Abstract
The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief � over 50 per cent of 2012 GDP � with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents � particularly in its very generous treatment of holdout creditors � that are likely to make future debt restructurings in Europe more difficult.
Dokumententyp: | Paper |
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Fakultät: | Volkswirtschaft
Volkswirtschaft > Lehrstühle > Juniorprofessur für Öffentliche Finanzen |
Themengebiete: | 300 Sozialwissenschaften > 330 Wirtschaft |
Sprache: | Englisch |
Dokumenten ID: | 20614 |
Datum der Veröffentlichung auf Open Access LMU: | 15. Apr. 2014, 09:00 |
Letzte Änderungen: | 29. Apr. 2016, 09:17 |
Alle Versionen dieses Dokumentes
- The Greek Debt Restructuring: An Autopsy. (deposited 15. Apr. 2014, 09:00) [momentan angezeigt]