The Valuation Mess: From Underestimating to the Overblown Claims

Nicos Christodoulakis

Chapter 4 in Germany’s War Debt to Greece: A Burden Unsettled, 2014, pp 23-40 from Palgrave Macmillan

Abstract: Abstract The Occupation Loan does not only complicate the relations between Greece and Germany, but also the attempts to assess its present value. Chapter 4 explains that the hyperinflation prevailing in postwar Greece made a proper valuation impractical in Greek currency terms, while the monetary reform in postwar Germany will turn the calculation in German currency to be meaningless. These difficulties have led to widely diverging estimates of the Occupation Loan ranging from extremely low valuations to exorbitant figures, thus fuelling public confusion and giving the pretext for further delay tactics.

Keywords: Exchange Rate; Real Interest Rate; Bond Market; Treasury Bill; Currency Reform (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-44195-9_4

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DOI: 10.1057/9781137441959_4

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