The Eurozone will either struggle for decades with very high public debts, or it will restructure. This column introduces a new Geneva Special Report on the World Economy arguing that the restructuring option is workable and preferable. The plan – dubbed PADRE – would substantially lower EZ nations’ debts without cross-nation transfers and with limited moral hazard. The financing is simple. Each EZ member’s debt is reduced by the securitisation of its own share of ECB seignorage.