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The Greek crisis: Argentina revisited?

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Author Info

  • Fernanda Nechio

Abstract

Greece’s enormous fiscal deficit and high debt level culminated earlier this year in the euro zone’s first sovereign debt crisis. High yields on Greece’s debt indicate that markets have priced in the possibility of default. Compared with Argentina, which defaulted on its debt in 2001, Greece’s fiscal position is much worse. However, unlike Argentina, Greece is supported by other euro zone countries and is not vulnerable to speculative currency attacks, advantages that offer it some protection from default.

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File URL: http://www.frbsf.org/publications/economics/letter/2010/el2010-33.html
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File URL: http://www.frbsf.org/publications/economics/letter/2010/el2010-33.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2010)
Issue (Month): nov1 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2010:i:nov1:n:2010-33

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Related research

Keywords: Financial crises - Greece;

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Cited by:
  1. Jan Hanousek & Evžen Kočenda & Jan Novotný, 2013. "Price Jumps on European Stock Markets," William Davidson Institute Working Papers Series wp1059, William Davidson Institute at the University of Michigan.
  2. Daly, Hounaida & Smida, Mounir, 2013. "La coordination des politiques monétaire et budgétaire: Aperçu théorique
    [Coordination of monetary and fiscal policies: Theoretical Overview]
    ," MPRA Paper 48066, University Library of Munich, Germany.
  3. Daly, Hounaida & Smida, Mounir, 2013. "Interaction entre politique monétaire et politique budgétaire:Cas de la Grèce
    [Fiscal and Monetary Policy Interactions : The Greece Case]
    ," MPRA Paper 45931, University Library of Munich, Germany.

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