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In this morning’s Tax Notes (subscription required), Jeremiah Coder addresses a topic that we at the Tax Blawg have discussed a couple of times over the past two years: the tax consequences of a potential breakup of the euro. For our prior coverage, see here and here. As the currency lurches towards and away from a potential dissolution (in part or in whole), the tax fallout of such an event lurks in the background.
The Tax Notes article generally covers the major tax issue (e.g., currency gain/loss recognition) associated with a potential breakup of the euro. As the article seemed to ...
Adding a new wrinkle to this fiscal crisis is Greece's inability to use monetary policy to resolve the problem. Historically, nations faced with unmanageable sovereign debt have often simply printed more money, thereby creating inflation, which reduces the real value of the government's typically fixed-rate debt. As a member of the European Monetary Union, however, Greece does not have this option. As a result, an increasing chorus of commentators and public officials have been asking whether Greece might be forced to take a "holiday" from the Monetary Union or, even worse ...