Ramifications of debt restructuring on the euro area |
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Authors: | Ansgar Belke Christian Dreger |
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Institution: | (1) Institute of Southeast Asian Studies, Singapore, Singapore;(2) Singapore Management University, Bras Basah, Singapore;(3) Copenhagen Business School, Copenhagen, Denmark |
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Abstract: | The Greek government budget situation plays a central role in the debt crisis in the euro area. Strong consolidation measures
need to be implemented, with potential adverse effects on the Greek economy and further credit requirements. Debt conversion
might therefore become a reasonable alternative. The following paper provides some simulation-based calculations of 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. |
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Keywords: | |
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