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The 2012 Greek Debt Restructuring and its Aftermath

In: Managing Risks in the European Periphery Debt Crisis

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  • Miranda Xafa

Abstract

The 2012 Greek debt restructuring was a watershed event in the European debt crisis. It was unprecedented in terms of its size and deep haircut, yet it took place in an orderly manner, with the consent of both private and official creditors. There is an ongoing debate as to whether it should have happened sooner to avoid bailing out private investors with public money. In line with the book’s subtitle, this paper discusses the tradeoff between the need to ensure debt sustainability up front versus the fear of contagion, concerns about euro area bank solvency, and doubts about Greece’s resolve to reform.

Suggested Citation

  • Miranda Xafa, 2015. "The 2012 Greek Debt Restructuring and its Aftermath," Palgrave Macmillan Books, in: George Christodoulakis (ed.), Managing Risks in the European Periphery Debt Crisis, chapter 5, pages 87-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-30495-7_5
    DOI: 10.1057/9781137304957_5
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