Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/159880
Authors: 
Manasse, Paolo
Year of Publication: 
2015
Series/Report no.: 
Quaderni - Working Paper DSE 1042
Abstract (Translated): 
This paper looks at the recent debt crisis in Greece and argues that the crisis exemplifies a sequence of systematic mistakes made by International Financial Institutions, mistakes whose consequences had been clearly anticipated at the time of the first bail-out and could have been avoided. I will argue that the "original sin" of international creditors has been that of refinancing, rather than partially writing off, the debt. This mistake has led to excessively restrictive policies, and has ultimately to interventions of bail-out/in much larger than those which would have solved the problem at the outset, causing unnecessary pain to the economy and damaging both creditors' and debtors' interests.
JEL: 
F33
F34
E65
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Working Paper

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