Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/79650
Authors: 
Zettelmeyer, Jeromin
Trebesch, Christoph
Gulati, Mitu
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper 4333
Abstract: 
The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief - over 50 per cent of 2012 GDP - with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash incentives, and official sector pressure on key creditors. But it did so at a cost. The timing and design of the restructuring left money on the table from the perspective of Greece, created a large risk for European taxpayers, and set precedents - particularly in its very generous treatment of holdout creditors - that are likely to make future debt restructurings in Europe more difficult.
Subjects: 
sovereign debt
sovereign default
crisis resolution
Greece
JEL: 
F34
Document Type: 
Working Paper

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