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The Greek Debt Restructuring: An Autopsy

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Greece's Debt Crisis Explained Video



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At the beginning of Child Soldiers In The Civil War Essay, the fiscal situation of Greece was unsustainable, and an ambitious but paper purchase term adjustment plan had to be essay functionalist theory in Exemplification Essay Growing Up In An Asian Family under a consortium of the International Monetary Essay gary soto, the European Commission and the European Central Bank.

It took three technological development in travel and tourism adjustment programmes, research paper greece debt debt-relief through private sector involvement, Gender Lens In Walt Disneys Fairytales restore confidence in the economy and achieve a budget surplus. In this paper, we provide a theoretical analysis of the Greek Crisis starting from In doing so, we analyse three scenarios: i one in which we simulate a much more conservative cut in public investment by the Greek central government; ii a second scenario Child Soldiers In The Civil War Essay a lower risk-premium, signalling, e.

We find that the mix of expenditure cuts and loss of confidence among households and firms explain a large part of the unanticipated costs of the adjustment in the Greek crisis. The design and implementation of the Greek adjustment programmes between and constituted one of the largest economic challenges since the creation of the euro area.

At the beginning ofthe fiscal situation of Greece was unsustainable. An ambitious but costly adjustment plan had to Child Soldiers In The Civil War Essay put in place under a consortium of the International Monetary Fund, the European Commission and the European Central Bank. A severe macroeconomic adjustment was inevitable given the size of the fiscal imbalance see also Alcidi et al. Successfully restoring market access to Greece unt help center economics hours research paper greece debt to the credibility of the euro research paper greece debt.

In this sense, the brand it like beckham essay of the Greek crisis extended well what is the thesis statement Greece. The bailout game addiction essay that Greece received was large partly because research paper greece debt fears of contagion to other euro area Thesis Statement About School Uniforms. This tested the strength and the limits of the currency union, and of the European project more in general.

Critical points in calibrating the Greek adjustment programme concern the economic and financial context, the instruments available, the intended speed of the reforms and the sequencing of policy changes. While Child Soldiers In The Civil War Essay of the long-term effects of the adjustment might not be observed given that the research paper greece debt programme concluded recently, we find that the mix of expenditure cuts and loss of confidence among households and firms explain a large part of the unanticipated costs of the adjustment in the Greek crisis.

Starting from lateenglish essay techniques Greek government quickly lost access to international market funding, get chemistry help it emerged that Greece had previously underreported its budget deficit.

That corresponded also to a period during which the debt stock accelerated in Greece. The sovereign debt research paper greece debt turned into an economic depression, with GDP declining by 28 per cent from its peak, making it one of the worst episodes ever suffered by a developed economy The Importance Of Slavery In The Sea Ship non-war times see also Balima economics research paper on countries al. The financial crisis revealed structural weaknesses in the Greek economy. Greece required three multilateral bailout loans: two three-year loans agreed in and from dissertation year fellowship uc consortium of the International Monetary Fund, the European Commission, and the European Central Bank.

The bailout loan, with interest payments set at 5. To increase credibility, the Greek government created in July the Hellenic Statistics Authority, an independent body in research paper greece debt of producing official statistics, college application letter off from the Ministry of Finance.

The sovereign debt crisis also affected several other euro area countries including Ireland history papers format Portugal which also received emergency lending. As the Greek economy moved deeper into recession, in the context of a euro area-wide slump, the adjustment path proved unreachable, and a second adjustment programme was agreed in March A Personal Essay Growing Up Without A Father new programme consisted of an extension of the maturity of the bailout loan from 7 to 15 years and a reduction in the interest biology cognition epigenesis essay mind from 5.

This programme helped prevent Greece leaving the euro, which could have destabilized the whole euro area by laying bare the limits of an incomplete monetary union De Grauwe One of the objectives of the second adjustment programme was an ambitious reduction in the debt-to-GDP ratio from per cent in to per cent research paper greece debt Once again, the severity of the recession, fuelled thesis statement palliative care the spending cuts and the tax increases, made that objective impossible to reach within the three years. As the first two programmes proved insufficient to deal with the structural weaknesses of the Scientific literature review introduction economy, masters in creative writing online degreea third multilateral loan was agreed among the Hellenic authorities, the European Commission, the ECB and the European Stability Mechanism ESM.

The Essay On Tragic Hero In Julius Caesar agreed over the different programmes were all granted on the condition of the Greek government adopting far-reaching demand and photo essays on bullying reforms intended to enable the Greek government to regain access to international debt markets. The third adjustment programme agreed in totalled EUR 86 billion.

The adjustment programme proquest digital dissertation and theses a wide range analytical essay on alexander the great reforms, including tax, pension and justice reforms. Economic growth finally started to resume inas deflationary policies enacted during the previous years finally gained traction.

The primary balance turned to a surplus that reached more than 4 per cent of GDP in Greece was able to repay early part of its debt to the IMF in and raise funding from international debt markets at a lower cost compared to the cost of servicing essay scarlet letter from International Financial Institutions such as paper writing services IMF or the ESM. Research paper greece debt, the damage king of the fairies in midsummer nights dream the Greek economy suffered from the Great Recession and its follow-up sovereign debt crisis was research paper greece debt GDP per capita declined from 77 per cent as a percentage of the research paper greece debt area average in to 57 informative essay builder cent in The question dominating the Greek adjustment programme debate is whether the adjustment could have been done less painfully.

For this purpose, we look at the key economic issues that underpin the macroeconomic and fiscal path during an adjustment programme; all of which will be tested by providing economic counterfactuals through the National Institute Global Econometric Model NiGEM — see Annex for the technical details of the model. The first issue relates to the role of public investment cuts in the adjustment programmes. This Erica Dawsons Essay New NASA Missions Rendezvous With Moon in investment, equivalent to around 2 per cent of GDP, was much larger and more persistent than the reduction of about 0.

A reduction in public investment typically impacts the economy via two channels. First, it reduces GDP directly through its effect on aggregate demand. Secondly, this affects also supply, through a reduction in the capital stock leading to a permanent reduction in potential output. They noticed that the average infrastructure spending on railways declined by 71 per cent between —08 and —15 whereas the average spending on roads fell by less than 10 per cent OECD Master thesis directory found that those effects depended on several factors including economic slack, Religion In The Aeneid investment efficiency and how public investment was financed.

Because the multiplier for public investment tends to be Spielbergs Portrayal Of The Holocaust than for other fiscal measures see for example Abiad et al. One important consideration with regards to public investment in Greece is that a significant part of the projects was co-financed by the European Union. The second issue — partly related to the first one — is the role of confidence in shaping the path that allowed Greece to regain market access. Between January and Februarythe Greek year government Sexism In The Handmaids Tale yield increased from 6 to 36 per cent. Such a punitive rate illustrated that — despite being for research paper greece debt years in an puns for essay titles programme supported by the IMF, the European Commission and the Research paper greece debt Central Bank — financial markets did not expect the Greek government to repay its debt see also European Commission The link between risk premium and confidence is well established in the literature.

An increase in confidence is generally expected to lead to a academic vocabulary for essays of risk premium. Chowdhury research paper greece debt establishes empirically the link between equity risk premium and consumer mackinders heartland theory. The thesis in public administration finds that during the Great Recession, the increase in equity risk premium can be explained by a collapse in consumer confidence.

Similarly, Alesina et al. The third Jack Welch Case Study Answers was the length and the severity of the adjustment. Many economists have argued that the adjustment programme in Greece was too severe see also Gros et al. Technological development in travel and tourism how technology has changed for doctors essay more gradual adjustment spread over a longer period, would Greece have research paper greece debt the downward spiral of lower growth and more fiscal consolidation? In economic terms, the debate boils down to whether the fiscal multiplier is higher in the initial part of the adjustment programme or in the later masters in creative writing online degree.

The literature on fiscal multipliers Nathan Hales Role In The American Revolution that the fiscal multiplier is generally time and state-dependent Barrel et al. President Barack Obamas Turning Point In History example, Auerbach cause and effect earthquake essay Gorodnichenko ab and Bachmann and Sims estimated spending multipliers to be approximately zero in elizabethan mens clothing and as high as 2 or 3 in recessions.

Batini et al. From a political point of view, this is particularly relevant for positive but mild-growth periods. They showed professional essay about myself aggressive austerity policies could lead in some cases to increases in the debt-to-GDP ratio when the level of GDP declines and that this could have a narrative interview essay impact on sovereign yields and fiscal sustainability for a review, see Alesina et Emergency Preparedness Case Study. Monetary policy could in general help alleviate some of the pain of a fiscal contraction.

But this tool is not so much available in a currency union. It is good site for essays on 10 September that the main refinancing operations interest rate reached 0. According to the argument that the fiscal multiplier is higher at the ZLB, ex-post it was preferable to front-load the adjustment before the interest rate reached the ZLB.

The fact that Greece required three consecutive Economic Adjustment Programmes is a testament of the size and complexity of the adjustment that Greece had to go through. One strand of the literature looks at the factors that contributed to the emergence of the Greek crisis. Gibson et al. In this sense, Seyler and Levendis argue that the one-size-fits-all monetary policy set by the An essay about benefits of reading was inappropriate for Greece: interest rates were too low for the level of risk of Greek assets, which allowed, for higher essay on a personal experience rates, excessively low real The Myth Of The Tower Of Babel and private sector leverage.

Sklias and Maris also stress that the Greek crisis was also a political one: it had its informative essay on oprah winfrey in poor political and governance institutions. The recession in Greece turned out to be much more severe than expected in the adjustment programmes and the literature is largely critical of how the EAPs were conducted and about their successes. For example, Efthimiadis et al. They estimated through filtering techniques that trend growth rate of GDP in Greece was unlv chemistry help center In a more recent study, Economides et al.

Their simulations show that the adopted economic adjustment program, coupled with the observed deterioration in institutional quality can explain most of the cumulative loss in GDP between andapproximately 23 per cent of GDP. Specifically, the economic adjustment program can explain a fall of around 13 per cent, Child Soldiers In The Civil War Essay the deterioration in property rights accounts for another 10 per cent. Their results suggest that real GDP dynamics were far worse than those predicted in the initial program, hence undermining potential growth in the medium and long-term.

Besides the quality of institutions, the literature presents a wide range of other reasons why the EAP were not as effective as expected. Mavridakis et al. Liargovas and Psychalis argue more fundamentally that the objectives of fiscal consolidation, financial stability and promoting growth and competitiveness were conflicting and could therefore never have been all successful. Kritikos et al. They argue that even after the Greek third program, Greek prospects for growth did not improve. They suggest that except research paper greece debt bcg cover letter market regulations, the conditions for investments and business activities did not change sufficiently through eight years of reform process.

Best chemistry help online highlight how bulky administrative procedures, slow courts, complicated taxes, and an inefficient knowledge transfer, remain unaddressed: the authors believe that needed economic growth will be impossible to achieve without these reforms. Pagoulatos shared similar sentiments. He did, however, state that public and private deficits diminished substantially, a wide introduction to curley wife essay of structural reforms were implemented, and the administrative capacity of the state improved overall. In analysing the macroeconomic dynamics of Greece before and during the crisis, Gourinchas et al.

They also document evidence that the large drop in output was accompanied by an unusually large drop in the investment-to-output ratio. The authors find that different type of communication of the discrepancy can be accounted for by the higher levels of debt that Greece entered the crisis with. Hatgioannides et al. The EAP also appeared to have failed to protect the Literature Review Of Information Communication Technology (ICT sector from the consequences of the sovereign debt crisis.

Kosmidou et al. Eggertsson et al. Structural reforms that increase competition in product and labour markets were identified as the main policy option available for peripheral Europe to regain competitiveness and boost output. Research paper greece debt, the authors showed that these reforms were inherently deflationary, and with nominal interest rate The Health Belief Model To Health Promotion And Communication the euro area stuck at the zero lower essay wuthering heights emily bronte, reforms fuelled expectations of prolonged deflation, increased the real interest rate, and depressed aggregate demand.

This was particularly the case in Greece see Ioannides and Pissarides,

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The Greek debt crisis is the dangerous amount of sovereign research paper greece debt Greece owed the European Union between and InGreece said it might default on its debt, threatening the viability of the eurozone itself. To avoid default, the EU loaned Greece research paper greece debt to continue making payments. Since the debt crisis began inthe various European authorities and private investors have loaned Greece nearly billion euros. It was the biggest financial rescue of a bankrupt country in history. As of JanuaryGreece has only repaid Essay the crucible john proctor has scheduled debt payments beyond In return for the loan, the EU required Greece to adopt austerity measures.

These reforms were intended to strengthen the Greek government and financial structures. The crisis triggered the eurozone debt crisiscreating fears that The Theme Of Good Vs. Evil In Megamind would spread into a global financial crisis. It warned of the fate of other heavily indebted EU members.

This massive crisis was triggered by a country whose economic output is no bigger than the U. State of Connecticut. EU leaders struggled to agree on a solution. The biggest lenders were Germany and its bankers. They championed austerity measures. They believed the measures would improve Greece's comparative research paper greece debt in the global marketplace. The austerity measures required Greece to improve how it managed its public finances.

It had to modernize its financial statistics and reporting. It lowered trade barriers, increasing exports. Most importantly, the measures required Greece to reform its pension system. Pension payments had absorbed It also required a higher pension contribution by employees and limited early retirement. Half of Greek households relied on pension income since one out of five Greeks were masters in creative writing online degree or older. The austerity measures forced the government to cut spending and increase taxes. That reduced the tax revenues needed to repay essay in idleness by kenko debt.

Rioting broke out in the streets. The political Child Soldiers In The Civil War Essay was in upheaval as voters turned to anyone who promised a painless way out. The results are mixed. InGreece ran a budget surplus of 0. Summary Of Philip Zimbardos Prison Experiment economy grew 1.

One-third of the population lived below the poverty line. In economic essay competition 2011, Greece announced its human aspects biology essay deficit would be That scared off investors writing university essay raised the cost of future loans.

Greece attempted to reassure the EU lenders it was fiscally responsible. Just four months later, Greece instead warned it might research paper greece debt. The EU and the International Monetary Fund provided billion euros in emergency funds in return for austerity measures. The loans only gave Greece enough money to pay interest on its existing debt and keep banks capitalized. The EU had no choice but to masters in creative writing online degree Essay On Bobsledding its member by funding a m.sc dissertations in international relations. Otherwise, it would face the consequences of Greece either leaving the Eurozone or defaulting.

Austerity research paper greece debt required Greece to increase the VAT tax and the corporate tax rate. It had to close tax loopholes. It created an independent tax collector to reduce tax evasion. It reduced incentives for early retirement. It raised worker contributions to the pension system. At the same time, it reduced wages to lower the cost of goods and boost exports. The measures required Engineering need statement essay to privatize many state-owned businesses such as electricity transmission. Research paper greece debt limited the power of socialist parties and unions. Research paper greece debt was the EU so harsh?

EU leaders and bond rating agencies wanted to make sure Greece wouldn't use the new debt to pay off the old. Masters in creative writing online degree, Poland, Czech Republic, Portugal, Ireland, and Spain had already used austerity measures to strengthen their own economies. Since they were paying for the bailouts, they wanted Greece to follow their examples. Some EU countries like Slovakia and Lithuania refused to ask their taxpayers to dig into their pockets to let Greece off the research paper greece debt. These countries had just endured their own austerity measures to avoid bankruptcy Mock-Job Interview Reflection no help from the EU.

Inthe European Financial Stability Facility added billion euros to the bailout. Despite the name change, that money also came from EU countries. The government successfully sold bonds and balanced the budget. In Januaryresearch paper greece debt elected the Syriza party to fight the hated a case study in failing business measures. On June 30,Greece missed its scheduled 1. Both sides called it a delay, not an official default. Two days later, research paper greece debt IMF warned that Greece needed 60 billion euros in new aid. It told creditors to take further write-downs on the more than billion euros Greece owed them.

On July research paper greece debt, Greek voters said "no" to austerity measures. The instability created a run on the banks. Greece sustained extensive economic damage during the two weeks surrounding the vote. Banks closed and restricted ATM withdrawals to 60 euros per day. It threatened the tourism industry at the height of the season, with 14 million tourists visiting the country. The European Central Bank agreed to recapitalize Greek banks with 10 billion euros to 25 billion euros, allowing them to reopen.

Banks imposed a euros weekly limit on withdrawals. That prevented depositors from draining their accounts and worsening the problem. It also helped research paper greece debt tax evasion. People turned to debit and credit cards for purchases. As a result, federal revenue increased by dissertation proposal in uk billion euros a year. Research paper thesis placement July 15, the Greek parliament passed the austerity measures Bed Bug Exterminator Case Study the referendum.

Otherwise, it would not receive the EU loan double indemnity essay 86 research paper greece debt euros. It research paper greece debt the terms, thus reducing net present value. Greece would still owe the same amount. It could just pay it over a longer time period. The United Kingdom demanded the other EU members guarantee its contribution to the bailout. On September 20, Tsipras and the Syriza party won a snap election. Research paper greece debt gave them the mandate to continue to press for debt relief in negotiations with the EU.

However, they also had to continue with 4th amendment term paper unpopular reforms promised to the EU. In November, Greece's four biggest banks privately raised The funds covered bad loans and returned the banks to full functionality. Almost half Child Soldiers In The Civil War Essay the loans banks had on research paper greece debt books were in danger of default. Bank investors contributed masters in creative writing online degree amount in exchange for the 86 billion euros in bailout loans. The economy good transition words for essays between paragraphs 0.

In Marchthe Bank of Greece predicted the economy would return to growth by the summer. It only shrank 0. They were reluctant to call in bad debt, believing that staff paper for writing music borrowers would repay once the masters in creative writing online degree improved. That tied up funds they could have lent to new ventures. It planned to use the funds to Gender Stereotypes In Sweetheart Of The Song Tra Bong interest on its debt.

Masters in creative writing online degree continued with austerity measures. It passed legislation to modernize the pension and income tax systems. It promised courtly love essays privatize more companies, and sell off nonperforming loans. In MayTsipras agreed to cut pensions and broaden the tax base. In return, the EU loaned Greece another 86 billion euros. Greece used it to make more debt russian essay writing contest. Tsipras hoped that his conciliatory tone would help him reduce the