The Contributors vii Acknowledgments xvii FOREWORD xix by Josep Borrell Fontelles PREFACE xxiii by Franklin Allen, Elena Carletti & Giancarlo Corsetti 1 The Current Situation: The Euro Crisis: A Crisis of PIGS? 1 Ramon Marimon 2 Life in the Eurozone With or Without Sovereign Default? 9 Fabio Panetta 3 Life in the Eurozone With or Without Sovereign Default? —The Current Situation— 13 Helmut Siekmann 4 Ireland’s Sovereign Debt Crisis 41 Karl Whelan 5 Quo vadis, Euroland? European Monetary Union Between Crisis and Reform 59 Martin Hellwig 6 Sovereign Debt and Banks: Need for a Fundamental View on the Structure of the Banking Industry 77 Arnoud W.A. Boot 7 Greek Debt -- The Endgame Scenarios 83 Lee C. Buchheit & Mitu Gulati 8 Rules-Based Restructuring and the Eurozone Crisis 97 David A. Skeel, Jr. 9 The Economic Consequences of the Euro Pact 103 Edmond Alphandéry 10 Exiting the Euro Crisis 115 Charles W. Calomiris 11 Life With and Without Sovereign Defaults: Some Historical Reflections 125 Youssef Cassis 12 The European Crisis: A View from the Market 133 Erik F. Nielsen 13 How the EU Wants to Solve the Crisis – and Why This is Not Going to Work 139 Wolfgang Münchau POSTSCRIPT : The EU in 2013: Debt Defaults and More? 145 Janet Kersnar