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Oil Exporters to the Euro's Rescue? (PIIE Policy Brief, December 2011)

When a boat springs a leak far from shore, it is customary for all hands to man the pumps—be they friends or enemies, passengers or crew. Every individual’s survival depends on the actions of his or her compatriots. So it is with the global economy today. Strangely, though, one group with an enormous stake—energy-exporting countries—has been content to watch, saying nothing and doing nothing. This policy brief suggests how it would behoove oil-exporting countries, in terms of maintaining current crude oil prices, to help the IMF build a bail-out fund for the euro zone.

 

Peterson Institute for International Economics Policy Brief, December 2011