The Greek Debt Crisis: Resolution and Lessons

“Grexit,” Greece dropping out of the Eurozone, seemed the most likely outcome of that country’s debt crisis in the early 2010s. There were fears that Grexit would be followed by a more widespread splintering of the Eurozone. But Greece and its creditors came to an agreement that enabled the country to service its debt and contributed to its subsequent recovery (and the preservation of the Eurozone). In a striking turnaround, Greece was named the 2023 “Country of the Year” by The Economist magazine. Charles Dallara (Partners Group) recounts the resolution of this crisis, the Greek recovery, and his role in getting Greece and its creditors to come to agreement, in his new book 'Euroshock: How the Largest Debt Restructuring in History Helped Save Greece and Preserve the Eurozone,' which he discusses in this EconoFact Chats episode, along with the lessons of this experience for the current high-debt conditions today. Charles is Chairman and Advisory Partner at Partners Group. At the time of the Greek crisis he was the Managing Partner of the Institute for International Finance. Before that he spent nearly four decades working on international economic policy issues, including at the United States Treasury.