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Greece’s Debt Crisis: Overview, Policy Responses, and Implications
Feb
Rebecca M. Nelson, Coordinator
Analyst in International Trade and Finance
Paul Belkin
Analyst in European Affairs
Derek E. Mix
Analyst in European Affairs
August 18, 2011 Congressional Research Service 7-5700 www.crs.gov R41167
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Contents
Introduction……………………………………………………………………………………………………………………. 1
The Build-Up to Greece’s Debt Crisis………………………………………………………………………………… 2
Euro Adoption, Capital Inflows, and Lax Enforcement of EU Fiscal Rules ……………………….. 3
The Triggers: Global Financial Crisis and Revelations of Mis-Reported Data……………………. 4
Crisis Responses ……………………………………………………………………………………………………………… 5
May 2010…………………………………………………………………………………………………………………. 6
Financial Assistance from Eurozone and IMF ………………………………………………………….. 6
Fiscal Consolidation and Economic Reforms in Greece…………………………………………….. 6
Central Bank Intervention ……………………………………………………………………………………… 7
June and July 2011 …………………………………………………………………………………………………….. 8
More Fiscal Consolidation and Economic Reform in Greece……………………………………… 8
More Financial Assistance …………………………………………………………………………………….. 8
Losses on Greek Bonds…………………………………………………………………………………………. 9
Evaluating the Policy Response …………………………………………………………………………………… 9
Ongoing Debates About Policy Responses ………………………………………………………………. 9
Limited Success………………………………………………………………………………………………….. 10
Broader Implications……………………………………………………………………………………………………… 11
Issues for Congress ………………………………………………………………………………………………………… 13
Impact on U.S. Economy…………………………………………………………………………………………… 13
Exposure of U.S. Banks…………………………………………………………………………………………….. 15
Exposure to Greece …………………………………………………………………………………………….. 15
Exposure to the Eurozone ……………………………………………………………………………………. 16
Data Limitations…………………………………………………………………………………………………. 17
Use of IMF Resources ………………………………………………………………………………………………. 17
Legislation in the 111th Congress ………………………………………………………………………….. 18
Legislation in the 112th Congress …………………………………………………………………………..
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