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Editor's note: David Dollar was a beloved member of the Brookings family for 10 years, from 2013 until his passing on October 6, 2023. You can learn more about David’s work on the Chinese economy and U.S.-China economic relations . I have been deeply saddened by the news of David Dollar’s passing. I knew David less well than several other of our colleagues, but David was an esteemed favorite of mine.
British debate about exit from the European Union (“Brexit”) has been dominated by yearning for “restoring UK sovereignty.” Pro-Brexit advocates want Britain to “take back control” from European Union governments and bureaucrats. Clarity demands a distinction between a nation’s de jure sovereignty and its de facto autonomy. De jure (legal) sovereignty means formal juridical independence; domestic political authorities are in principle the arbiters of behavior within a nation’s territory.
Athens desperately needs to sell a 3 billion euro, five-year Greek government bond with a yield of around 4.5-4.7 percent as it strives to convince the markets—as well as domestic voters—that the economy is about to recover after eight years of depression and austerity. So, it is willing to pay much more than the 0.89-1.2 percent that the European Stability Mechanism (ESM) is currently charging as part of Greece’s bailout program.
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