Erratum: "The problem of deficiency indices for discrete Schr\"odinger operators on locally finite graphs"

In this note we answer negatively to our conjecture concerning the deficiency indices. More precisely, given any non-negative integer $n$, there is locally finite graph on which the adjacency matrix has deficiency indices $(n,n)$.Comment: Typos and clarifications. The full title is Erratum: "The problem of deficiency indices for discrete Schr\"odinger operators on locally finite graphs" [J. Math. Phys. (52), 063512 (2011)]. It will be publish in J. Math. Phy

Debt restructuring in the euro area: How can sovereign debt be restructured more effectively?

The International Monetary Fund (IMF) stated in spring of this year that a more timely restructuring of Greece's sovereign debt would have been beneficial. But what are the available options for early debt restructuring? The report argues that current reforms in the Euro area, in particular, introducing collective action clauses, are unlikely to be sufficient in their present form. Alternatively, a statutory solution in the form of an international or European insolvency regime for sovereign states is difficult to implement politically. Therefore, the contractual approach to debt restructuring should be facilitated by redesigning future contracts for bonds in the euro area. Specifically, more powerful collective action clauses should be included in bond contracts and the ratable payment provision of all creditors should be reformed in order to limit the impact of legal disputes in the event of a debt restructuring. This approach would simplify future debt restructuring operations and make the no-bailout rule more credible, thus re-activating the disciplinary effect of interest rates on governments

Umschuldungen im Euroraum: Wie lassen sich Staatsschulden effizienter restrukturieren?

Eine rechtzeitigere Restrukturierung der Staatsschulden Griechenlands wäre vorteilhaft gewesen - diese Beurteilung hat der Internationale Währungsfonds (IWF) im Frühjahr dieses Jahres abgegeben. Doch welche Lösungsansätze sind für eine frühe Schuldenrestrukturierung überhaupt denkbar? Der vorliegende Bericht zeigt, dass bisherige Reformen, insbesondere die Einführung von Umschuldungsklauseln, in ihrer derzeitigen Form nicht ausreichen dürften. Andererseits ist eine institutionelle Lösung in Form eines internationalen oder europäischen Insolvenzregimes politisch nur schwer umsetzbar. Deshalb lautet ein Vorschlag, künftige Anleihen im Euroraum vertraglich so umzugestalten, dass Schuldenrestrukturierungen leichter möglich sind. Konkret sollten stärkere Kollektivklauseln in Anleiheverträge eingefügt und die anteilsmäßige Auszahlung aller Gläubiger reformiert werden, um im Falle einer Umschuldung die Auswirkungen möglicher Rechtsstreitigkeiten zu begrenzen. Auf diesem Wege würden Schuldenrestrukturierungen erleichtert und zudem die No-Bailout-Regel glaubwürdiger gestaltet, womit Anleihezinsen wieder ihre disziplinierende Wirkung auf Staaten entfalten könnten.The International Monetary Fund (IMF) stated in spring of this year that a more timely restructuring of Greece's sovereign debt would have been beneficial. But what are the possible solutions for early debt restructuring? The present report shows that current reforms, in particular introducing collective action clauses, are unlikely to be sufficient in their current form. Alternatively, an institutional solution in the form of an international or European insolvency regime is politically difficult to implement. Therefore, one approach might be to reconfigure contracts for future bonds in the euro area such that debt restructuring is made easier. More specifically, more powerful collective action clauses should be included in bond contracts and the ratable payment of all creditors be reformed in order to limit the impact of legal disputes, in the event of a debt restructuring. This approach would simplify future debt restructuring operations and make the no-bailout rule more credible, thus maximizing the disciplinary effect of interest rates on governments