Emu NL

- Says Citi: "believe that the EMU crisis is not over. Further deep recessions are likely this year in all periphery countries bar Ireland"

References Åslund, Anders (1995), How Russia Became a Market Economy, Washington: Brookings Institution. Åslund, Anders (2007), Building How Capitalism Was Built: The Transformation of Central and Eastern Europe, Russia, and Central Asia, Cambridge University Press. Åslund, Anders (2012), "Why a Breakup of the euro Area Must Be Avoided: Lessons from Previous Breakups", Policy Brief 12-20, Peterson Institute for International Economics, August. Buiter, Willem (2011), "The Terrible Consequences of a Eurozone Collapse", Financial Times, 8 December. Cliffe, Mark et al. (2010), "EMU Break-up: Quantifying the Unthinkable", ING, Global Economics, 7 July. Dornbusch, Rudiger (1992), "Monetary Problems of Post Communism: Lessons from the End of the Austro-Hungarian Empire", Weltwirtschaftliches Archiv, 128(3):391-424. International Monetary Fund (1994), Economic Review: Financial Relations among Countries of the Former Soviet Union, IMF. Lachman, Desmond (2010), Can the Euro Survive?, Legatum Institute, December. Normand, John, and Arindam Sandilya (2011), "Answers to 10 Common Questions on EMU Breakup", JP Morgan, 7 December. Pasvolsky, Leo (1928), Economic Nationalism of the Danubian States, London: George Allen & Unwin. Pleskovic, Boris, and Jeffrey D Sachs (1994), "Political Independence and Economic Reform in Slovenia", in Olivier Blanchard, Kenneth Froot, and Jeffrey D Sachs (eds.), The Transition in Eastern Europe, 1, National Bureau of Economic Research, 191-220 Roubini, Nouriel (2011), "The Eurozone Is Heading for Break-up", Financial Times, 14 June. Sinn, Hans-Werner (2011), "The ECB's Stealth Bailout", VoxEU.org, 1 June. Sinn, Hans-Werner (2012), "Fed Versus ECB: How TARGET Debts Can Be Repaid", VoxEU.org, 10 March. Sinn, Hans-Werner, and Timo Wollmershäuser (2012), "Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility", International Tax Public Finance, 30 May. Whelan, Karl (2011), "Professor Sinn Misses the Target", VoxEU.org, 9 June.# Whelan, Karl (2012), "Target2: Germany Has Bigger Things to Worry about", VoxEU.org, 29 April. World Bank (2011), World Development Indicators. Anders Aslund is a senior fellow, Peterson Institute for International Economics and Adjunct Professor, Georgetown University Copyright VoxEU.org - the above story was originally published on www.VoxEU.org - readers reading this story through a third party channel may find that any graphs are not included (our apologies for this technical anomaly) - here's a link to the original story on the VoxEU website: click HERE Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" - Warning this story contains unashamedly positive feedback on the service provided.

"Whether or not Greece and other EMU members exit, Germany will be left with massive, additional, uncollectable receivables," the agency said.