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Private Debt is the Problem!

Listed author(s):
  • Savvides, Savvakis C.

Cyprus suffers from a developing acute case of Balance Sheet Recession. This means that because of the excessive and quite unprecedented levels of private debt (3 to 4 times the size of the country’s GDP) weighing on households and corporations, it is practically impossible for the country to overcome the recessionary effects of the austerity conditions that were imposed since the bail-in in 2013 and which still constitute the core of the Government policy. The article concludes that therefore the government should stand ready to have in place the institutions and provide for such fiscal measures which will mitigate and cushion the deflationary effects of the coming, but very foreseeable, recession.

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File URL: https://mpra.ub.uni-muenchen.de/80627/1/MPRA_paper_80627.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 80627.

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Date of creation: Jul 2017
Publication status: Published in Accountancy Cyprus 127.2(2017): pp. 52-53
Handle: RePEc:pra:mprapa:80627
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  1. Savvakis C. Savvides, 2016. "Overcoming Private Debt: Unblocking and rebuilding the loan burdened real economy in Cyprus," Development Discussion Papers 2016-08, JDI Executive Programs.
  2. Michael Hudson, 2012. "The Road to Debt Deflation, Debt Peonage, and Neofeudalism," Economics Working Paper Archive wp_708, Levy Economics Institute.
  3. repec:wej:wldecn:656 is not listed on IDEAS
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