Lessons from the 2012 Greek debt restructuring

Miranda Xafa 25 June 2014

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Background

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Topics:  Europe's nations and regions Macroeconomic policy

Tags:  debt restructuring, Greek debt

Debt-for-equity swaps offer Greece a better way

Peter Allen, Barry Eichengreen, Gary Evans 28 February 2014

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Last week, Eurogroup finance ministers in their wisdom decided that there would be no debt relief or restructuring for Greece until the end of the summer. Evidently they wish to avoid exciting voters in the European Parliament elections in May. This is regrettable, since it only puts off the inevitable and forces the Troika to use smoke and mirrors to fill the government’s funding gap.

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Topics:  EU institutions International finance

Tags:  Greece, greek crisis, Greek debt, debt-equity swaps

Massacre memories: German car sales and the EZ Crisis in Greece

Vasiliki Fouka, Hans-Joachim Voth 23 October 2013

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When Angela Merkel visited Athens earlier this year, local protesters upset about austerity measures and alleged German dominance depicted her on placards wearing a Nazi uniform. Cypriots demonstrating against the terms of their country's bailout showed the stars of the EU surrounding a swastika. As the European debt crisis spreads, protests against austerity have become more frequent and often violent (Lynn, 2010 ).

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Topics:  Europe's nations and regions Global crisis

Tags:  eurozone, Greek debt

Messing up the next Greek debt relief could endanger the Eurozone

Charles Wyplosz 23 September 2013

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The situation in Greece is so disastrous that some form of debt relief is likely. The timing is right as Germany’s electoral ‘purdah’ period has ended.

The most likely solution, however, will make it impossible to deal with other countries. Since the beginning, policymakers have invented “unique and exceptional” solutions to deal with Greece. But these went on to become the blueprint for subsequent programmes applied to other countries.

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Topics:  EU institutions Macroeconomic policy

Tags:  Greek debt, debt rescheduling

The logic and fairness of Greece’s programme

Olivier Blanchard 23 March 2012

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To get back to health, Greece needs two things. First, a lower debt burden. Second, improved economic competitiveness. The new programme addresses both.

Bringing down the debt

Some countries have been able to work down heavy public debt burdens. Those that were successful did it through sustained high growth. But in Greece’s case, it had become clear that high growth – let alone sustained high growth – was not going to come soon enough. Debt had to be restructured.

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Topics:  EU institutions Europe's nations and regions

Tags:  Eurozone crisis, Greek debt

Events