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A Realistic Valuation: Alternative Estimates of the Loan’s Present Value

In: Germany’s War Debt to Greece: A Burden Unsettled

Author

Listed:
  • Nicos Christodoulakis

    (Athens University of Economics and Business)

Abstract

Chapter 5 argues that the current value of the Occupation Loan can be properly determined only if it is considered in a market that remained uninterrupted throughout the period 1944–2012. The obvious choice is the US market and the current value is obtained by applying the yields on ten-year bonds. An alternative valuation is obtained by considering the Occupation Loan as a fraction of war-time German GDP and projecting the same portion in the current GDP of unified Germany, while another one is by assuming parity between the Reich Mark and the Deutsch Mark similar to that endorsed between the latter and the East German Mark after the reunification.

Suggested Citation

  • Nicos Christodoulakis, 2014. "A Realistic Valuation: Alternative Estimates of the Loan’s Present Value," Palgrave Macmillan Books, in: Germany’s War Debt to Greece: A Burden Unsettled, chapter 5, pages 41-48, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-44195-9_5
    DOI: 10.1057/9781137441959_5
    as

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