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Eurosystem debts, Greece, and the role of banknotes

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  • Whittaker, John

Abstract

The public debt of Greece to foreign governments, including debt to the EU/IMF loan facility and debt through the eurosystem, rose from €47.8bn to €180.5bn between January 2010 and September 2011. €17.1bn of the rise in eurosystem debt was due to an 86% increase in the Greek issue of euro banknotes. If EU/IMF loans to Greece cease, they will be replaced by larger Greek borrowing from the eurosystem, for as long as Greece stays in the euro. Eurozone governments would only escape from lending to Greece if access of the Bank of Greece to eurosystem credit were restricted. But this would impede the clearance of payments out of Greece, it would imply that cross-border payments by means of euro banknotes would also have to be restricted, and it would force Greece out of the euro.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38406.

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Date of creation: 14 Nov 2011
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Handle: RePEc:pra:mprapa:38406

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Keywords: eurozone operations; TARGET2;

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  1. Whittaker, John, 2011. "Intra-eurosystem debts," MPRA Paper 38368, University Library of Munich, Germany.
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Cited by:
  1. Győrffy, Dóra, 2014. "Válság és válságkezelés Görögországban. A puha költségvetési korlát szerepe a gazdasági összeomlásban
    [Crisis and crisis management in Greece. The role of soft budget constraints in
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 27-52.
  2. Peter Burgold & Sebastian Voll, 2012. "Begrenzung von TARGET2-Risiken – ein kritischer Überblick," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, Verein für Socialpolitik, vol. 13, pages 103-121, 05.
  3. Karl Whelan, 2012. "TARGET2 and Central Bank Balance Sheets," Working Papers, School Of Economics, University College Dublin 201229, School Of Economics, University College Dublin.
  4. Georg Dettmann, 2014. "Determinants of Internal and External Imbalances within the Euro Area," Working Papers, University of Verona, Department of Economics 01/2014, University of Verona, Department of Economics.

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