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Sovereign Debt

In: Europe in an Age of Austerity

Author

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  • Vani K Borooah

    (University of Ulster)

Abstract

The economist Paul Krugman claimed, in the New York Times , that “when people [in Washington, DC] talk about deficits and debt, by and large they have no idea what they’re talking about – and people who talk the most understand the least”. 1 Krugman’s ire was directed particularly against those who regarded the debt of sovereign governments (hereafter, sovereign debt or, equivalently, public debt, or government debt) as no different from the debt owed by households. As with households who have difficulty repaying a loan that is too large relative to their income, so with governments – “deficit worriers portray a future in which we are impoverished by the need to pay back money we’ve been borrowing”.

Suggested Citation

  • Vani K Borooah, 2014. "Sovereign Debt," Palgrave Macmillan Books, in: Europe in an Age of Austerity, chapter 4, pages 60-96, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-39602-0_4
    DOI: 10.1057/9781137396020_4
    as

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