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The Greek debt restructuring: An autopsy

Author

Listed:
  • Zettelmeyer, Jeromin
  • Trebesch, Christoph
  • Gulati, Mitu

Abstract

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief - over 50\% of 2012 GDP - with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents - particularly in its very generous treatment of holdout creditors - that are likely to make future debt restructurings in Europe more difficult.

Suggested Citation

  • Zettelmeyer, Jeromin & Trebesch, Christoph & Gulati, Mitu, 2013. "The Greek debt restructuring: An autopsy," Munich Reprints in Economics 20662, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:20662
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    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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