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dc.contributor.authorGarcia Pascual, Antonio I.en
dc.contributor.authorGhezzi, Pieroen
dc.date.accessioned2012-01-26T12:24:37Z-
dc.date.available2012-01-26T12:24:37Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3663en
dc.subject.jelE60en
dc.subject.jelF40en
dc.subject.ddc330en
dc.subject.stwÖffentliche Schuldenen
dc.subject.stwStaatsbankrotten
dc.subject.stwInternationaler Wettbewerben
dc.subject.stwUmschuldungen
dc.subject.stwHaushaltskonsolidierungen
dc.subject.stwGriechenlanden
dc.subject.stwSchuldenübernahmeen
dc.subject.stwEU-Staatenen
dc.subject.stwWelten
dc.titleThe Greek crisis: Causes and consequences-
dc.typeWorking Paperen
dc.identifier.ppn679981373en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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