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In the Coronavirus crisis, large fiscal stimulus packages, which aim to kickstart growth, continue to push up public debt from already high levels. The sustainability of public debt in many industrialized countries is meanwhile strongly dependent on the government bond purchases of central banks. As growing debt levels seem to restrict the scale for new debt-financed expenditure programs, a discussion concerning dept write-offs has started. Argentina is an interesting case study. Prof. Dr. Gunther Schnabl and Nils Sonnenberg in the following article.