%0 PDF %T GDP Warrant Design for Greek Debt Restructuring- Lessons from the Argentine Default %A Cao, Ye %8 2005-06-20 %I Tufts Archival Research Center %R http://localhost/files/xp68kt18c %X Submitted in partial fulfillment of the degree of Master of International Business at the Fletcher School of Law and Diplomacy. This paper designs a GDP-linked warrant for Greek debt restructuring with an examination of the Argentine experience. It discusses the benefits of GDP warrants for sovereign issuers and investors. It also develops a Black model pricing exercise to calculate the expected net present value of such a warrant, modified after the Argentine warrant. The final inclusion of similar GDP warrants in Greece_�_s PSI suggests that financial innovation, such as GDP warrants, is conducive to sovereign debt restructuring process and might mitigate output shocks. This shows a wider adoption of GDP warrants is possible, particularly can be favorable for indebted countries. %G eng %[ 2022-10-14 %~ Tufts Digital Library %W Institution