Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/61441 
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dc.contributor.authorBelke, Ansgaren
dc.contributor.authorDreger, Christianen
dc.date.accessioned2012-08-27-
dc.date.accessioned2012-08-27T12:57:02Z-
dc.date.available2012-08-27T12:57:02Z-
dc.date.issued2011-
dc.identifier.isbn978-3-86788-318-4en
dc.identifier.urihttp://hdl.handle.net/10419/61441-
dc.description.abstractThe 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.en
dc.language.isoengen
dc.publisher|aRheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI) |cEssenen
dc.relation.ispartofseries|aRuhr Economic Papers |x273en
dc.subject.jelF33en
dc.subject.jelF34en
dc.subject.jelH63en
dc.subject.ddc330en
dc.subject.keywordEuro area debt crisisen
dc.subject.keyworddebt conversionen
dc.subject.keywordGreeceen
dc.titleRamifications of Debt Restructuring on the Euro Area – The Example of Large European Economies' Exposure to Greece-
dc.typeWorking Paperen
dc.identifier.ppn72228831Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:rwirep:273en

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