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Richard Portes of the London Business School and other experts on the failures inherent in the EU's June 2011 Greece debt plan
06/22/2011
The EU's decision to adopt the French Banking Federation's plan that would double the cost of servicing Greece's debt will only make matters worse. This means increasing interest rates from 4-6% currently to 10% under 2% Greek economic growth, and makes debt servicing untenable. The adoption of similiar plans in the case of Mexico and Argentina in 2001, ended in failure a year after they were adopted, with private creditors taking losses. Financial markets see this with interest rates on Greek debt at 26%. Contagion might turn out to be worse as the situation deteriorates further.
Grouped Articles
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If Greece Defaults, Imagine Argentina, but Much Worse
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Move Buys Time for Greece, But Growing Debt Looms
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Greece Approves Tough Measures on Economy
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Portugal Deficit Much Higher Than Forecast
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Derivatives Cloud the Possible Fallout From a Greek Default
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German Banks Agree to Plan for Greek Debt
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Greece and the euro: The abuses of austerity
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Greek Opposition Slams Tax Rises
Wall Street Journal 07.05.2011
Europe Delays Greece Reckoning
Wall Street Journal 07.05.2011
Wall Street Journal 08.20.2011
Wall Street Journal 09.28.2011
Wall Street Journal 09.30.2011
Europeâs Two Years of Denials Trapped Greece
New York Times 11.05.2011
Europe Fears Rising Greek Cost
Wall Street Journal 01.11.2012
Unemployment, Production Data Show Greece's Economy Worsening
Wall Street Journal 02.10.2012
16 'Angry Parents' Lecture Greece
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INTERVIEW: Ifo's Sinn: In Greece's Interest To Leave Euro Zone
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Austerity Debate a Matter of Degree
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Hollande Says Greece Must Stay in Euro Zone
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