Greek lessons for central banks acting as lenders of last resort

Ludek Niedermayer

Greece has returned to the news headlines over the past few weeks, following a period when fears of a crisis in the country appeared to fade due to reports of positive growth and a primary budget surplus. But the new Syriza government, elected in January, wanted to renegotiate Greece’s debt and change the conditions of financial support program, which ultimately resulted in a decline in confidence in its ability to repay its debt. As is often the case in these situations, the first victims were

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