not really about sovereign debt, but about foreign debt.

Until this summer, the sovereign debt crisis was confined to three small countries Greece, Ireland and Portugal.

So governments bailed out banks and economies, producing a sovereign debt crisis.

After the Argentine crisis, President George W. Bush s administration vetoed proposals to create a mechanism for sovereign debt restructuring.

ROME The euro contagion triggered by Greece s sovereign debt crisis has now infected Italy.

PALO ALTO Europe is suffering from simultaneous sovereign debt, banking, and currency crises.

Events in Cyprus have exposed two other dimensions to the clashes over Europe s dual sovereign debt and banking crisis.

So much for the sovereign debt crisis, which, given its national, regional, and global impact, has been particularly well covered.

The drama of the European sovereign debt crisis with Greece in its center is coming to a head, as politicians desperately seek options to disentangle the European Union from mounting debt.

With the onset of the European sovereign debt crisis in 2010, banks appetite for public debt fell again.

PRINCETON The European Union s sovereign debt crisis constitutes a fundamental threat not only to the euro, but also to democracy and public accountability.

The IMF s heavy engagement in resolving Europe s sovereign debt crisis adds another element of political complexity.

Sovereign Debt at Square One

The Root of All Sovereign Debt Crises

But the proposition that the ongoing sovereign debt crisis on Europe s periphery is a reason to appoint a European is wrong.

Europe s sovereign debt crisis is forcing tough choices, and the IMF s director must work on several contingency plans.

The sovereign debt and banking crises have become even more closely interlinked as banks bought greater amounts of their home countries sovereign debt.

Just as the soft landing in early 2009 occurred in the aftermath of a horrific American made crisis, this latest one followed the European sovereign debt crisis.

Of course, some believe that the Fed s mass purchases of US debt poses an even bigger risk than Europe s sovereign debt crisis.

Then came the eurozone s sovereign debt crisis, with its roots in lax government finance in some (mostly southern European) countries.

BERKELEY Fiscal profligacy did not cause the sovereign debt crisis engulfing Europe, and fiscal austerity will not solve it.

Ditching the euro might trigger a banking crisis, capital flight, inflation, and perhaps even sovereign default.

Sovereign debt no longer looks stable.

The adjustment will be even more painful in Europe, because a sovereign debt crisis has a depressing effect on everyone consumers, investors, and the public sector alike.

But now sovereign spreads in the peripheral eurozone countries have returned to the levels seen at the peak of the crisis in May.

In a worst case scenario, Europe s sovereign debt crisis could cause the eurozone to implode, with immediate negative effects for the EU itself.

With the sovereign debt crisis pushing French banks and thus the French economy to the wall, something will have to give, and soon.

But the problem with austerity in the eurozone is more fundamental policymakers are attempting to address a sovereign debt crisis, though the real problem is a banking crisis.

and development

Of course, I am confident that the eurozone s ongoing sovereign debt crisis will be overcome, and that a more integrated and effective Europe will emerge.

Once upon a time, the Fund had scores of programs across the Continent (as Rong Qian, Carmen Reinhart, and I illustrate in new research on graduation from sovereign debt crises.)

A debt crisis is not inevitable.

(c) External debt crisis and development (continued)

(c) External debt crisis and development.

(c) External debt crisis and development.

But the proposition that the ongoing sovereign debt crisis on Europe s periphery is a reason to appoint a European is wrong. (Lagarde herself seems to acknowledge this.)

59 223. External debt crisis and development

58 203. External debt crisis and development

60 187. External debt crisis and development

61 188. External debt crisis and development

The EU s ability to capitalize on or even justify the award hinges on its prospects for overcoming the sovereign debt crisis and reestablishing trust among its member countries.

But these critics overlook his role in helping to fight that decade s sovereign debt crises, and his insistence that the US begin issuing inflation indexed bonds.

This rendered potentially insolvent commercial banks, whose balance sheets were loaded with such bonds, giving rise to Europe s twin sovereign debt and banking crisis.

A New Approach to Eurozone Sovereign Debt