Staatliche Schuldenkrisen : das Beispiel Griechenland

This paper analyzes the Greek debt crisis. It is shown how the rescue package of 110 bn euro is shared among the IMF and the Euroarea-members in order to overcome the short-run problems. For the longer-run solution of the crisis several exit scenarios are presented and discussed: Under what conditions is the bail-out successful? Should Greece abandon the euro? Is a debt restructuring or default inevitable? In the end, the burden of adjustment has to be shared. Bondholders will lose some of their money by a haircut. Greek taxpayers will be paying higher taxes, retiring later, and taking cuts in public spending as do Euro-area taxpayers.