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dc.contributor.authorGarcia Pascual, Antonio I.en_US
dc.contributor.authorGhezzi, Pieroen_US
dc.date.accessioned2012-01-26T12:24:37Z-
dc.date.available2012-01-26T12:24:37Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/54934-
dc.description.abstractGreece has reached a point where, under any plausible macroeconomic scenario, public debt will continue growing faster than GDP. Fiscal consolidation alone cannot close the solvency gap. A substantial reduction in the stock of debt is needed. Even post-debt restructuring, there is no guarantee that the government will succeed in its dual goal of restoring fiscal solvency and closing the competitiveness gap. Yet we think Greece stands a better chance of accomplishing these goals from inside the EMU rather than outside it. This chapter takes stock of the factors that led to the explosion of public debt, the loss of competitiveness, and the failure of the first EU-IMF programme. We also present our views on the likely debt restructuring (and post-restructuring) scenarios.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Fiscal Policy, Macroeconomics and Growth 3663en_US
dc.subject.jelE60en_US
dc.subject.jelF40en_US
dc.subject.ddc330en_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwStaatsbankrotten_US
dc.subject.stwInternationaler Wettbewerben_US
dc.subject.stwUmschuldungen_US
dc.subject.stwHaushaltskonsolidierungen_US
dc.subject.stwGriechenlanden_US
dc.subject.stwSchuldenübernahmeen_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwWelten_US
dc.titleThe Greek crisis: Causes and consequencesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn679981373en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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