| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8754 |
| DP8754 Making a Voluntary Greek Debt Exchange Work | |
| Jeromin Zettelmeyer; Mitu Gulati | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Within the next few months, the Greek government, is supposed to persuade private creditors holding about EUR 200bn in its bonds to voluntarily exchange their existing bonds for new bonds that pay roughly 50 percent less. This may work with large creditors whose failure to participate in a debt exchange could trigger a Greek default, but may not persuade smaller creditors, who will be told that their claims will continue to be fully serviced if they do not participate in the exchange. This paper proposes an approach to dealing with this free rider problem that exploits the fact that with some probability, the proposed exchange might be followed by an involuntary restructuring some time in the future. The idea is to design the new bonds that creditors are offered in the exchange in a way that make them much harder to restructure than the current Greek government bonds. This is easy to do because the vast majority of outstanding Greek government bonds lack standard creditor protections. Hence, creditors would be offered a bond that performs much worse than their current bond if things go according to plan, but much better if things do not. They will accept this instrument if (1) the risk of a new Greek debt restructuring in the medium term is sufficiently high; (2) there is an expectation that the next restructuring probably will not be voluntary. |
| 主题 | International Macroeconomics |
| 关键词 | Debt exchange Debt restructuring Defaults Eurozone crisis Greece Sovereign debt |
| URL | https://cepr.org/publications/dp8754 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537590 |
| 推荐引用方式 GB/T 7714 | Jeromin Zettelmeyer,Mitu Gulati. DP8754 Making a Voluntary Greek Debt Exchange Work. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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