The Explosion of Public Debts

Mike Tsionas

Chapter Chapter 15 in The Euro and International Financial Stability, 2014, pp 85-88 from Springer

Abstract: Abstract The theory is precisely the same when it comes to governments that borrow from the international markets. The acquired funds could have been transferred to the private sector or the public sector for investment and consumption, or they could have been plainly wasted in one way or another. Borrowing in the form of issuing bonds is no different to plain fiat money creation before the time of maturing. After that time the government has to pay back a multiple of the initial amount determined by the rate of interest on its bonds.

Keywords: Greek Public Debt; Fiat Money Creation; National Commercial Bank; Greek Administrations; Expansionary Credit Policy (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-01171-4_15

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DOI: 10.1007/978-3-319-01171-4_15

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