By April 2012, the last of Greece's exchanged or amended foreign-law bonds had settled, with near complete participation (97%). Holders of €6.4bn in face value held out (Gulati et al, 2013)

Greece (2008-2012) Although some would argue that Greece's debt crisis and subsequent restructuring in 2012, which set a new world record for restructured debt volume (€200bn), can be traced back to 2001, when Greece joined the euro and afterwards saw its interest rates and risk premia compress sharply (premia almost disappeared), we date Greece's debt problem as beginning in 2008. This was the year that saw the initiation of an EU excessive deficit procedure for Greece (officially binding from 2009), as its general government deficit exceeded 4% of GDP (later to be revised up to 9.8%). Public debt, meanwhile, started to rise rapidly from an already high level of 97% of GDP in 2008 (later revised up to 109%) to an even higher one within two years of 146%, with 2008 marking the onset of the debt problem for Greece on this basis according to our dating criterion. The subsequent aggressive unfolding of the Greek debt crisis is well known. Bad economic news stacked up, eroding market confidence in Greece and its debt sustainability and resulting in a number of credit rating downgrades. A three year rescue package was agreed in May 2010. After a phase of concerted fiscal 80 100 120 140 160 180 200 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Greece: public debt (percent of GDP) Start IMF program Annoucement Exchange Market reaccess 20 40 60 80 100 120 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Algeria: public debt (percent of GDP) Start IMF program Annoucement Exchange Market reaccess 20 40 60 80 100 120 140 160 180 200 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 St.Kitts Nevis: public debt (percent GDP) Start IMF program = Annoucement Exchange 0 10 20 30 40 50 60 70 80 90 100 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 Argentina: public debt (percent of GDP) Start IMF program Annoucement Exchange = Market reaccess 15 adjustment under the programme, consolidation then slowed amid a deepening recession and growing domestic opposition to the programme. In October 2011, an official statement from euro zone leaders invited private holders of Greek debt to a voluntary bond exchange. By April 2012, the last of Greece's exchanged or amended foreign-law bonds had settled, with near complete participation (97%). Holders of €6.4bn in face value held out (Gulati et al, 2013)