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

Alexakis, Panayiotis; Hardouvelis, Gikas; Paxson, Dean; Sick, Gordon; Trigeorgis, Lenos

Volume 22, Numbers 1 & 2 / March/June , Pages 1-118

Multinational Finance Journal, 2018, vol. 22, no. 1/2, pp. 1-33
Panayiotis Alexakis , National and Kapodistrian University of Athens, Greece
Gikas Hardouvelis , University of Piraeus & Ex Minister of Finance of Greece, Greece
Dean Paxson , University of Manchester, UK
Gordon Sick , University of Calgary, Canada

Lenos Trigeorgis , University of Cyprus, Cyprus & King’s College London & MIT, UK Corresponding Author

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

Keywords : greek sovereign debt; eurozone financial crisis; GDP-linked bonds; structural reforms; real options
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