Abstract
The correct understanding of Greece’s debt can only be obtained by using international accrual accounting standards rather than the cash-basis future face value definition. Changing the terms of debt changes the value of the debt in Greek governmental financial statements correctly prepared according to internationally promulgated accounting and statistical rules. This article provides some detailed answers on the rules for measuring debt and debt relief and the application to Greece.
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We wish to thank Christopher Magarian and the many multi-disciplinary professionals who provided valuable insights during the research, analysis and preparation of this article.
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Kazarian, P.B., Pelagidis, T. Greece’s New Agreement with Europe: Is This Time Different?. Intereconomics 50, 281–287 (2015). https://doi.org/10.1007/s10272-015-0552-0
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DOI: https://doi.org/10.1007/s10272-015-0552-0