Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/108231 
Autor:innen: 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
IEHAS Discussion Papers No. MT-DP - 2011/33
Verlag: 
Hungarian Academy of Sciences, Institute of Economics, Budapest
Zusammenfassung: 
There are two possible responses to the Greek debt crisis: 'Plan A', continued official lending, for as long as needed, with possible voluntary private sector involvement, and 'Plan B', coercive pre-emptive or post-default restructuring with significant face value reduction in privately-held debt. Both options have risks, but it is necessary to move to Plan B sooner or later. The impact on Greece could be mitigated by foreign bank ownership and proper liquidity support measures. The direct spillover impact on the rest of the euro area seems small. But there is the risk of contagion, which is a serious concern. There is a cautious case for delaying somewhat Plan B in order to prepare for it.
Schlagwörter: 
debt restructuring
euro-area crisis
fiscal sustainability
financial interdependence
Lehman Brothers
JEL: 
F34
E60
H63
ISBN: 
978-615-5024-70-2
Dokumentart: 
Working Paper

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