Arbeitspapier
Ramifications of Debt Restructuring on the Euro Area – The Example of Large European Economies' Exposure to Greece
The Greek government budget situation plays a central role in the debt crisis in the euro area. The debt to GDP ratio is above 150 percent, while the deficit to GDP ratio exceeds 10 percent. To re-establish the Maastricht criteria, respectively, strong consolidation measures need to be implemented, with potential adverse effects on the Greek economy, and further credit requirements. Therefore, a debt conversion might become a reasonable alternative. The aim of this paper is to provide some simulation-based calculations on the expected fiscal costs for the governments in the large European countries Germany, France, Spain and Italy arising from different policy options - among them a second Greek rescue package. Under realistic conditions, a debt conversion may be the less costly strategy for Greece and the euro area partner states. A value-added of these calculations lies in a potential transfer to smaller euro area member countries.
- ISBN
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978-3-86788-318-4
- Language
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Englisch
- Bibliographic citation
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Series: Ruhr Economic Papers ; No. 273
- Classification
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Wirtschaft
International Monetary Arrangements and Institutions
International Lending and Debt Problems
National Debt; Debt Management; Sovereign Debt
- Subject
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Euro area debt crisis
debt conversion
Greece
- Event
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Geistige Schöpfung
- (who)
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Belke, Ansgar
Dreger, Christian
- Event
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Veröffentlichung
- (who)
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Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
- (where)
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Essen
- (when)
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2011
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Belke, Ansgar
- Dreger, Christian
- Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
Time of origin
- 2011
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