A Proper Yield Curve for Greece to Kick-Start Financial Intermediation

Christian Kopf and Miranda Xafa propose three measures to enhance the functioning of the Greek government debt market, enabling it to reduce the face value and the net present value of its debt stock and facilitating the resumption of market access, which is a necessary condition for continuous multilateral disbursements to Greece.

Christian Kopf, CFA, is the London-based partner in charge of economic research and investment strategy at Spinnaker Capital, an Emerging Markets investment management firm. Miranda Xafa, PhD, is CEO of E.F. Consulting, an Athens-based advisory firm focusing on eurozone economic and financial issues.