Greek Debt (Xafa)

Lessons from the 2012 Greek debt restructuring by Miranda Xafa published by Voxeu (6/2014). “The 2012 Greek debt restructuring was the largest one in the history of sovereign defaults. This column discusses the lessons from this historically unprecedented episode. Delaying the restructuring implied that externally held debt remained higher than it would have been otherwise. Supportive crisis management is necessary for smooth restructuring to take place in a currency union.”

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