The Greek debt restructuring: an autopsy
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 c...
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| Published in: | Economic policy Vol. 28; no. 75; pp. 513 - 563 |
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| Main Authors: | , , , , |
| Format: | Journal Article |
| Language: | English |
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Blackwell Publishing
01-07-2013
Oxford University Press |
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| 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. |
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| AbstractList | 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. 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. -- Jeromin Zettelmeyer, Christoph Trebesch and Mitu Gulati. Adapted from the source document. 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. [PUBLICATION 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. - Jeromin Zettelmeyer, Christoph Trebesch and Mitu Gulati Reprinted by permission of Blackwell Publishers |
| Author | Monacelli, Tommaso Trebesch, Christoph Whelan, Karl Zettelmeyer, Jeromin Gulati, Mitu |
| Author_xml | – sequence: 1 givenname: Jeromin surname: Zettelmeyer fullname: Zettelmeyer, Jeromin – sequence: 2 givenname: Christoph surname: Trebesch fullname: Trebesch, Christoph – sequence: 3 givenname: Mitu surname: Gulati fullname: Gulati, Mitu – sequence: 4 givenname: Tommaso surname: Monacelli fullname: Monacelli, Tommaso – sequence: 5 givenname: Karl surname: Whelan fullname: Whelan, Karl |
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| Snippet | 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... 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... 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... |
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| SubjectTerms | Autopsy Cost Credit Debt Debt management Debt relief Debt rescheduling Debt restructuring Default Economic policy Economic theory Europe Greece Greeks History Monetary policy Money Risk Sovereign debt Taxpayers |
| Title | The Greek debt restructuring: an autopsy |
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