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The bail-out! : positive political economics of greek-type crises in the EMU
Fahrholz, Christian; Wójcik, Cezary - 2010
The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...
Persistent link: https://www.econbiz.de/10008697133
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ECB interventions in distressed sovereign debt markets : the case of Greek bonds
Trebesch, Christoph; Zettelmeyer, Jeromin - 2014
This paper analyses the determinants and effects of ECB interventions in times of severe distress. We focus on the Greek government bond market in mid-2010 and use a unique new dataset to show, for the first time, what type of bonds the ECB bought. We then explore the short-term effects of ECB...
Persistent link: https://www.econbiz.de/10010337515
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The Greek crisis : causes and consequences
Pascual, Antonio I. Garcia; Ghezzi, Piero - 2011
Greece has reached a point where, under any plausible macroeconomic scenario, public debt will continue growing faster … solvency and closing the competitiveness gap. Yet we think Greece stands a better chance of accomplishing these goals from …
Persistent link: https://www.econbiz.de/10009387266
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How to handle the crisis in Greece? : empirical evidence based on a survey of economics experts
Potrafke, Niklas; Reischmann, Markus Josef - 2016
crisis in Greece. 61.9% of the experts surveyed were not in favour of Greece exiting the Eurozone in the course of the … Republic, Denmark, and Slovakia were in favour of Greece exiting the Eurozone. The share of experts who were in favour of … Greece staying in the Eurozone increased to 69.8% in October 2015. 72.4% of experts surveyed believed that the IMF should …
Persistent link: https://www.econbiz.de/10011452844
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The Greek crisis and financial assistance programmes : an evaluation
Arghyrou, Michael Georgiou - 2015
programme (2012-14) achieved progress towards recovery but this was fragile and was cancelled out by Greece's stand-off with her … lenders in the first half of 2015. The stand-off was one that predictably Greece could not win, due to the lack of a credible …
Persistent link: https://www.econbiz.de/10011384358
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The Eurozone needs exit rules
Fahrholz, Christian; Wójcik, Cezary - 2012
This paper argues that the key issue for defining and solving the Eurozone's (EZ) difficulties lies in readjusting the relationship between the centre and the periphery of the EZ. Our argument proceeds in two steps. Firstly, the basic finance problem of a centre-periphery system is captured by a...
Persistent link: https://www.econbiz.de/10009570716
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A fragile Eurozone in search of a better governance
De Grauwe, Paul - 2011
When entering a monetary union, member-countries change the nature of their sovereign debt in a fundamental way, i.e. they cease to have control over the currency in which their debt is issued. As a result, financial markets can force these countries' sovereigns into default. In this sense...
Persistent link: https://www.econbiz.de/10009127607
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The Greek debt restructuring : an autopsy
Zettelmeyer, Jeromin; Trebesch, Christoph; Gulati, Mitu - 2013 - This draft: July 5, 2013
of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers …
Persistent link: https://www.econbiz.de/10009767344
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Public debt sustainability and defaults
Guillard, Michel; Kempf, Hubert - 2017
We offer a new methodology for the assessment of public debt sustainability in a stochastic economy when sovereign default taken into account. The default threshold differs from the no-Ponzi condition and depends on the post-default debt recovery rule. We distinguish sustainability and...
Persistent link: https://www.econbiz.de/10011672036
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The Greek debt crisis : likely causes, mechanics and outcomes
Arghyrou, Michael Georgiou; Tsoukalas, John D. - 2010
We use insights from the literature on currency crises to offer an analytical treatment of the crisis in the market for Greek government bonds. We argue that the crisis itself and its escalating nature are very likely to be the result of: (a) steady deterioration of Greek macroeconomic...
Persistent link: https://www.econbiz.de/10008757569