Writing off, Restructuring or Refinancing the Debt? The IMF s role in the Greek Debt Crisis

Paolo Manasse

Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna

Abstract: This paper looks at the recent debt crisis in Greece and argues that the crisis exemplifies a sequence of systematic mistakes made by International Financial Institutions, mistakes whose consequences had been clearly anticipated at the time of the first bail-out and could have been avoided. I will argue that the original sin of international creditors has been that of refinancing, rather than partially writing off, the debt. This mistake has led to excessively restrictive policies, and has ultimately to interventions of bail-out/in much larger than those which would have solved the problem at the outset, causing unnecessary pain to the economy and damaging both creditors and debtors interests.

JEL-codes: E65 F33 F34 (search for similar items in EconPapers)
Date: 2015-12
New Economics Papers: this item is included in nep-cba and nep-mac
References: Add references at CitEc
Citations:

Downloads: (external link)
http://amsacta.unibo.it/4414/1/WP1042.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:wp1042

Access Statistics for this paper

More papers in Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna Contact information at EDIRC.
Bibliographic data for series maintained by Dipartimento Scienze Economiche, Universita' di Bologna ().