Dec. 6 (Bloomberg) -- Bloomberg's Jeremy Kahn talks about his profile of German Economist Peter Bofinger and the European Redemption Pact proposal which, Bofinger believes, can save the euro. This report is a featured article in the January issue of Bloomberg Markets magazine. (Source: Bloomberg)
Euro-area governments should consider haircuts and the issuance of joint bonds to cut the debt burden of countries such as Greece, said Peter Bofinger , a member of German Chancellor Angela Merkel ’s council of economic advisers.
Peter Bofinger , a member of German Chancellor Angela Merkel ’s council of economic advisers, said euro-area governments should consider issuing joint bonds to refinance the existing debt of member countries, the newspaper Sueddeutsche Zeitung reported.
German Chancellor Angela Merkel and French President Nicolas Sarkozy may announce proposals that “go in the direction” of joint euro-area bonds, said Peter Bofinger, an economic adviser to the German government.
Peter Bofinger, an economic adviser to German Chancellor Angela Merkel, said a Spanish banking collapse could threaten the whole European banking system because Spain’s lenders have foreign liabilities of 160 billion euros ($201 billion), Deutschlandradio Kultur reported today.
Peter Bofinger, a member of German Chancellor Angela Merkel’s council of outside economic advisers, said the countries in the euro zone shouldn’t add any more austerity programs, Passauer Neue Presse reported.
Peter Bofinger, an economic adviser to German Chancellor Angela Merkel, said Germany will probably need a referendum before politicians fix the structural defects of Europe’s currency, Vienna’s Der Standard newspaper reported, citing an interview.