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The Greek Debt Restructuring: An Autopsy

Jeromin Zettelmeyer (), Christoph Trebesch () and Mitu Gulati
Additional contact information
Mitu Gulati: Duke University

No WP13-8, Working Paper Series from Peterson Institute for International Economics

Abstract: The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief—over 50 percent 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)
JEL-codes: F34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec
Date: 2013-08
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Working Paper: The Greek debt restructuring: An autopsy (2013)
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