The Greek debt restructuring: An autopsy

Jeromin Zettelmeyer (jzettelmeyer@gmail.com), Christoph Trebesch and Mitu Gulati

Munich Reprints in Economics from University of Munich, Department of Economics

Abstract: The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief - over 50\% 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.

Date: 2013
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Published in Economic Policy 75 28(2013): pp. 513-563

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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)
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