The Greek Debt Restructuring: An Autopsy

Jeromin Zettelmeyer (), Christoph Trebesch and Mitu Gulati

No 4333, CESifo Working Paper Series from CESifo

Abstract: The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50 per cent of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents – particularly in its very generous treatment of holdout creditors – that are likely to make future debt restructurings in Europe more difficult.

Keywords: sovereign debt; sovereign default; crisis resolution; Greece (search for similar items in EconPapers)
JEL-codes: F34 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (183)

Downloads: (external link)
https://www.cesifo.org/DocDL/cesifo1_wp4333.pdf (application/pdf)

Related works:
Journal Article: The Greek debt restructuring: an autopsy (2013)
Working Paper: The Greek Debt Restructuring: An Autopsy (2013)
Working Paper: The Greek Debt Restructuring: An Autopsy (2013)
Working Paper: The Greek debt restructuring: An autopsy (2013)
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:ces:ceswps:_4333

Access Statistics for this paper

More papers in CESifo Working Paper Series from CESifo Contact information at EDIRC.
Bibliographic data for series maintained by Klaus Wohlrabe ().