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Discussion Paper Details

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Title: The Greek Debt Restructuring: An Autopsy

Author(s): Mitu Gulati, Christoph Trebesch and Jeromin Zettelmeyer

Publication Date: July 2013

Keyword(s): debt restructuring, Eurozone crisis, financial crises, Greece, sovereign debt and sovereign default

Programme Area(s): International Macroeconomics

Abstract: The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief ? over 50 per cent of 2012 GDP ? with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents ? particularly in its very generous treatment of holdout creditors ? that are likely to make future debt restructurings in Europe more difficult.

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Bibliographic Reference

Gulati, M, Trebesch, C and Zettelmeyer, J. 2013. 'The Greek Debt Restructuring: An Autopsy'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=9577