If it is to survive, the eurozone can no longer hold private creditors as sacrosanct above taxpayers, and must crack down on the fiscal black hole of the EU’s tax havens.

Who benefits from the EU’s bailouts of crisis stricken countries? William Oman writes that international bondholders – the richest five per cent of people – are the true beneficiaries of bailouts, which amount to fiscal transfers from taxpayers to private creditors. He argues that the Greek precedent suggests orderly sovereign debt restructurings are possible, and that key steps towards solving the eurozone crisis should include imposing losses onto bondholders and cracking down on the EU’s tax havens through policy coordination at the EU level.