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Zum Stand der Staatsschuldenkrise in Europa

  • Smeets, Heinz-Dieter
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    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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    Paper provided by Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE) in its series DICE Ordnungspolitische Perspektiven with number 30.

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    Date of creation: 2012
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    Handle: RePEc:zbw:diceop:30
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    1. Ansgar Belke & Christian Dreger, 2011. "Das zweite Rettungspaket für Griechenland," Wirtschaftsdienst, Springer, vol. 91(9), pages 601-607, September.
    2. 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.
    3. Paul Welfens, 2011. "Für zentralisierte Eurobonds, Strukturreformen und eine Euro-Union," Wirtschaftsdienst, Springer, vol. 91(9), pages 613-620, September.
    4. Haucap, Justus & Lange, Mirjam R. J. & Wey, Christian, 2012. "Nemo Omnibus Placet: Exzessive Regulierung und staatliche Willkür," DICE Ordnungspolitische Perspektiven 27, Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    5. Hans-Werner Sinn, 2011. "Target-Salden, Außenhandel und Geldschöpfung," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 64(09), pages 23-25, 05.
    6. Heinz-Dieter Smeets, 2012. "Staatsschuldenkrise in Europa," Review of Economics, Lucius & Lucius, vol. 63(2), pages 125-169.
    7. Gros, Daniel & Alcidi, Cinzia, 2012. "The Spanish Hangover," CEPS Papers 6836, Centre for European Policy Studies.
    8. David Bencek & Henning Klodt, 2011. "Fünf Prozent sind (zu) viel," Wirtschaftsdienst, Springer, vol. 91(9), pages 595-600, September.
    9. Hans-Werner Sinn, 2010. "Euro-Krise: Die Bedeutung des Gewährleistungsgesetzes für Deutschland und Europa," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 63(10), pages 03-09, 05.
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