Greek Sovereign Debt: Addressing Economic Distress and Growth in the Euro Area

33 Pages Posted: 29 Dec 2017  

Panayotis Alexakis

Independent

Gikas A. Hardouvelis

University of Piraeus; Centre for Economic Policy Research (CEPR)

Dean A. Paxson

Manchester Business School; University of Manchester - Manchester Business School

Gordon Sick

University of Calgary - Haskayne School of Business

Lenos Trigeorgis

University of Cyprus - Department of Public and Business Administration; King's College London; Massachusetts Institute of Technology (MIT) - Sloan School of Management

Date Written: December 23, 2017

Abstract

This article addresses key issues of the Greek sovereign debt crisis, its broader economic distress and growth implications for the Euro Area and offers suggested remedies including growth indexed bonds, fiscal balances over a growth cycle, structural reforms, and using real option analysis in relevant public policy areas involving inefficient or growth sectors of the economy.

Keywords: Greek sovereign debt, Grexit, debt sustainability, real options, growth-indexed bonds, fiscal balance, structural reforms

JEL Classification: H63, H60, G01, G13

Suggested Citation

Alexakis, Panayotis and Hardouvelis, Gikas A. and Paxson, Dean A. and Sick, Gordon and Trigeorgis, Lenos, Greek Sovereign Debt: Addressing Economic Distress and Growth in the Euro Area (December 23, 2017). Available at SSRN: https://ssrn.com/abstract=3092688 or http://dx.doi.org/10.2139/ssrn.3092688

Panayotis Alexakis

Independent ( email )

No Address Available

Gikas A. Hardouvelis (Contact Author)

University of Piraeus ( email )

80 Karaoli & Dimitriou Str.
18534 Piraeus, 185 34 -GR
Greece
+32010 4142323 (Phone)
+3210 6724848 (Fax)

HOME PAGE: http://www.eurobank.gr

Centre for Economic Policy Research (CEPR) ( email )

77 Bastwick Street
London, EC1V 3PZ
United Kingdom

Dean A. Paxson

Manchester Business School ( email )

Crawford House
Oxford Road
Manchester M13 9PL
United Kingdom

University of Manchester - Manchester Business School ( email )

Booth Street West
Manchester, M15 6PB
United Kingdom

Gordon Sick

University of Calgary - Haskayne School of Business ( email )

2500 University Drive, NW
Calgary, Alberta T2N 1N4
Canada
403-220-7165 (Phone)
403-282-0095 (Fax)

Lenos Trigeorgis

University of Cyprus - Department of Public and Business Administration ( email )

75 Kallipoleos Street
P.O. Box 20537
Nicosia CY-1678
Cyprus
00357 2 338762 (Phone)
00357 2 339063 (Fax)

King's College London ( email )

Strand
London, WC2R 2LS
United Kingdom

Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )

77 Massachusetts Ave. E62-663
Cambridge, MA 02142
United States

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