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dc.contributor.authorBelke, Ansgaren_US
dc.contributor.authorDreger, Christianen_US
dc.date.accessioned2012-08-27en_US
dc.date.accessioned2012-08-27T12:57:02Z-
dc.date.available2012-08-27T12:57:02Z-
dc.date.issued2011en_US
dc.identifier.isbn978-3-86788-318-4en_US
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_US
dc.language.isoengen_US
dc.publisherRWI Essenen_US
dc.relation.ispartofseriesRuhr Economic Papers 273en_US
dc.subject.jelF33en_US
dc.subject.jelF34en_US
dc.subject.jelH63-
dc.subject.ddc330en_US
dc.subject.keywordEuro area debt crisisen_US
dc.subject.keyworddebt conversionen_US
dc.subject.keywordGreeceen_US
dc.titleRamifications of debt restructuring on the euro area: The example of large European economies' exposure to Greeceen_US
dc.typeWorking Paperen_US
dc.identifier.ppn72228831Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Ruhr Economic Papers, RWI
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Publikationen von Forscherinnen und Forschern des DIW

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