Zum Stand der Staatsschuldenkrise in Europa
The euro countries currently experience a severe government debt crisis. Since Greece asked for financial assistance in May 2010 there has been a lively debate on how to resolve this situation. The solution that has been primarily suggested by politicians so far is to finance governments' financial needs through emergency credits from EU sources (EFSF/ESM) and the International Monetary Fund. After explaining provisions like the stability pact and risk premiums on interest rates which aimed at guaranteeing fiscal stability in the pre-crisis EMU an overview is given showing financial and other political reactions to the crisis. In a second step, the sustainability of the Greek debt situation is extensively analyzed by employing the government budget constraint. The necessary primary surpluses enabling Greece to finance its government debt without international support from 2020 onwards are, however, substantial. Therefore, it is very likely that Greece either needs further financial assistance or an additional hair cut. Finally, some suggestions are made how to avoid possible government debt crises in the future.
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- Hans-Werner Sinn & Timo Wollmershäuser, 2011.
"Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility,"
CESifo Working Paper Series
3500, CESifo Group Munich.
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- Hans-Werner Sinn & Timo Wollmershaeuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility," NBER Working Papers 17626, National Bureau of Economic Research, Inc.
- Sinn, Hans-Werner & Wollmershäuser, Timo, 2012. "Target loans, current account balances and capital flows: The ECB’s rescue facility," Munich Reprints in Economics 19556, University of Munich, Department of Economics.
- David Bencek & Henning Klodt, 2011. "Fünf Prozent sind (zu) viel," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 91(9), pages 595-600, September.
- Smeets Heinz-Dieter, 2012. "Staatsschuldenkrise in Europa," Review of Economics, De Gruyter, vol. 63(2), pages 125-169, August.
- Haucap, Justus & Lange, Mirjam R. J. & Wey, Christian, 2012. "Nemo Omnibus Placet: Exzessive Regulierung und staatliche Willkür," DICE Ordnungspolitische Perspektiven 27, Düsseldorf Institute for Competition Economics (DICE), University of Düsseldorf.
- Ansgar Belke & Christian Dreger, 2011. "Das zweite Rettungspaket für Griechenland," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 91(9), pages 601-607, September.
- Hans-Werner Sinn, 2010. "Euro-Krise: Die Bedeutung des Gewährleistungsgesetzes für Deutschland und Europa," Ifo Schnelldienst, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(10), pages 03-09, 05.
- Hans-Werner Sinn, 2011. "Target-Salden, Außenhandel und Geldschöpfung," Ifo Schnelldienst, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(09), pages 23-25, 05.
- Paul Welfens, 2011. "Für zentralisierte Eurobonds, Strukturreformen und eine Euro-Union," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 91(9), pages 613-620, September.
- Gros, Daniel & Alcidi, Cinzia, 2012. "The Spanish Hangover," CEPS Papers 6836, Centre for European Policy Studies.
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