Peter Bofinger Quotes

Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.

Government bonds have basically been sold in the domestic market, so there is some sense of stability, but the amount of public debt is really severe... Japan must manage its finances with a sense of urgency.

A public debt is a kind of anchor in the storm; but if the anchor be too heavy for the vessel, she will be sunk by that very weight which was intended for her preservation.

We saw in Greece how dangerous it is if a country has a bigger and bigger debt, and I hope that we will not have a second Greece in our neighbouring country, Italy.

At this time - we're in a dramatic crisis - euro bonds are precisely the wrong answer. They lead us into a debt union, not a stability union. Each country has to take its own steps to reduce its debt.

Imagine how much capital a country like Argentina might attract - if instead of defaulting seriatim and affecting a pose of anger toward creditors, it borrowed responsibly and honored its obligations.

From my point of view it's impossible to cut debt in a country with new debt from another country.

The Government has to stop borrowing as much money; if we don't, quite frankly New Zealand will be downgraded and interest rates will go up for all New Zealanders.

For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default.

A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.

I don't know of any of us that want to see any kind of default happen.

There's no more place in the euro zone for well-meaning laxness when dealing with deficits and failings. If the demands on Greece aren't taken seriously, we'll get stuck in quicksand. In the worst case, this would make it acceptable for one tranche to not be paid out. It is in the Greeks own interest not to test that.

No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure.

I see nothing that points to a recession in Germany. But I see considerable long-term tasks ahead of us that have to do with markets regaining confidence in Europe and that have a lot to do with reducing debt.

I take office during the most difficult moment in the country's recent history. The country can be saved - it's up to us. I think it is obvious for those who support this government to undertake the commitment and ensure that our country's euro membership is not endangered.

We all have our problems and we are working to find a solution to ours and also to help the eurozone. We expect that other countries should do the same, that they be prudent in their statements.

I want to see an end to sovereign risk questions over Australia.

The financial crisis in our country is not a passing storm. Given the size of the problems, our national effort will not be completed in 2012. It will take many years and will require the efforts and insistence of several governments.

The savings rate in Italy is high, but the markets do not trust Italy even though it's the third largest economy in the European Union and the eighth in the world.

The American people will eventually get hurt by this accumulated deficit. That's the problem. We have too much deficit. We have to find a solution.

I do not want America to default on its debt.

Greece's European neighbors were able step in and bolster the weak foundation on which Greece's free-spending budget was based. It would be difficult for any country, or intergovernmental organization, to rescue an economy the size of the U.S. if investors were ever to lose faith in our bonds because of our enormous debt.

The interest on our debt is going to collapse this country.

Greece's debt is going to be a function of a lot of factors down the road.

It will not be possible to solve the current crisis with euro bonds.