Greece’s New Agreement with Europe: Is This Time Different?

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.

[Full text of articles can be found in the Intereconomics Archive two years after the initial publication]

Intereconomics: Archive http://archive.intereconomics.eu/years/

ESO: Background information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

---