1. A mechanism similar to national bankruptcy laws might well be an effective way of managing international debt, although in the case of Greece and Ireland, the debt crises have come about because those countries have, by adopting the euro, abdicated their right to devalue their own currency.

Un dispositif comparable aux lois nationales sur la faillite permettrait certainement de gérer efficacement la dette internationale, mais il convient de noter que la crise d’endettement de la Grèce et de l’Irlande est survenue parce qu’en adoptant l’euro, ces pays ont renoncé au droit de dévaluer leur monnaie nationale.