@techreport{Belke2011Ramifications,
abstract = {The Greek government budget situation plays a central role in the debt crisis in the euro area. The debt to GDP ratio is above 150 percent, while the deficit to GDP ratio exceeds 10 percent. To re-establish the Maastricht criteria, respectively, strong consolidation measures need to be implemented, with potential adverse effects on the Greek economy, and further credit requirements. Therefore, a debt conversion might become a reasonable alternative. The aim of this paper is to provide some simulation-based calculations on the expected fiscal costs for the governments in the large European countries Germany, France, Spain and Italy arising from different policy options - among them a second Greek rescue package. Under realistic conditions, a debt conversion may be the less costly strategy for Greece and the euro area partner states. A value-added of these calculations lies in a potential transfer to smaller euro area member countries.},
address = {Essen},
author = {Ansgar Belke and Christian Dreger},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
isbn = {978-3-86788-318-4},
keywords = {F33; F34 : H63; 330; Euro area debt crisis; debt conversion; Greece},
language = {eng},
number = {273},
publisher = {RWI},
title = {Ramifications of debt restructuring on the euro area: The example of large European economies' exposure to Greece},
type = {Ruhr Economic Papers},
url = {http://hdl.handle.net/10419/61441},
year = {2011}
}
