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Volume 50, September/October 2015, Number 5 | pp. 281-287


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

Paul B. Kazarian, Theodore Pelagidis

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.


This Intereconomics article is available for free at this page after an embargo period of two years. Reading it before May 2017 is possible via SpringerLink or in the next library.