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Sovereign default: Will Greece follow Argentine´s or Uruguay´s way?
Chrkavá, Barbora ; Stuchlíková, Zuzana (advisor) ; Bartušková, Hana (referee)
The aim of this thesis is to compare the current Greek debt crisis and the Argentine debt crisis, which occurred in late 90th years and at the end of 2001 culminated in a national bankruptcy. Next, I compare it with Uruguay banking crisis, which ended in the successful restructuring of debt and avoided bankruptcy in 2003. Because of their common features, comparison with Greece takes just the importance of these countries. Currently the situation in Greece is very polarized -- for debt climbing to 160 % of GDP and height of deficit -9.5 %, accompanied by stormy protests of citizens. The macroeconomic indicators such as high level of public debt and massive government spending were key in Argentina in 2001 and Uruguay in 2003, although in terms of magnitude, the consequences of the Greek crisis are much larger. This paper shows how these countries deal with the negative economic situation and how successfully or unsuccessfully restructured its debt. In conclusion, this work sums up the parallels between all of the crisis and tries to find an answer to the question of which way Greece will follow.
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