Greece's Pyrrhic Victories Over the Bond Swap and New Bailout

C. J. Polychroniou

Economics One-Pager Archive from Levy Economics Institute

Abstract: Nearly two years after becoming the first eurozone member-state to be bailed out by the European Union (EU) and International Monetary Fund (IMF), Greece is officially bankrupt. True, there was never any doubt about the outcome, but Greece’s restructuring of nearly 200 billion euros in private debt and the agreement for a new bailout package signify something much bigger—namely, the formal conversion of a sovereign nation into an EU/IMF zombie debtor, and a doomsday scenario that includes its forced exit from the eurozone.

Date: 2012-03
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