EconStor >
Heinrich-Heine-Universität Düsseldorf >
Düsseldorf Institute for Competition Economics (DICE), University of Düsseldorf >
DICE Ordnungspolitische Perspektiven, Düsseldorf Institute for Competition Economics (DICE) >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/65674
  
Title:Zum Stand der Staatsschuldenkrise in Europa PDF Logo
Authors:Smeets, Heinz-Dieter
Issue Date:2012
Series/Report no.:DICE ordnungspolitische Perspektiven 30
Abstract (Translated):The euro countries currently experience a severe government debt crisis. Since Greece asked for financial assistance in May 2010 there has been a lively debate on how to resolve this situation. The solution that has been primarily suggested by politicians so far is to finance governments' financial needs through emergency credits from EU sources (EFSF/ESM) and the International Monetary Fund. After explaining provisions like the stability pact and risk premiums on interest rates which aimed at guaranteeing fiscal stability in the pre-crisis EMU an overview is given showing financial and other political reactions to the crisis. In a second step, the sustainability of the Greek debt situation is extensively analyzed by employing the government budget constraint. The necessary primary surpluses enabling Greece to finance its government debt without international support from 2020 onwards are, however, substantial. Therefore, it is very likely that Greece either needs further financial assistance or an additional hair cut. Finally, some suggestions are made how to avoid possible government debt crises in the future.
Subjects:Staatsschuldenkrise
Schuldentragfähigkeit
Bankenrekapitalisierung
Währungsunion
Euro
ISBN:978-3-86304-630-9
Document Type:Working Paper
Appears in Collections:DICE Ordnungspolitische Perspektiven, Düsseldorf Institute for Competition Economics (DICE)

Files in This Item:
File Description SizeFormat
72888464X.pdf327.76 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/65674

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.