The Greek Debt Restructuring: An Autopsy

Jeromin Zettelmeyer (), Christoph Trebesch and Mitu Gulati

No 9577, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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: Debt restructuring; Eurozone crisis; Financial crises; Greece; Sovereign debt; Sovereign default (search for similar items in EconPapers)
Date: 2013-07
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Working Paper: The Greek Debt Restructuring: An Autopsy (2013)
Working Paper: The Greek debt restructuring: An autopsy (2013)
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