The 2012 private sector involvement in Greece

Gong Cheng

Discussion Papers from European Stability Mechanism

Abstract: In March 2012, the euro area agreed a private sector involvement (PSI) to alleviate Greece’s debt burden by restructuring sovereign bonds held by private investors. This background paper provides information on the restructuring arrangements and examines the macroeconomic and financial implications on Greece’s fiscal sustainability and its later assistance programmes. Throughout 2019, European Stability Mechanism (ESM) researchers interviewed participants to evaluate the ESM’s performance in its financial assistance to Greece and to learn lessons about the PSI procedure itself. This paper also outlines lessons learned that could apply to handling any future euro area debt restructuring.

Pages: 31
Date: 2020-06-11, Revised 2021-10-25
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