{"id":1218,"date":"2011-05-24T07:08:30","date_gmt":"2011-05-24T05:08:30","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=1218"},"modified":"2011-05-24T07:08:44","modified_gmt":"2011-05-24T05:08:44","slug":"greece-the-unbearable-heaviness-of-debt","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/greece-the-unbearable-heaviness-of-debt\/","title":{"rendered":"Greece, the unbearable heaviness of debt"},"content":{"rendered":"<p><a href=\"http:\/\/www.voxeu.org\/index.php?q=node\/5339\" target=\"_blank\">Manasse, Paolo<\/a>.<\/p>\n<div>\n<div>For a long time analysts have been arguing about whether Greece will default on part of its debt \u2013 leaving its creditors to take a \u201chaircut\u201d. This column argues that this prospect is becoming more and more likely.<\/div>\n<\/div>\n<div>\n<p>Many analysts long ago predicted that Greece would have to default on part of its debt or, as they say in the markets, investors would have to take a \u201chaircut.\u201d<sup><a href=\"http:\/\/www.voxeu.org\/index.php?q=node\/6553#fn1\">1<\/a><\/sup>\u00a0It looks like they are getting closer to being right.<\/p>\n<p>On 9 May 2011, Standard &amp; Poors downgraded the Greek debt by reducing its ratings from BB- to B, for the long term, and from B to C, for the short term. The downgrade reflects<\/p>\n<ul>\n<li>the fact that the fiscal target (a reduction of the fiscal deficit to 9.6% of GDP) was not met (the deficit was 10.5%) and<\/li>\n<li>the opinion that the Greek debt is unsustainable.<\/li>\n<\/ul>\n<\/div>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <\/strong>Voxeu<\/p>\n<p><a href=\"http:\/\/www.voxeu.org\/index.php?q=node\/6553\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manasse, Paolo. For a long time analysts have been arguing about whether Greece will default on part of its debt \u2013 leaving its creditors to take a \u201chaircut\u201d. This column argues that this prospect is becoming more and more likely. Many analysts long ago predicted that Greece would have to default on part of its [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,37],"tags":[25,27],"class_list":["post-1218","post","type-post","status-publish","format-standard","hentry","category-18","category-37","tag-25","tag-27"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=1218"}],"version-history":[{"count":3,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1218\/revisions"}],"predecessor-version":[{"id":1221,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/1218\/revisions\/1221"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=1218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=1218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=1218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}