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The American experience in dealing with debt of the states in 1790 and 1840 and lessons for the eurozone
02/03/2012
The federal government in the U.S. took on state debt in the 1790's on the grounds that this was incurred in the fight for independence. In 1840 the federal government refused to assume state debt and the states defaulted on their debt. The result says Sargent were beneficial because the states passed balanced budget rules to avoid reckless spending and this helped preserve states rights to manage their finances. This has lessons for the EU and the ECB as it deals with the crisis in Greece and other states with reckless spending, says Sargent.
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