European debt crisis

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forecasted only to peak at 126% in 2015 and subsequently decline to 105% in 2020, and thus considered to remain within sustainable territory. The €10bn bailout comprise €4.1bn spend on debt liabilities (refinancing and amortization), 3.4bn to cover fiscal deficits, and €2.5bn for the bank recapitalization. These amounts will be paid to Cyprus through regular tranches from 13 May 2013 until 31 March 2016. According to the programme this will be sufficient, as Cyprus during the programme period in addition will: Receive €1.0bn extraordinary revenue from privatization of government assets, ensure an automatic roll-over of €1.0bn maturing Treasury Bills and €1.0bn of maturing bonds held by domestic creditors, bring down the funding need for bank recapitalization with €8.7bn — of which 0.4bn is reinjection of future profit earned by the Cyprus Central Bank (injected in advance at the short term by selling its gold reserve) and €8.3bn origin from the bail-in of creditors in Laiki bank and Bank of Cyprus. The forced automatic rollover of maturing bonds held by domestic creditors were conducted in 2013, and equaled according to some credit rating agencies a "selective default" or "restrictive default", mainly because the fixed yields of the new bonds did not reflect the market rates — while maturities at the same time automatically were extended. Cyprus successfully concluded its three-year financial assistance programme at the end of March 2016, having borrowed a total of €6.3 billion from the

3949:(MoU) agreement. Countries receiving a precautionary programme rather than a sovereign bailout will, by definition, have complete market access and thus qualify for OMT support if also suffering from stressed interest rates on its government bonds. In regards of countries receiving a sovereign bailout (Ireland, Portugal and Greece), they will on the other hand not qualify for OMT support before they have regained complete market access, which will normally only happen after having received the last scheduled bailout disbursement. Despite none OMT programmes were ready to start in September/October, the financial markets straight away took notice of the additionally planned OMT packages from ECB, and started slowly to price-in a decline of both short-term and long-term interest rates in all European countries previously suffering from stressed and elevated interest levels (as OMTs were regarded as an extra potential back-stop to counter the frozen liquidity and highly stressed rates; and just the knowledge about their potential existence in the very near future helped to calm the markets). 617:(reductions in the value of the national currency) due to having the Euro as a shared currency. Debt accumulation in some eurozone members was in part due to macroeconomic differences among eurozone member states prior to the adoption of the euro. It also involved a process of debt market contagion. The European Central Bank adopted an interest rate that incentivized investors in Northern eurozone members to lend to the South, whereas the South was incentivized to borrow because interest rates were very low. Over time, this led to the accumulation of deficits in the South, primarily by private economic actors. A lack of fiscal policy coordination among eurozone member states contributed to imbalanced capital flows in the eurozone, while a lack of financial regulatory centralization or harmonization among eurozone states, coupled with a lack of credible commitments to provide bailouts to banks, incentivized risky financial transactions by banks. The detailed causes of the crisis varied from country to country. In several countries, private debts arising from a property 4675:

they're carrying out structural reforms that may take two or three or five years to fully accomplish. So countries like Spain and Italy, for example, have embarked on some smart structural reforms that everybody thinks are necessary—everything from tax collection to labour markets to a whole host of different issues. But they've got to have the time and the space for those steps to succeed. And if they are just cutting and cutting and cutting, and their unemployment rate is going up and up and up, and people are pulling back further from spending money because they're feeling a lot of pressure—ironically, that can actually make it harder for them to carry out some of these reforms over the long term ... n addition to sensible ways to deal with debt and government finances, there's a parallel discussion that's taking place among European leaders to figure out how do we also encourage growth and show some flexibility to allow some of these reforms to really take root".

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structural changes are essential in addition to the immediate steps needed to arrest the crisis. The changes he recommends include even greater economic integration of the European Union. Soros writes that a treaty is needed to transform the European Financial Stability Fund into a full-fledged European Treasury. Following the formation of the Treasury, the European Council could then authorise the ECB to "step into the breach", with risks to the ECB's solvency being indemnified. Soros acknowledges that converting the EFSF into a European Treasury will necessitate "a radical change of heart". In particular, he cautions, Germans will be wary of any such move, not least because many continue to believe that they have a choice between saving the Euro and abandoning it. Soros writes that a collapse of the European Union would precipitate an uncontrollable financial meltdown and thus "the only way" to avert "another Great Depression" is the formation of a European Treasury.

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banks, but be transferred to a government-owned Spanish fund responsible to conduct the needed bank recapitalisations (FROB), and thus it will be counted for as additional sovereign debt in Spain's national account. An economic forecast in June 2012 highlighted the need for the arranged bank recapitalisation support package, as the outlook promised a negative growth rate of 1.7%, unemployment rising to 25%, and a continued declining trend for housing prices. In September 2012 the ECB removed some of the pressure from Spain on financial markets, when it announced its "unlimited bond-buying plan", to be initiated if Spain would sign a new sovereign bailout package with EFSF/ESM. Strictly speaking, Spain was not hit by a sovereign debt-crisis in 2012, as the financial support package that they received from the ESM was earmarked for a bank recapitalization fund and did not include financial support for the government itself.

1672:'s Hellenic Observatory argue that the billions of taxpayer euros are not saving Greece but financial institutions. Of all €252bn in bailouts between 2010 and 2015, just 10% has found its way into financing continued public deficit spending on the Greek government accounts. Much of the rest went straight into refinancing the old stock of Greek government debt (originating mainly from the high general government deficits being run in previous years), which was mainly held by private banks and hedge funds by the end of 2009. According to LSE, "more than 80% of the rescue package" is going to refinance the expensive old maturing Greek government debt towards private creditors (mainly private banks outside Greece), replacing it with new debt to public creditors on more favourable terms, that is to say paying out their private creditors with new debt issued by its new group of public creditors known as the Troika. 3293:

frozen programme to 30 June 2015, paving the way within this new deadline for the possibility of transfer terms first to be renegotiated and then finally complied with to ensure completion of the programme. As Greece withdrew unilaterally from the process of settling renegotiated terms and time extension for the completion of the programme, it expired uncompleted on 30 June 2015. Hereby, Greece lost the possibility to extract €13.7bn of remaining funds from the EFSF (€1.0bn unused PSI and Bond Interest facilities, €10.9bn unused bank recapitalization funds and a €1.8bn frozen tranche of macroeconomic support), and also lost the remaining SDR 13.561bn of IMF funds (being equal to €16.0bn as per the SDR exchange rate on 5 Jan 2012), although those lost IMF funds might be recouped if Greece settles an agreement for a new third bailout programme with ESM — and passes the first review of such programme.

3395:) on 11 December 2012. A second tranch for "category 2" banks on €1.86n was approved by the Commission on 20 December, and finally transferred by ESM on 5 February 2013. "Category 3" banks were also subject for a possible third tranch in June 2013, in case they failed before then to acquire sufficient additional capital funding from private markets. During January 2013, all "category 3" banks however managed to fully recapitalise through private markets and thus will not be in need for any State aid. The remaining €58.7bn of the initial support package is thus not expected to be activated, but will stay available as a fund with precautionary capital reserves to possibly draw upon if unexpected things happen — until 31 December 2013. In total €41.3bn out of the available €100bn was transferred. Upon the scheduled exit of the programme, no follow-up assistance was requested. 1223: 1214: 651:

earmarked for a bank recapitalisation fund and did not include financial support for the government itself. The crisis had significant adverse economic effects and labour market effects, with unemployment rates in Greece and Spain reaching 27%, and was blamed for subdued economic growth, not only for the entire eurozone but for the entire European Union. The austerity policies implemented as a result of the crisis also produced a sharp rise in poverty levels and a significant increase in income inequality across Southern Europe. It had a major political impact on the ruling governments in 10 out of 19 eurozone countries, contributing to power shifts in Greece, Ireland, France, Italy, Portugal, Spain, Slovenia, Slovakia, Belgium, and the Netherlands as well as outside of the eurozone in the United Kingdom.

1445:, which led the budget deficits of several Western nations to reach or exceed 10% of GDP. In the case of Greece, the high budget deficit (which, after several corrections, had been allowed to reach 10.2% and 15.1% of GDP in 2008 and 2009, respectively) was coupled with a high public debt to GDP ratio (which, until then, was relatively stable for several years, at just above 100% of GDP, as calculated after all corrections). Thus, the country appeared to lose control of its public debt to GDP ratio, which already reached 127% of GDP in 2009. In contrast, Italy was able (despite the crisis) to keep its 2009 budget deficit at 5.1% of GDP, which was crucial, given that it had a public debt to GDP ratio comparable to Greece's. In addition, being a member of the Eurozone, Greece had essentially no autonomous 7706: 5674: 7674: 4014: 5596:, under which they pledged to limit their deficit spending and debt levels. Some EU member states, including Greece and Italy, were able to circumvent these rules and mask their deficit and debt levels through the use of complex currency and credit derivatives structures. The structures were designed by prominent US investment banks, who received substantial fees in return for their services and who took on little credit risk themselves thanks to special legal protections for derivatives counterparties. Financial reforms within the U.S. since the financial crisis have only served to reinforce special protections for derivatives—including greater access to government guarantees—while minimising disclosure to broader financial markets. 4358:(IMF) also found, that tax hikes and spending cuts during the most recent decade had indeed damaged the GDP growth more severely, compared to what had been expected and forecasted in advance (based on the "GDP damage ratios" previously recorded in earlier decades and under different economic scenarios). Already a half-year earlier, several European countries as a response to the problem with subdued GDP growth in the eurozone, likewise had called for the implementation of a new reinforced growth strategy based on additional public investments, to be financed by growth-friendly taxes on property, land, wealth, and financial institutions. In June 2012, EU leaders agreed as a first step to moderately increase the funds of the 1240: 3285:

implemented in December 2012), the total amount of bailout funds sums up to €245.6bn. The first bailout resulted in a payout of €20.1bn from IMF and €52.9bn from GLF, during the course of May 2010 until December 2011, and then it was technically replaced by a second bailout package for 2012-2016, which had a size of €172.6bn (€28bn from IMF and €144.6bn from EFSF), as it included the remaining committed amounts from the first bailout package. All committed IMF amounts were made available to the Greek government for financing its continued operation of public budget deficits and to refinance maturing public debt held by private creditors and IMF. The payments from EFSF were earmarked to finance €35.6bn of

4934:(BCG) adds that if the overall debt load continues to grow faster than the economy, then large-scale debt restructuring becomes inevitable. To prevent a vicious upward debt spiral from gaining momentum the authors urge policymakers to "act quickly and decisively" and aim for an overall debt level well below 180% for the private and government sector. This number is based on the assumption that governments, non-financial corporations, and private households can each sustain a debt load of 60% of GDP, at an interest rate of five per cent and a nominal economic growth rate of three per cent per year. Lower interest rates and/or higher growth would help reduce the debt burden further. 4772:

legislation would give member states the power to impose losses, resulting from a bank failure, on the bondholders to minimise costs for taxpayers. The proposal is part of a new scheme in which banks will be compelled to "bail-in" their creditors whenever they fail, the basic aim being to prevent taxpayer-funded bailouts in the future. The public authorities would also be given powers to replace the management teams in banks even before the lender fails. Each institution would also be obliged to set aside at least one per cent of the deposits covered by their national guarantees for a special fund to finance the resolution of banking crisis starting in 2018.

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measures, including cuts in civil service salaries, social benefits, allowances and pensions and increases in VAT, tobacco, alcohol and fuel taxes, taxes on lottery winnings, property, and higher public health care charges. At the insistence of the Commission negotiators, at first the proposal also included an unprecedented one-off levy of 6.7% for deposits up to €100,000 and 9.9% for higher deposits on all domestic bank accounts. Following public outcry, the eurozone finance ministers were forced to change the levy, excluding deposits of less than €100,000, and introducing a higher 15.6% levy on deposits of above €100,000 ($ 129,600)—in line with the

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19 August 2015. IMF's transfer of the "remainder of its frozen I+II programme" and their new commitment also to contribute with a part of the funds for the third bailout, depends on a successful prior completion of the first review of the new third programme in October 2015. Due to a matter of urgency, EFSM immediately conducted a temporary €7.16bn emergency transfer to Greece on 20 July 2015, which was fully overtaken by ESM when the first tranche of the third program was conducted 20 August 2015. Due to being temporary bridge financing and not part of an official bailout programme, the table do not display this special type of EFSM transfer.

1815:-led government refusing to accept respecting the terms of its current bailout agreement. The rising political uncertainty of what would follow caused the Troika to suspend all scheduled remaining aid to Greece under its second programme, until such time as the Greek government either accepted the previously negotiated conditional payment terms or alternatively could reach a mutually accepted agreement of some new updated terms with its public creditors. This rift caused a renewed increasingly growing liquidity crisis (both for the Greek government and Greek financial system), resulting in plummeting stock prices at the 2271:

yield. A continued selling of bonds with a ten-year maturity, which would equal a regain of complete access to the private lending market (and mark the end of the era with need for bailout support), is expected to happen sometime in 2015. The Cypriot minister of finance recently confirmed, that the government plan to issue two new European Medium Term Note (EMTN) bonds in 2015, likely shortly ahead of the expiry of another €1.1bn bond on 1 July and a second expiry of a €0.9bn bond on 1 November. As announced in advance, the Cypriot government issued €1bn of seven-year bonds with a 4.0% yield by the end of April 2015.

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the situation was described as fully sustainable and progressing well. As a result, from the slightly worse economic circumstances, the country has been given one more year to reduce the budget deficit to a level below 3% of GDP, moving the target year from 2013 to 2014. The budget deficit for 2012 has been forecast to end at 5%. The recession in the economy is now also projected to last until 2013, with GDP declining 3% in 2012 and 1% in 2013; followed by a return to positive real growth in 2014. Unemployment rate increased to over 17% by end of 2012 but it has since decreased gradually to 10,5% as of November 2016.

4565: 2335:(marked with yellow in the table) have no access to the funds provided by EFSF/ESM, but can be covered with rescue loans from EU's Balance of Payments programme (BoP), IMF and bilateral loans (with an extra possible assistance from the Worldbank/EIB/EBRD if classified as a development country). Since October 2012, the ESM as a permanent new financial stability fund to cover any future potential bailout packages within the eurozone, has effectively replaced the now defunct GLF + EFSM + EFSF funds. Whenever pledged funds in a scheduled bailout program were not transferred in full, the table has noted this by writing 4216: 2071:), aiming to bring governmental interest rates down to sustainable levels. A peak for the Portuguese 10-year governmental interest rates happened on 30 January 2012, where it reached 17.3% after the rating agencies had cut the governments credit rating to "non-investment grade" (also referred to as "junk"). As of December 2012, it has been more than halved to only 7%. A successful return to the long-term lending market was made by the issuing of a 5-year maturity bond series in January 2013, and the state regained complete lending access when it successfully issued a 10-year maturity bond series on 7 May 2013. 134: 3249:

2012. In December 2012 a preliminary estimate indicated, that the needed overall bailout package should have a size of €17.5bn, comprising €10bn for bank recapitalisation and €6.0bn for refinancing maturing debt plus €1.5bn to cover budget deficits in 2013+2014+2015, which in total would have increased the Cypriot debt-to-GDP ratio to around 140%. The final agreed package however only entailed a €10bn support package, financed partly by IMF (€1bn) and ESM (€9bn), because it was possible to reach a fund saving agreement with the Cypriot authorities, featuring a direct closure of the most troubled

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amounts had been transferred, except for the last tranche of €2.6bn (1.7bn from EFSM and 0.9bn from IMF), which the Portuguese government declined to receive. The reason why the IMF transfers still mounted to slightly more than the initially committed €26bn, was due to its payment with SDR's instead of euro — and some favorable developments in the EUR-SDR exchange rate compared to the beginning of the programme. In November 2014, Portugal received its last delayed €0.4bn tranche from EFSM (post programme), hereby bringing its total drawn bailout amount up at €76.8bn out of €79.0bn.

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interest rate to 0.15%, and set the deposit rate at −0.10%. The latter move in particular was seen as "a bold and unusual move", as a negative interest rate had never been tried on a wide-scale before. Additionally, the ECB announced it would offer long-term four-year loans at the cheap rate (normally the rate is primarily for overnight lending), but only if the borrowing banks met strict conditions designed to ensure the funds ended up in the hands of businesses instead of, for example, being used to buy low risk government bonds. Collectively, the moves are aimed at avoiding

1232: 4386:, the European commissioner for economic and monetary affairs in Brussels, "enthusiastically announced to EU parliamentarians in mid-April that 'there was a breakthrough before Easter'. He said the European heads of state had given the green light to pilot projects worth billions, such as building highways in Greece". Other growth initiatives include "project bonds" wherein the EIB would "provide guarantees that safeguard private investors. In the pilot phase until 2013, EU funds amounting to €230 million are expected to mobilise investments of up to €4.6 billion". 3290:

available to cover continued operation of public budget deficits. The combined programme was scheduled to expire in March 2016, after IMF had extended their programme period with extra loan tranches from January 2015 to March 2016 (as a mean to help Greece service the total sum of interests accruing during the lifespan of already issued IMF loans), while the Eurogroup at the same time opted to conduct their reimbursement and deferral of interests outside their bailout programme framework — with the EFSF programme still being planned to end in December 2014.

1968: 749: 4540: 5111: 2194: 2111: 5142:—have also played a central and controversial role in the current European bond market crisis. On one hand, the agencies have been accused of giving overly generous ratings due to conflicts of interest. On the other hand, ratings agencies have a tendency to act conservatively, and to take some time to adjust when a firm or country is in trouble. In the case of Greece, the market responded to the crisis before the downgrades, with Greek bonds trading at junk levels several weeks before the ratings agencies began to describe them as such. 4375: 1567:—i.e., fiscal deficit before interest payments—from €24.7bn (10.6% of GDP) in 2009 to just €5.2bn (2.4% of GDP) in 2011, but as a side-effect they also contributed to a worsening of the Greek recession, which began in October 2008 and only became worse in 2010 and 2011. The Greek GDP had its worst decline in 2011 with −6.9%, a year where the seasonal adjusted industrial output ended 28.4% lower than in 2005, and with 111,000 Greek companies going bankrupt (27% higher than in 2010). As a result, Greeks have lost about 40% of their 1858: 1386: 5471:

effects and instability would spread into the system. Having that the exit of Greece would trigger the breakdown of the eurozone, this is not welcomed by many politicians, economists and journalists. According to Steven Erlanger from The New York Times, a "Greek departure is likely to be seen as the beginning of the end for the whole euro zone project, a major accomplishment, whatever its faults, in the post-War construction of a Europe "whole and at peace". Likewise, the two big leaders of the Euro zone, German Chancellor

4820:(ESBies), i.e. bundled European government bonds (70% senior bonds, 30% junior bonds) in the form of a "union-wide safe asset without joint liability". According to the authors, ESBies "would be at least as safe as German bonds and approximately double the supply of euro safe assets when protected by a 30%-thick junior tranche". ESBies could be issued by public or private-sector entities and would "weaken the diabolic loop and its diffusion across countries". It requires "no significant change in treaties or legislation.“ 5496:

tells the rest of Europe how to behave, it risks fostering destructive nationalist resentment against Germany and ... it would strengthen the camp in Britain arguing for an exit—a problem not just for Britons but for all economically liberal Europeans. Solutions which involve greater integration of European banking and fiscal management and supervision of national decisions by European umbrella institutions can be criticised as Germanic domination of European political and economic life. According to US author

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example, if a country's citizens saved more instead of consuming imports, this would reduce its trade deficit. It has therefore been suggested that countries with large trade deficits (e.g., Greece) consume less and improve their exporting industries. On the other hand, export driven countries with a large trade surplus, such as Germany, Austria and the Netherlands would need to shift their economies more towards domestic services and increase wages to support domestic consumption.

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financial life support, Ireland finally left the EU/IMF bailout programme, although it retained a debt of €22.5 billion to the IMF; in August 2014, early repayment of €15 billion was being considered, which would save the country €375 million in surcharges. Despite the end of the bailout the country's unemployment rate remains high and public sector wages are still around 20% lower than at the beginning of the crisis. Government debt reached 123.7% of GDP in 2013.

5012:). According to this agreement, West Germany had to make repayments only when it was running a trade surplus, that is "when it had earned the money to pay up, rather than having to borrow more, or dip into its foreign currency reserves. Its repayments were also limited to 3% of export earnings". As LSE researchers note, this had the effect that, Germany's creditors had an incentive to buy the country's goods, so that it would be able to afford to pay them. 3378:

Development Policy Loan with a deferred drawdown option valid from January 2013 through December 2015. The World Bank will throughout the period also continue providing earlier committed development programme support of €0.891bn, but this extra transfer is not accounted for as "bailout support" in the third programme due to being "earlier committed amounts". In April 2014, the World Bank increased their support by adding the transfer of a first €0.75bn

4691:(with euro-wide deposit insurance, bank oversight and joint means for the recapitalisation or resolution of failing banks); and embracing a limited form of debt mutualisation to create a joint safe asset and allow peripheral economies the room gradually to reduce their debt burdens. This is the refrain from Washington, Beijing, London, and indeed most of the capitals of the euro zone. Why hasn't the continent's canniest politician sprung into action?" 4710:

R&D, etc., i.e. all institutional subsystems, crucial for firms’ success. In economies of the south special attention should be given to creating less labour-intensive industries to avoid price competition pressure from emerging low-cost countries (such as China) via an exchange rate channel, and providing a smooth transition of workers from old unsustainable industries to new ones based on the so-called Nordic-style ‘flexicurity’ market model.

1661: 666: 961: 23781: 23769: 23757: 3309:), and also include establishment of a new privatization fund to conduct sale of Greek public assets — of which the first generated €25bn will be used for early repayment of the bailout loans earmarked for bank recapitalizations. Potential debt relief for Greece, in the form of longer grace and payment periods, will be considered by the European public creditors after the first review of the new programme, by October/November 2015. 881: 5901: 1342:). By July 2012 also the Netherlands, Austria, and Finland benefited from zero or negative interest rates. Looking at short-term government bonds with a maturity of less than one year the list of beneficiaries also includes Belgium and France. While Switzerland (and Denmark) equally benefited from lower interest rates, the crisis also harmed its export sector due to a substantial influx of foreign capital and the resulting rise of the 1245: 1243: 1241: 4552:

to get there over the course of 2013. Portugal and Italy are expected to progress to the turnaround stage in spring 2013, possibly followed by Spain in autumn, while the fate of Greece continues to hang in the balance. Overall, the authors suggest that if the eurozone gets through the current acute crisis and stays on the reform path "it could eventually emerge from the crisis as the most dynamic of the major Western economies".

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bailout package for 2015–16 worth €32.6bn of extra loans. On 11 November 2012, facing a default by the end of November, the Greek parliament passed a new austerity package worth €18.8bn, including a "labour market reform" and "mid term fiscal plan 2013–16". In return, the Eurogroup agreed on the following day to lower interest rates and prolong debt maturities and to provide Greece with additional funds of around €10bn for a

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though businesses have reacted positively. The opening of product and service markets is proving tough because interest groups are slowing reforms. The biggest challenge for Greece is to overhaul the tax administration with a significant part of annually assessed taxes not paid. Poul Thomsen, the IMF official who heads the bailout mission in Greece, stated that "in structural terms, Greece is more than halfway there".

2084:, the Portuguese government has "made progress in reforming labour legislation, cutting previously generous redundancy payments by more than half and freeing smaller employers from collective bargaining obligations, all components of Portugal's €78 billion bailout program". Additionally, unit labour costs have fallen since 2009, working practices are liberalizing, and industrial licensing is being streamlined. 5419:

currency devaluations, a politically easier option than the economically equivalent but politically impossible method of lowering wages by political enactment. Sweden's floating rate currency gives it a short-term advantage, structural reforms and constraints account for longer-term prosperity. Labour concessions, a minimal reliance on public debt, and tax reform helped to further a pro-growth policy.

38: 77: 1790:, while the Troika calculations were less optimistic and returned a not covered financing gap at €2.5bn (being required to be covered by additional austerity measures). As the Greek government insisted their calculations were more accurate than those presented by the Troika, they submitted an unchanged fiscal budget bill on 21 November, to be voted for by the parliament on 7 December. The 1803:. The ECCL instrument is often used as a follow-up precautionary measure, when a state has exited its sovereign bailout programme, with transfers only taking place if adverse financial/economic circumstances materialize, but with the positive effect that it help calm down financial markets as the presence of this extra backup guarantee mechanism makes the environment safer for investors. 15125: 4901:

surpluses exceeding 2 per cent of gross domestic product—starting now—just to bring the debt-to-GDP ratio back to its pre-crisis level". The same authors found in a previous study that increased financial burden imposed by ageing populations and lower growth makes it unlikely that indebted economies can grow out of their debt problem if only one of the following three conditions is met:

4578: 4577: 4574: 4579: 5259:, setting up a new ratings agency would cost €300 million. On 30 January 2012, the company said it was already collecting funds from financial institutions and business intelligence agencies to set up an independent non-profit ratings agency by mid-2012, which could provide its first country ratings by the end of the year. In April 2012, in a similar attempt, the 4600:. In other words, a country that imports more than it exports must either decrease its savings reserves or borrow to pay for those imports. Conversely, Germany's large trade surplus (net export position) means that it must either increase its savings reserves or be a net exporter of capital, lending money to other countries to allow them to buy German goods. 1657:, and caused the Greek debt level to temporarily fall from roughly €350bn to €240bn in March 2012 (it would subsequently rise again, due to the resulting bank recapitalization needs), with improved predictions about the debt burden. In December 2012, the Greek government bought back €21 billion ($ 27 billion) of their bonds for 33 cents on the euro. 5199:, said: "Standard and Poor's must stop playing politics. Why doesn't it act on the highly indebted United States or highly indebted Britain?", adding that the latter's collective private and public sector debts are the largest in Europe. He further added: "If the agency downgrades France, it should also downgrade Britain in order to be consistent". 4613:

exporting country's currency used to purchase the goods. Alternatively, trade imbalances can be reduced if a country encouraged domestic saving by restricting or penalising the flow of capital across borders, or by raising interest rates, although this benefit is likely offset by slowing down the economy and increasing government interest payments.

4576: 1734:. The new forecast financing gaps will need either to be covered by the government's additional lending from private capital markets, or to be countered by additional fiscal improvements through expenditure reductions, revenue hikes or increased amount of privatizations. Due to an improved outlook for the Greek economy, with return of a government 14871: 4737:, former president of the European Central Bank. Control, including requirements that taxes be raised or budgets cut, would be exercised only when fiscal imbalances developed. This proposal is similar to contemporary calls by Angela Merkel for increased political and fiscal union which would "allow Europe oversight possibilities". 1583:

estimated to have risen sharply above 33%. In February 2012, an IMF official negotiating Greek austerity measures admitted that excessive spending cuts were harming Greece. The IMF predicted the Greek economy to contract by 5.5% by 2014. Harsh austerity measures led to an actual contraction after six years of recession of 17%.

5102:, which contains the same requirements for budget deficit and debt limitation but with a much stricter regime. In the past, many European countries have substantially exceeded these criteria over a long period of time. Around 2005 most eurozone members violated the pact, resulting in no action taken against violators. 2003:), Portugal had the characteristic that the 2000s were not marked by economic growth, but were already a period of economic crisis, marked by stagnation, two recessions (in 2002–03 and 2008–09) and government-sponsored fiscal austerity in order to reduce the budget deficit to the limits allowed by the European Union's 5091: 2067:

maturity. Once Portugal regains complete market access, measured as the moment it successfully manages to sell a bond series with a full 10-year maturity, it is expected to benefit from interventions by the ECB, which announced readiness to implement extended support in the form of some yield-lowering bond purchases (

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Ireland combined) the condition of Spain's economy is of particular concern to international observers. Under pressure from the United States, the IMF, other European countries and the European Commission the Spanish governments eventually succeeded in trimming the deficit from 11.2% of GDP in 2009 to 7.1% in 2013.

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the bailout. The main point of contention was that the collateral is aimed to be a cash deposit, a collateral the Greeks can only give by recycling part of the funds loaned by Finland for the bailout, which means Finland and the other eurozone countries guarantee the Finnish loans in the event of a Greek default.

4858:(EMF), which could provide governments with fixed interest rate Eurobonds at a rate slightly below medium-term economic growth (in nominal terms). These bonds would not be tradable but could be held by investors with the EMF and liquidated at any time. Given the backing of all eurozone countries and the ECB, "the 4054:. By the end of the day, 26 countries had agreed to the plan, leaving the United Kingdom as the only country not willing to join. Cameron subsequently conceded that his action had failed to secure any safeguards for the UK. Britain's refusal to be part of the fiscal compact to safeguard the eurozone constituted a 4401:

cheaper for banks to borrow from the ECB, with the aim that lower cost of money would be passed on to businesses taking out loans, boosting investment in the economy. The lowered borrowing rates caused the euro to fall in relation to other currencies, which it was hoped would boost exports from the eurozone.

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and September 2011, while the combined exposure of foreign banks to (public and private) Greek entities was reduced from well over €200bn in 2009 to around €80bn (−€120bn) by mid-February 2012. As of 2015, 78% of Greek debt is owed to public sector institutions, primarily the EU. According to a study by the

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Harmonization or centralization in financial regulations could have alleviated the problem of risky loans. Another factor that incentivized risky financial transaction was that national governments could not credibly commit not to bailout financial institutions who had undertaken risky loans, thus causing a

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outlook on the long-term ratings on France and Austria is negative, indicating that we believe that there is at least a one-in-three chance that we will lower the ratings again in 2012 or 2013. We affirmed the ratings on the other 'AAA' rated EFSF members: Finland, Germany, Luxembourg, and The Netherlands.

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inflation) and low in Southern eurozone member states. This incentivized investors in Germany to lend to the South, whereas the South was incentivized to borrow (because interest rates were very low). Over time, this led to the accumulation of deficits in the South, primarily by private economic actors.

3945:. A eurozone country can benefit from the program if -and for as long as- it is found to suffer from stressed bond yields at excessive levels; but only at the point of time where the country possesses/regains a complete market access -and only if the country still complies with all terms in the signed 19238:

But while Europe is better prepared for a Greek restructuring of its debt – writing down what is currently held by states and the European bailout funds – a Greek departure is likely to be seen as the beginning of the end for the whole euro zone project, a major accomplishment, whatever its

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announced his resignation in favour of a national unity government between three parties, of which only two currently remain in the coalition. Following the vote in the Greek parliament on the austerity and bailout measures, which both leading parties supported but many MPs of these two parties voted

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and not "Euroland" for its 2011 expansion into Ireland because, CEO Jim McCarthy said, "'Eurozone' ... is usually reported in association with bad news — job losses, debts and increased taxes". His company planned to use Dealz in continental Europe; McCarthy stated that "There is less certainty about

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reported that "Goldman was reportedly the most heavily involved of a dozen or so Wall Street banks" that assisted the Greek government in the early 2000s "to structure complex derivatives deals early in the decade and 'borrow' billions of dollars in exchange rate swaps, which did not officially count

4645:

According to the Euro Plus Monitor Report 2013, the collective current account of Greece, Ireland, Italy, Portugal, and Spain is improving rapidly and is expected to balance by mid 2013. Thereafter these countries as a group would no longer need to import capital. In 2014, the current account surplus

4603:

The 2009 trade deficits for Italy, Spain, Greece, and Portugal were estimated to be $ 42.96bn, $ 75.31bn and $ 35.97bn, and $ 25.6bn respectively, while Germany's trade surplus was $ 188.6bn. A similar imbalance exists in the US, which runs a large trade deficit (net import position) and therefore is

4471:

Other economists argue that no matter how much Greece and Portugal drive down their wages, they could never compete with low-cost developing countries such as China or India. Instead weak European countries must shift their economies to higher quality products and services, though this is a long-term

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noted in 2012 that Ireland was the only country that had implemented relative wage moderation in the last five years, which helped decrease its relative price/wage levels by 16%. Greece would need to bring this figure down by 31%, effectively reaching the level of Turkey. By 2012, wages in Greece had

4288:

Apart from arguments over whether or not austerity, rather than increased or frozen spending, is a macroeconomic solution, union leaders have also argued that the working population is being unjustly held responsible for the economic mismanagement errors of economists, investors, and bankers. Over 23

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and most European finance ministers that "budget consolidation" revives confidence in financial markets over the longer haul. In a 2003 study that analysed 133 IMF austerity programmes, the IMF's independent evaluation office found that policy makers consistently underestimated the disastrous effects

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On 28 June 2012, eurozone leaders agreed to permit loans by the European Stability Mechanism to be made directly to stressed banks rather than through eurozone states, to avoid adding to sovereign debt. The reform was linked to plans for banking regulation by the European Central Bank. The reform was

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of their own maturing debts in the first three months of 2012, and at the same time keep operating and loaning to businesses so that a credit crunch does not choke off economic growth. It also hoped that banks would use some of the money to buy government bonds, effectively easing the debt crisis. On

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and the remaining €7.5bn paid by "domestic cash resources", which helped increase the program total to €85bn. As this extra amount by technical terms is an internal bail-in, it has not been added to the bailout total. As of 31 March 2014 all committed funds had been transferred, with EFSF even paying

2127:

The bank bailouts and the economic downturn increased the country's deficit and debt levels and led to a substantial downgrading of its credit rating. To build up trust in the financial markets, the government began to introduce austerity measures and in 2011 it passed a law in congress to approve an

1822:

Faced by the threat of a sovereign default and potential resulting exit of the eurozone, some final attempts were made by the Greek government in May 2015 to settle an agreement with the Troika about some adjusted terms for Greece to comply with in order to activate the transfer of the frozen bailout

1785:

During the second half of 2014, the Greek government again negotiated with the Troika. The negotiations were this time about how to comply with the programme requirements, to ensure activation of the payment of its last scheduled eurozone bailout tranche in December 2014, and about a potential update

1675:

The shift in liabilities from European banks to European taxpayers has been staggering. One study found that the public debt of Greece to foreign governments, including debt to the EU/IMF loan facility and debt through the Eurosystem, increased from €47.8bn to €180.5bn (+132,7bn) between January 2010

1582:

Overall the share of the population living at "risk of poverty or social exclusion" did not increase notably during the first two years of the crisis. The figure was measured to 27.6% in 2009 and 27.7% in 2010 (only being slightly worse than the EU27-average at 23.4%), but for 2011 the figure was now

1366:

taken by EU leaders and the ECB (see below), financial stability in the eurozone improved significantly and interest rates fell steadily. This also greatly diminished contagion risk for other eurozone countries. As of October 2012 only 3 out of 17 eurozone countries, namely Greece, Portugal, and

1354:

Despite sovereign debt having risen substantially in only a few eurozone countries, with the three most affected countries Greece, Ireland and Portugal collectively only accounting for 6% of the eurozone's gross domestic product (GDP), it became a perceived problem for the area as a whole, leading to

1261:

and accelerating debt levels. When, as a negative repercussion of the Great Recession, the relatively fragile banking sector had suffered large capital losses, most states in Europe had to bail out several of their most affected banks with some supporting recapitalization loans, because of the strong

1061:

Macroeconomic divergence among eurozone member states led to imbalanced capital flows between the member states. Despite different macroeconomic conditions, the European Central Bank could only adopt one interest rate, choosing one that meant that real interest rates in Germany were high (relative to

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We affirm that it is imperative to break the vicious circle between banks and sovereigns. The Commission will present Proposals on the basis of Article 127(6) for a single supervisory mechanism shortly. We ask the Council to consider these Proposals as a matter of urgency by the end of 2012. When an

5610:

The focus has naturally remained on Greece due to its debt crisis. There have been reports about manipulated statistics by EU and other nations aiming, as was the case for Greece, to mask the sizes of public debts and deficits. These have included analyses of examples in several countries the United

5599:

The revision of Greece's 2009 budget deficit from a forecast of "6–8% of GDP" to 12.7% by the new Pasok Government in late 2009 (a number which, after reclassification of expenses under IMF/EU supervision was further raised to 15.4% in 2010) has been cited as one of the issues that ignited the Greek

5202:

Credit rating agencies were also accused of bullying politicians by systematically downgrading eurozone countries just before important European Council meetings. As one EU source put it: "It is interesting to look at the downgradings and the timings of the downgradings... It is strange that we have

5055: 5044: 4941:

of between 11 and 30% for most countries, apart from the crisis countries (particularly Ireland) where a write-off would have to be substantially higher. The authors admit that such programmes would be "drastic", "unpopular" and "require broad political coordination and leadership" but they maintain

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countries nearly quadrupled between 1980 and 2010, and will likely continue to grow, reaching between 250% (for Italy) and about 600% (for Japan) by 2040. A BIS study released in June 2012 warns that budgets of most advanced economies, excluding interest payments, "would need 20 consecutive years of

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backs government bonds to an unlimited extent". To ensure fiscal discipline despite lack of market pressure, the EMF would operate according to strict rules, providing funds only to countries that meet fiscal and macroeconomic criteria. Governments lacking sound financial policies would be forced to

4709:

At the same time, it is vital to keep in mind that just putting emphasis on emulating LME's wage-setting system to CMEs and mixed-market economies will not work. Therefore, apart from wage issues, structural reforms should be focused on developing capacities for innovations, technologies, education,

4705:

The key policy issue that has to be addressed in the long run is how to harmonise different political-economic institutional set-ups of the north and south European economies to promote economic growth and make the currency union sustainable. The Eurozone member states must adopt structural reforms,

4551:

In its Euro Plus Monitor Report 2012, published in November 2012, the Lisbon Council finds that the eurozone has slightly improved its overall health. With the exception of Greece, all eurozone crisis countries are either close to the point where they have achieved the major adjustment or are likely

4341:

Germany has come under pressure due to not having a government budget deficit and funding it by borrowing more. As of late 2014, the government (federal and state) has spent less than it receives in revenue, for the third year in a row, despite low economic growth. The 2015 budget includes a surplus

3377:

Romania had a second €4bn precautionary credit line established jointly by IMF and EU, of which IMF accounts for SDR 1.75134bn = €2bn, which is available to draw money from if needed during the period from October 2013 to 30 September 2015. In addition the World Bank also made €1bn available under a

3301:

A new third bailout programme worth €86bn in total, jointly covered by funds from IMF and ESM, will be disbursed in tranches from August 2015 until August 2018. The programme was approved to be negotiated on 17 July 2015, and approved in full detail by the publication of an ESM facility agreement on

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received a 19 billion euro bailout, on top of the previous 4.5 billion euros to prop up Bankia. Questionable accounting methods disguised bank losses. During September 2012, regulators indicated that Spanish banks required €59 billion (US$ 77 billion) in additional capital to offset losses from real

1932:

In July 2011, European leaders agreed to cut the interest rate that Ireland was paying on its EU/IMF bailout loan from around 6% to between 3.5% and 4% and to double the loan time to 15 years. The move was expected to save the country between 600 and 700 million euros per year. On 14 September 2011,

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future government revenues to reduce their debts and/or deficits, sidestepping best practice and ignoring international standards. This allowed the sovereigns to mask their deficit and debt levels through a combination of techniques, including inconsistent accounting, off-balance-sheet transactions,

1069:

explains the fundamental roots of the European crisis in varieties of national institutional structures of member countries (north vs. south), which conditioned their asymmetric development trends over time and made the union susceptible to external shocks. Imperfections in the Eurozone's governance

5627:

support package for the Greek economy. Austria, the Netherlands, Slovenia, and Slovakia responded with irritation over this special guarantee for Finland and demanded equal treatment across the eurozone, or a similar deal with Greece, so as not to increase the risk level over their participation in

5402:

As the debt crisis expanded beyond Greece, these economists continued to advocate, albeit more forcefully, the disbandment of the eurozone. If this was not immediately feasible, they recommended that Greece and the other debtor nations unilaterally leave the eurozone, default on their debts, regain

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would be the best way of solving a debt crisis, though their introduction matched by tight financial and budgetary co-ordination may well require changes in EU treaties. On 21 November 2011, the European Commission suggested that eurobonds issued jointly by the 17 euro nations would be an effective

4353:

policies criticised the timing and amount of austerity measures being called for in the bailout programmes, as they argued such extensive measures should not be implemented during the crisis years with an ongoing recession, but if possible delayed until the years after some positive real GDP growth

3812:

With inflation falling to 0.5% in May 2014, the ECB again took measures to stimulate the eurozone economy, which grew at just 0.2% during the first quarter of 2014. (Deflation or very low inflation encourages holding cash, causing a decrease in purchases). On 5 June, the central bank cut the prime

3694:. Furthermore, governments of Member States where central banks currently hold Greek government bonds in their investment portfolio commit to pass on to Greece an amount equal to any future income until 2020. Altogether this should bring down Greece's debt to between 117% and 120.5% of GDP by 2020. 3652:

I do not think Europeans understand the implications of a systemic banking crisis. ... When all banks are forced to raise capital at the same time, the result is going to be even weaker banks and an even longer recession—if not depression. ... Government intervention should be the first resort, not

3390:

Spain's €100bn support package has been earmarked only for recapitalisation of the financial sector. Initially an EFSF emergency account with €30bn was available, but nothing was drawn, and it was cancelled again in November 2012 after being superseded by the regular ESM recapitalisation programme.

2270:

Although the bailout support programme feature sufficient financial transfers until March 2016, Cyprus began slowly to regain its access to the private lending markets already in June 2014. At this point of time, the government sold €0.75bn of bonds with a five-year maturity, to the tune of a 4.85%

2062:

Portugal's debt was in September 2012 forecast by the Troika to peak at around 124% of GDP in 2014, followed by a firm downward trajectory after 2014. Previously the Troika had predicted it would peak at 118.5% of GDP in 2013, so the developments proved to be a bit worse than first anticipated, but

1899:

Irish banks had lost an estimated 100 billion euros, much of it related to defaulted loans to property developers and homeowners made in the midst of the property bubble, which burst around 2007. The economy collapsed during 2008. Unemployment rose from 4% in 2006 to 14% by 2010, while the national

1644:

Then, in March 2012, the Greek government did finally default on parts of its debt - as there was a new law passed by the government so that private holders of Greek government bonds (banks, insurers and investment funds) would "voluntarily" accept a bond swap with a 53.5% nominal write-off, partly

1325:

To fight the crisis some governments have focused on raising taxes and lowering expenditures, which contributed to social unrest and significant debate among economists, many of whom advocate greater deficits when economies are struggling. Especially in countries where budget deficits and sovereign

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developed in the public, and the government debt of several states was downgraded. The crisis subsequently spread to Ireland and Portugal, while raising concerns about Italy, Spain, and the European banking system, and more fundamental imbalances within the eurozone. The under-reporting was exposed

13243:

Standard & Poor's Ratings Services today lowered the 'AAA' long-term issuer credit rating on the European Financial Stability Facility (EFSF) to 'AA+' from 'AAA'.... We lowered to 'AA+' the long-term ratings on two of the EFSF's previously 'AAA' rated guarantor members, France and Austria. The

5418:

Iceland, not part of the EU, is regarded as one of Europe's recovery success stories. It defaulted on its debt and drastically devalued its currency, which has effectively reduced wages by 50% making exports more competitive. Lee Harris argues that floating exchange rates allows wage reductions by

5149:

credit rating agencies have fuelled rising euro zone indebtedness by issuing more severe downgrades since the sovereign debt crisis unfolded in 2009. The authors concluded that rating agencies were not consistent in their judgments, on average rating Portugal, Ireland, and Greece 2.3 notches lower

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of over-spending and lending in good times. They were also meant to protect the taxpayers of the other more prudent member states. By issuing bail-out aid guaranteed by prudent eurozone taxpayers to rule-breaking eurozone countries such as Greece, the EU and eurozone countries also encourage moral

4555:

The Euro Plus Monitor update from spring 2013 notes that the eurozone remains on the right track. According to the authors, almost all vulnerable countries in need of adjustment "are slashing their underlying fiscal deficits and improving their external competitiveness at an impressive speed", for

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as part of their national law/constitution. The Fiscal Compact is a direct successor of the previous Stability and Growth Pact, but it is more strict, not only because criteria compliance will be secured through its integration into national law/constitution, but also because it starting from 2014

4223:

According to Keynesian economists "growth-friendly austerity" relies on the false argument that public cuts would be compensated for by more spending from consumers and businesses, a theoretical claim that has not materialised. The case of Greece shows that excessive levels of private indebtedness

3994:

Such a mechanism serves as a "financial firewall". Instead of a default by one country rippling through the entire interconnected financial system, the firewall mechanism can ensure that downstream nations and banking systems are protected by guaranteeing some or all of their obligations. Then the

3459:

Stocks surged worldwide after the EU announced the EFSF's creation. The facility eased fears that the Greek debt crisis would spread, and this led to some stocks rising to the highest level in a year or more. The euro made its biggest gain in 18 months, before falling to a new four-year low a week

3443:

On 29 November 2011, the member state finance ministers agreed to expand the EFSF by creating certificates that could guarantee up to 30% of new issues from troubled euro-area governments, and to create investment vehicles that would boost the EFSF's firepower to intervene in primary and secondary

1777:

Greece experienced positive economic growth in each of the three first quarters of 2014. The return of economic growth, along with the now existing underlying structural budget surplus of the general government, build the basis for the debt-to-GDP ratio to start a significant decline in the coming

1718:

special report on the future of the European Union argues that the liberalisation of labour markets has allowed Greece to narrow the cost-competitiveness gap with other southern eurozone countries by approximately 50% over the past two years. This has been achieved primary through wage reductions,

642:

and providing cheap loans of more than one trillion euro in order to maintain money flows between European banks. On 6 September 2012, the ECB calmed financial markets by announcing free unlimited support for all eurozone countries involved in a sovereign state bailout/precautionary programme from

5528:

provides detailed blue print to mutualise the current debts of all euro-zone economies above 60% of their GDP. Instead of the break-up and issuing new national governments bonds by individual euro-zone governments, "everybody, from Germany (debt: 81% of GDP) to Italy (120%) would issue only these

5254:

Germany's foreign minister Guido Westerwelle called for an "independent" European ratings agency, which could avoid the conflicts of interest that he claimed US-based agencies faced. European leaders are reportedly studying the possibility of setting up a European ratings agency in order that the

4771:

On 6 June 2012, the European Commission adopted a legislative proposal for a harmonised bank recovery and resolution mechanism. The proposed framework sets out the necessary steps and powers to ensure that bank failures across the EU are managed in a way that avoids financial instability. The new

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to historical lows, reaching 0.25% in November 2013. Soon after the rates were shaved to 0.15%, then on 4 September 2014 the central bank shocked financial markets by cutting the razor-thin rates by a further two thirds from 0.15% to 0.05%, the lowest on record. The moves were designed to make it

3368:

Romania had a precautionary credit line with €5.0bn available to draw money from if needed, during the period March 2011-June 2013; but entirely avoided to draw on it. During the period, the World Bank however supported with a transfer of €0.4bn as a DPL3 development loan programme and €0.75bn as

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restructured government debt (as part of a deal where private investors in return accepted a nominal haircut, lower interest rates and longer maturities for their remaining principal), €48.2bn for bank recapitalization, €11.3bn for a second PSI debt buy-back, while the remaining €49.5bn were made

3248:

When it became evident Cyprus needed an additional bailout loan to cover the government's fiscal operations throughout 2013–2015, on top of additional funding needs for recapitalization of the Cypriot financial sector, negotiations for such an extra bailout package started with the Troika in June

2223:

On 30 November the Troika (the European Commission, the International Monetary Fund, and the European Central Bank) and the Cypriot Government had agreed on the bailout terms with only the amount of money required for the bailout remaining to be agreed upon. Bailout terms include strong austerity

2144:

became a prime concern for the Euro-zone when interest on Spain's 10-year bonds reached the 7% level and it faced difficulty in accessing bond markets. This led the Eurogroup on 9 June 2012 to grant Spain a financial support package of up to €100 billion. The funds will not go directly to Spanish

2087:

On 18 May 2014, Portugal left the EU bailout mechanism without additional need for support, as it had already regained a complete access to lending markets back in May 2013, and with its latest issuing of a 10-year government bond being successfully completed with a rate as low as 3.59%. Portugal

1729:

Both of the latest bailout programme audit reports, released independently by the European Commission and IMF in June 2014, revealed that even after transfer of the scheduled bailout funds and full implementation of the agreed adjustment package in 2012, there was a new forecast financing gap of:

1305:

The states that were adversely affected by the crisis faced a strong rise in interest rate spreads for government bonds as a result of investor concerns about their future debt sustainability. Four eurozone states had to be rescued by sovereign bailout programs, which were provided jointly by the

1073:

Eurozone member states could have alleviated the imbalances in capital flows and debt accumulation in the South by coordinating national fiscal policies. Germany could have adopted more expansionary fiscal policies (to boost domestic demand and reduce the outflow of capital) and Southern eurozone

5495:

The challenges to the speculation about the break-up or salvage of the eurozone is rooted in its innate nature that the break-up or salvage of eurozone is not only an economic decision but also a critical political decision followed by complicated ramifications that "If Berlin pays the bills and

5470:

There is opposition in this view. The national exits are expected to be an expensive proposition. The breakdown of the currency would lead to insolvency of several euro zone countries, a breakdown in intrazone payments. Having instability and the public debt issue still not solved, the contagion

5290:

rebutted these "Anglo-Saxon conspiracy" claims, writing that although American and British traders overestimated the weakness of southern European public finances and the probability of the breakup of the eurozone, these sentiments were an ordinary market panic, rather than some deliberate plot.

4674:

stated in June 2012: "Right now, focus has to be on strengthening their overall banking system...making a series of decisive actions that give people confidence that the banking system is solid ... In addition, they're going to have to look at how do they achieve growth at the same time as

4637:

In its spring 2012 economic forecast, the European Commission finds "some evidence that the current-account rebalancing is underpinned by changes in relative prices and competitiveness positions as well as gains in export market shares and expenditure switching in deficit countries". In May 2012

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conversion, then, one analyst "said that as banks find it more difficult to raise funds, they will move faster to cut down on loans and unload lagging assets" as they work to improve capital ratios. This latter contraction of balance sheets "could lead to a depression", the analyst said. Reduced

1794:

was scheduled to meet and discuss the updated review of the Greek bailout programme on 8 December (to be published on the same day), and the potential adjustments to the remaining programme for 2015–16. There were rumours in the press that the Greek government has proposed immediately to end the

1464:

Despite the drastic upwards revision of the forecast for the 2009 budget deficit in October 2009, Greek borrowing rates initially rose rather slowly. By April 2010 it was apparent that the country was becoming unable to borrow from the markets; on 23 April 2010, the Greek government requested an

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were the first time in the history of the country, at which the bipartisanship (consisted of PASOK and New Democracy parties), which ruled the country for over 40 years, collapsed in votes as a punishment for their support to the strict measures proposed by the country's foreign lenders and the

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dealing with the aftermath of the financial crisis. The European Commission has recently introduced a proposal to introduce what it calls Sovereign Bond Backed Securities (SBBS) which are essentially the same as ESBies and the European Parliament endorsed the changes in regulations necessary to

4616:

Either way, many of the countries involved in the crisis are on the euro, so devaluation, individual interest rates, and capital controls are not available. The only solution left to raise a country's level of saving is to reduce budget deficits and to change consumption and savings habits. For

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was initiated, aiming at straightening the rules by adopting an automatic procedure for imposing of penalties in case of breaches of either the 3% deficit or the 60% debt rules. By the end of the year, Germany, France and some other smaller EU countries went a step further and vowed to create a

3412:

On 9 May 2010, the 27 EU member states agreed to create the European Financial Stability Facility, a legal instrument aiming at preserving financial stability in Europe, by providing financial assistance to eurozone states in difficulty. The EFSF can issue bonds or other debt instruments on the

3292:

Due to the refusal by the Greek government to comply with the agreed conditional terms for receiving a continued flow of bailout transfers, both IMF and the Eurogroup opted to freeze their programmes since August 2014. To avoid a technical expiry, the Eurogroup postponed the expiry date for its

3284:

Many sources list the first bailout was €110bn followed by the second on €130bn. When you deduct €2.7bn due to Ireland+Portugal+Slovakia opting out as creditors for the first bailout, and add the extra €8.2bn IMF has promised to pay Greece for the years in 2015-16 (through a programme extension

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special report on the future of the European Union. "Madrid is reviewing its labour market and pension reforms and has promised by the end of this year to liberalize its heavily regulated professions". But Spain is benefiting from improved labour cost competitiveness. "They have not lost export

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at both the national and regional level by 2020. The amendment states that public debt can not exceed 60% of GDP, though exceptions would be made in case of a natural catastrophe, economic recession or other emergencies. As one of the largest eurozone economies (larger than Greece, Portugal and

2118:

Spain had a comparatively low debt level among advanced economies prior to the crisis. Its public debt relative to GDP in 2010 was only 60%, more than 20 points less than Germany, France or the US, and more than 60 points less than Italy or Greece. Debt was largely avoided by the ballooning tax

1903:

With Ireland's credit rating falling rapidly in the face of mounting estimates of the banking losses, guaranteed depositors and bondholders cashed in during 2009–10, and especially after August 2010. (The necessary funds were borrowed from the central bank.) With yields on Irish Government debt

650:

Return to economic growth and improved structural deficits enabled Ireland and Portugal to exit their bailout programmes in July 2014. Greece and Cyprus both managed to partly regain market access in 2014. Spain never officially received a bailout programme. Its rescue package from the ESM was

5271:

financial law and regulation experts have argued that the hastily drafted, unevenly transposed in national law, and poorly enforced EU rule on ratings agencies (Regulation EC N° 1060/2009) has had little effect on the way financial analysts and economists interpret data or on the potential for

4547:

On 15 November 2011, the Lisbon Council published the Euro Plus Monitor 2011. According to the report most critical eurozone member countries are in the process of rapid reforms. The authors note that "Many of those countries most in need to adjust are now making the greatest progress towards

4034:

meeting, all 17 members of the eurozone and six countries that aspire to join agreed on a new intergovernmental treaty to put strict caps on government spending and borrowing, with penalties for those countries who violate the limits. All other non-eurozone countries apart from the UK are also

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index, for example, set a record high the day the new rates were announced. Meanwhile, the euro briefly fell to a four-month low against the dollar. However, due to the unprecedented nature of the negative interest rate, the long-term effects of the stimulus measures are hard to predict. Bank

3351:

Portugal completed its support programme as scheduled in June 2014, one month later than initially planned due to awaiting a verdict by its constitutional court, but without asking for establishment of any subsequent precautionary credit line facility. By the end of the programme all committed

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framework in Cypriot financial institutions, (3) Fiscal consolidation to help bring down the Cypriot governmental budget deficit, (4) Structural reforms to restore competitiveness and macroeconomic imbalances, (5) Privatization programme. The Cypriot debt-to-GDP ratio is on this background now

1920:

was to be used to support the country's failing financial sector (only about half of this was used in that way following stress tests conducted in 2011). In return the government agreed to reduce its budget deficit to below three per cent by 2015. In April 2011, despite all the measures taken,

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during the course of 2014, for the purpose of fully funding its new extra financing gaps with additional private capital. A total of €6.1bn was received from the sale of three-year and five-year bonds in 2014, and the Greek government now plans to cover its forecast financing gap for 2015 with

1696:

Due to a delayed reform schedule and a worsened economic recession, the new government immediately asked the Troika to be granted an extended deadline from 2015 to 2017 before being required to restore the budget into a self-financed situation; which in effect was equal to a request of a third

4870:

The econometric analysis suggests that "If the short-term and long- term interest rates in the euro area were stabilised at 1.5% and 3%, respectively, aggregate output (GDP) in the euro area would be 5 percentage points above baseline in 2015". At the same time, sovereign debt levels would be

4612:

A country with a large trade surplus would generally see the value of its currency appreciate relative to other currencies, which would reduce the imbalance as the relative price of its exports increases. This currency appreciation occurs as the importing country sells its currency to buy the

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also said: "According to sources inside the German government, instead of funding new highways, Berlin is interested in supporting innovation and programs to promote small and medium-sized businesses. To ensure that this is done as professionally as possible, the Germans would like to see the

1948:

On 26 July 2012, for the first time since September 2010, Ireland was able to return to the financial markets, selling over €5 billion in long-term government debt, with an interest rate of 5.9% for the 5-year bonds and 6.1% for the 8-year bonds at sale. In December 2013, after three years on

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only €9.7bn or less than 5% of the first two bailout programs went to the Greek fiscal budget, while most of the money went to French and German banks (In June 2010, France's and Germany's foreign claims vis-a-vis Greece were $ 57bn and $ 31bn respectively. German banks owned $ 60bn of Greek,

629:

The onset of crisis was in late 2009 when the Greek government disclosed that its budget deficits were far higher than previously thought. Greece called for external help in early 2010, receiving an EU–IMF bailout package in May 2010. European nations implemented a series of financial support

2066:

As part of the bailout programme, Portugal was required to regain complete access to financial markets by September 2013. The first step towards this target was successfully taken on 3 October 2012, when the country managed to regain partial market access by selling a bond series with 3-year

1826:

On 5 July 2015, the citizens of Greece voted decisively (a 61% to 39% decision with 62.5% voter turnout) to reject a referendum that would have given Greece more bailout help from other EU members in return for increased austerity measures. As a result of this vote, Greece's finance minister

1684:

According to a leaked document, dated May 2010, the IMF was fully aware of the fact that the Greek bailout program was aimed at rescuing the private European banks – mainly from France and Germany. A number of IMF Executive Board members from India, Brazil, Argentina, Russia, and Switzerland

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We need not just a currency union; we also need a so-called fiscal union, more common budget policies. And we need above all a political union. That means that we must, step by step as things go forward, give up more powers to Europe as well and allow Europe oversight possibilities. (Angela

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warns in "Does the Euro have a Future?" that there is no escape from the "gloomy scenario" of a prolonged European recession and the consequent threat to the Eurozone's political cohesion so long as "the authorities persist in their current course". He argues that to save the Euro long-term

4423:

notes in November 2011 that no debt restructuring will work without growth, even more so as European countries "face pressures from three fronts: demography (an aging population), technology (which has allowed companies to do much more with fewer people) and globalisation (which has allowed

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of either maximum 0.5% or 1% (depending on the debt level). Each of the eurozone countries being involved in a bailout programme (Greece, Portugal, and Ireland) was asked both to follow a programme with fiscal consolidation/austerity, and to restore competitiveness through implementation of

1421:

The Greek economy had fared well for much of the 20th century, with high growth rates and low public debt. By 2007 (i.e., before the global financial crisis of 2007–2008), it was still one of the fastest growing in the eurozone, with a public debt-to-GDP that did not exceed 104%, but it was

3920:

On 16 June 2012 the European Central Bank together with other European leaders hammered out plans for the ECB to become a bank regulator and to form a deposit insurance program to augment national programs. Other economic reforms promoting European growth and employment were also proposed.

3239:

Cyprus received in late December 2011 a €2.5bn bilateral emergency bailout loan from Russia, to cover its governmental budget deficits and a refinancing of maturing governmental debts until 31 December 2012. Initially the bailout loan was supposed to be fully repaid in 2016, but as part of

9021:"IMF Country Report No. 14/151: GREECE – Fifth Review under the Extended Arrangement under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access; Staff Report; Press Release; and Statement by the Executive Director for Greece" 3507:

rescue package for Ireland (the rest was loaned from individual European countries, the European Commission and the IMF). In May 2011 it contributed one-third of the €78 billion package for Portugal. As part of the second bailout for Greece, the loan was shifted to the EFSF, amounting to

1127:

contributed to irresponsible lending in the years prior to the crisis. In the eurozone, each country had its own financial regulations, which allowed financial institutions to exploit gaps in monitoring and regulatory responsibility to resort to loans that were high-yield but very risky.

1945:, Ireland's export-led recovery "will gradually pull its economy out of its trough". As a result of the improved economic outlook, the cost of 10-year government bonds has fallen from its record high at 12% in mid July 2011 to below 4% in 2013 (see the graph "Long-term Interest Rates"). 4755:

European banks are estimated to have incurred losses approaching €1 trillion between the outbreak of the financial crisis in 2007 and 2010. The European Commission approved some €4.5 billion in state aid for banks between October 2008 and October 2011, a sum which includes the value of

1952:

On 13 March 2013, Ireland managed to regain complete lending access on financial markets, when it successfully issued €5bn of 10-year maturity bonds at a yield of 4.3%. Ireland ended its bailout programme as scheduled in December 2013, without any need for additional financial support.

1806:

The positive economic outlook for Greece—based on the return of seasonally adjusted real GDP growth across the first three quarters of 2014—was replaced by a new fourth recession starting in Q4-2014. This new fourth recession was widely assessed as being direct related to the premature

5631:

After extensive negotiations to implement a collateral structure open to all eurozone countries, on 4 October 2011, a modified escrow collateral agreement was reached. The expectation is that only Finland will utilise it, due, in part, to a requirement to contribute initial capital to

5441:

with the Netherlands, Austria, Finland, Luxembourg and other European countries such as Denmark, Norway, Sweden, Switzerland, and the Baltics. A monetary union of these countries with current account surpluses would create the world's largest creditor bloc, bigger than China or Japan.

2148:

According to the latest debt sustainability analysis published by the European Commission in October 2012, the fiscal outlook for Spain, if assuming the country will stick to the fiscal consolidation path and targets outlined by the country's current EDP programme, will result in a

5529:

joint bonds until their national debts fell to the 60% threshold. The new mutualised-bond market, worth some €2.3 trillion, would be paid off over the next 25 years. Each country would pledge a specified tax (such as a VAT surcharge) to provide the cash." So far, German Chancellor

1645:

in short-term EFSF notes, partly in new Greek bonds with lower interest rates and the maturity prolonged to 11–30 years (independently of the previous maturity). This counted as a "credit event" and holders of credit default swaps were paid accordingly. It was the world's biggest

5520:. In order for overindebted countries to stabilise the dwindling euro and economy, the overindebted countries require "access to money and for banks to have a "safe" euro-wide class of assets that is not tied to the fortunes of one country" which could be obtained by "narrower 3685:

on the final conditions of the second bailout package worth €130 billion. The lenders agreed to increase the nominal haircut from 50% to 53.5%. EU Member States agreed to an additional retroactive lowering of the interest rates of the Greek Loan Facility to a level of just 150

1835:

Between 2009 and 2017 the Greek government debt rose from €300 bn to €318 bn, i.e. by only about 6% (thanks, in part, to the 2012 debt restructuring); however, during the same period, the critical debt-to-GDP ratio shot up from 127% to 179% basically due to the severe GDP drop

1940:

The Euro Plus Monitor report from November 2011 attests to Ireland's vast progress in dealing with its financial crisis, expecting the country to stand on its own feet again and finance itself without any external support from the second half of 2012 onwards. According to the

1367:

Cyprus still battled with long-term interest rates above 6%. By early January 2013, successful sovereign debt auctions across the eurozone but most importantly in Ireland, Spain, and Portugal, showed investors' confidence in the ECB backstop. In November 2013 ECB lowered its

3304:

The loans of the program has an average maturity of 32.5 years and carry a variable interest rate (currently at 1%). The program has earmarked transfer of up till €25bn for bank recapitalization purposes (to be used to the extent deemed needed by the annual stress tests of

15652: 2235:, which helped significantly to reduce the needed loan amount for the overall bailout package, so that €10bn was sufficient without need for imposing a general levy on bank deposits. The final conditions for activation of the bailout package was outlined by the Troika's 5298:

is quoted as saying that there was no question of Greece leaving the euro and suggested that the crisis was politically as well as financially motivated. "This is an attack on the eurozone by certain other interests, political or financial". The Spanish Prime Minister

1590:", allowing Athens to withdraw simultaneously from the eurozone and reintroduce its national currency the drachma at a debased rate. If Greece were to leave the euro, the economic and political consequences would be devastating. According to Japanese financial company 4271:

increase in the EIB's capital base. Furthermore, the two suggest financing additional public investments by growth-friendly taxes on "property, land, wealth, carbon emissions and the under-taxed financial sector". They also called on EU countries to renegotiate the

4228:

for rainy days ahead. This led to even lower demand for both products and labour, which further deepened the recession and made it ever more difficult to generate tax revenues and fight public indebtedness. According to Financial Times chief economics commentator

1786:

of its remaining bailout programme for 2015–16. When calculating the impact of the 2015 fiscal budget presented by the Greek government, there was a disagreement, with the calculations of the Greek government showing it fully complied with the goals of its agreed

1242: 3808:

in multiple steps in 2012–2013, reaching an historic low of 0.25% in November 2013. The lowered borrowing rates have also caused the euro to fall in relation to other currencies, which is hoped will boost exports from the eurozone and further aid the recovery.

5386:

schools, condemned the design of the euro currency system from the beginning because it ceded national monetary and economic sovereignty but lacked a central fiscal authority. When faced with economic problems, they maintained, "Without such an institution,

4724:

The crisis is pressuring Europe to move beyond a regulatory state and towards a more federal EU with fiscal powers. Increased European integration giving a central body increased control over the budgets of member states was proposed on 14 June 2012 by

3975:

had confirmed the legality of the measures on 12 September 2012. The permanent bailout fund entered into force for 16 signatories on 27 September 2012. It became effective in Estonia on 4 October 2012 after the completion of their ratification process.

5047:) ensures that the responsibility for repaying public debt remains national and prevents risk premiums caused by unsound fiscal policies from spilling over to partner countries. The clause thus encourages prudent fiscal policies at the national level. 11718:"FIFTH REVIEW UNDER THE EXTENDED ARRANGEMENT UNDER THE EXTENDED FUND FACILITY, AND REQUEST FOR WAIVER OF NONOBSERVANCE OF PERFORMANCE CRITERION AND REPHASING OF ACCESS; STAFF REPORT; PRESS RELEASE; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR GREECE" 4791:

way to tackle the financial crisis. Using the term "stability bonds", Jose Manuel Barroso insisted that any such plan would have to be matched by tight fiscal surveillance and economic policy coordination as an essential counterpart so as to avoid

4195:

fought austerity (it increased the minimum wage by 25 percent and took back cuts in the pension system and the public sector) and at the same time reduced its budget deficit to below three percent in 2016. According to historian Florian Schui from

3512:(130bn new package plus 34.4bn remaining from Greek Loan Facility) throughout 2014. On 20 July 2012, European finance ministers sanctioned the first tranche of a partial bailout worth up to €100 billion for Spanish banks. This leaves the EFSF with 3317:

Hungary recovered faster than expected, and thus did not receive the remaining €4.4bn bailout support scheduled for October 2009-October 2010. IMF paid in total 7.6 out of 10.5 billion SDR, equal to €9.1bn out of €12.5bn at current exchange rates.

1120:, while in the United Kingdom there was a final forecast more than 4 times higher than the original. In Greece, the low ("6–8%") forecast was reported until very late in the year (September 2009), clearly not corresponding to the actual situation. 10540: 4183:

of rigid spending cuts on economic growth. In early 2012 an IMF official, who negotiated Greek austerity measures, admitted that spending cuts were harming Greece. In October 2012, the IMF said that its forecasts for countries which implemented

2178:

On 23 January 2014, as foreign investor confidence in the country has been restored, Spain formally exited the EU/IMF bailout mechanism. By the end of March 2018, unemployment rate of Spain has fallen to 16.1% and the debt is 98,30% of the GDP.

153:. A yield being more than 4% points higher compared to the lowest comparable yield among the eurozone states, i.e. yields above 6% in September 2011, indicates that financial institutions have serious doubts about credit-worthiness of the state. 4608:

warned of the risks of such imbalances in 2005, arguing that a "savings glut" in one country with a trade surplus can drive capital into other countries with trade deficits, artificially lowering interest rates and creating asset bubbles.

4875:

below the baseline scenario with market-based interest levels. Furthermore, banks would no longer be able to benefit unduly from intermediary profits by borrowing from the ECB at low rates and investing in government bonds at high rates.

3829:

signalled the central bank was willing to do whatever it takes to turn around the eurozone economies, remarking "Are we finished? The answer is no". He laid the groundwork for large-scale bond repurchasing, a controversial idea known as

1692:

shortly. This phenomenon became known as "Grexit" and started to govern international market behaviour. The centre-right's narrow victory in 17 June election gave hope that Greece would honour its obligations and stay in the Euro-zone.

612:

The eurozone was caused by a sudden stop of the flow of foreign capital into countries that had substantial current account deficits and were dependent on foreign lending. The crisis was worsened by the inability of states to resort to

24945: 5322:, and to avoid the collapse of the US$ . The US and UK do not have large domestic savings pools to draw on and therefore are dependent on external savings e.g. from China. This is not the case in the eurozone, which is self-funding. 3565:

as collateral. It runs under the supervision of the Commission and aims at preserving financial stability in Europe by providing financial assistance to EU member states in economic difficulty. The Commission fund, backed by all 27

1217:

The 2009 annual budget deficit and public debt both relative to GDP, for selected European countries. In the eurozone, the following number of countries were: SGP-limit compliant (3), Unhealthy (1), Critical (12), and Unsustainable

4575: 4338:. The measures implemented to restore competitiveness in the weakest countries are needed, not only to build the foundation for GDP growth, but also in order to decrease the current account imbalances among eurozone member states. 17395: 5583:

and uncommercial ECB loans which were conditional on the purchase of military aircraft and submarines are evidence that the loans amount to odious debt and that an audit would result in invalidation of a large amount of the debt.

15662: 3435:

The EFSF issued €5 billion of five-year bonds in its inaugural benchmark issue 25 January 2011, attracting an order book of €44.5 billion. This amount is a record for any sovereign bond in Europe, and €24.5 billion more than the

1350:

surprised currency traders by pledging that "it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs", effectively weakening the Swiss franc. This is the biggest Swiss intervention since 1978.

1057:

of 2008–2012; fiscal policy choices related to government revenues and expenses; and approaches used by states to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.

4191:, such as Germany and Austria, did better than expected. Also Portugal did comparably better than Spain. The latter introduced drastic austerity measures but was unable not meet its EU budget deficit targets. On the other hand, 4973:

has called for a 30-year debt-reduction plan, similar to the one Germany used after World War II to share the burden of reconstruction and development. Similar calls have been made by political parties in Germany including the

4624:

wrote in March 2013: "... the really strong relationship within the is between interest spreads and current account deficits, which is in line with the conclusion many of us have reached, that the euro area crisis is really a

4289:

million EU workers have become unemployed as a consequence of the global economic crisis of 2007–2010, and this has led many to call for additional regulation of the banking sector across not only Europe, but the entire world.

17519: 12736:"Media reports said that Spain would ask for support from two EU funds for eurozone governments in financial difficulty: a €60bn ‘European financial stabilisation mechanism', which is reliant on guarantees from the EU budget". 3631:

would be held so that the Greek people would have the final say on the bailout, upsetting financial markets. On 3 November 2011 the promised Greek referendum on the bailout package was withdrawn by Prime Minister Papandreou.

3761:

It changed its policy regarding the necessary credit rating for loan deposits, accepting as collateral all outstanding and new debt instruments issued or guaranteed by the Greek government, regardless of the nation's credit

3240:

establishment of the later following second Cypriot bailout programme, Russia accepted a delayed repayment in eight biannual tranches throughout 2018–2021 - while also lowering its requested interest rate from 4.5% to 2.5%.

1226:

The 2012 annual budget deficit and public debt both relative to GDP, for all countries and UK. In the eurozone, the following number of countries were: SGP-limit compliant (3), Unhealthy (5), Critical (8), and Unsustainable

1831:

stepped down on 6 July. Greece was the first developed country not to make a payment to the IMF on time, in 2015 (payment was made with a 20-day delay). Eventually, Greece agreed on a third bailout package in August 2015.

625:

and government responses to slowing economies post-bubble. European banks own a significant amount of sovereign debt, such that concerns regarding the solvency of banking systems or sovereigns are negatively reinforcing.

4233:, "structural tightening does deliver actual tightening. But its impact is much less than one to one. A one percentage point reduction in the structural deficit delivers a 0.67 percentage point improvement in the actual 3608:

On 26 October 2011, leaders of the 17 eurozone countries met in Brussels and agreed on a 50% write-off of Greek sovereign debt held by banks, a fourfold increase (to about €1 trillion) in bail-out funds held under the

5487:

shared this view, saying that expelling weaker countries from the euro was not an option: "Those who think that this hypothesis is possible just do not understand our process of integration". The former ECB president

4276:

and to sign an agreement to help each other crack down on tax evasion and avoidance. Currently authorities capture less than 1% in annual tax revenue on untaxed wealth transferred between EU members. According to the

3639:

noted that some, at least, European banks were maintaining high dividend payout rates and none were getting capital injections from their governments even while being required to improve capital ratios. Thomas quoted

1685:

criticized this in an internal memorandum, pointing out that Greek debt would be unsustainable. However their French, German and Dutch colleagues refused to reduce the Greek debt or to make (their) private banks pay.

18508: 17971: 2119:

revenue from the housing bubble, which helped accommodate a decade of increased government spending without debt accumulation. When the bubble burst, Spain spent large amounts of money on bank bailouts. In May 2012,

3908:

in cheap loans. Net new borrowing under the €529.5 billion February auction was around €313 billion; out of a total of €256 billion existing ECB lending (MRO + 3m&6m LTROs), €215 billion was rolled into LTRO2.

14190: 4629:, not a debt crisis". A February 2013 paper from four economists concluded that, "Countries with debt above 80% of GDP and persistent current-account deficits are vulnerable to a rapid fiscal deterioration..". 1270:

released a forecast of a 1.8% decline in EU economic output for 2009, making the outlook for the banks even worse. The many public funded bank recapitalizations were one reason behind the sharply deteriorated

5263:

presented a blueprint for establishing an international non-profit credit rating agency (INCRA) for sovereign debt, structured in way that management and rating decisions are independent from its financiers.

5251:(ESMA), which became the EU's single credit-ratings firm regulator. Credit-ratings companies have to comply with the new standards or will be denied operation on EU territory, says ESMA Chief Steven Maijoor. 14177: 4548:

restoring their fiscal balance and external competitiveness". Greece, Ireland and Spain are among the top five reformers and Portugal is ranked seventh among 17 countries included in the report (see graph).

14667: 19419:

This would effectively turn the European Union into a kind of postmodern version of the old Austro-Hungarian empire, with a Germanic elite presiding uneasily over a polyglot imperium and its restive local

17047: 10531: 3556:

On 5 January 2011, the European Union created the European Financial Stabilisation Mechanism (EFSM), an emergency funding programme reliant upon funds raised on the financial markets and guaranteed by the

1116:. Large upwards revision of budget deficit forecasts due to the international financial crisis were not limited to Greece: for example, in the United States forecast for the 2009 budget deficit was raised 13286: 5776:

became PM. After a year of rigorous saving measures, and also due to continuous opening of ideological question, the centre-right government of Janez Janša was ousted on 27 February 2013 by nomination of

4591:

imbalances are likely to continue. A country that runs a large current account or trade deficit (i.e., importing more than it exports) must ultimately be a net importer of capital; this is a mathematical

18284: 17444: 16297: 10284: 1452:

Finally, there was an effect of controversies about Greek statistics (due the aforementioned drastic budget deficit revisions which led to an increase in the calculated value of the Greek public debt by

17108: 1571:

since the start of the crisis, they spend 40% less on goods and services, and the seasonal adjusted unemployment rate grew from 7.5% in September 2008 to a record high of 27.9% in June 2013, while the

1290:

In the first few weeks of 2010, there was renewed anxiety about excessive national debt, with lenders demanding ever-higher interest rates from several countries with higher debt levels, deficits, and

14806: 647:(OMT). Ireland and Portugal received EU-IMF bailouts In November 2010 and May 2011, respectively. In March 2012, Greece received its second bailout. Both Cyprus received rescue packages in June 2012. 20415: 3892:

to 523 banks for an exceptionally long period of three years at a rate of just one per cent. Previous refinancing operations matured after three, six, and twelve months. The by far biggest amount of

14544:

effective single supervisory mechanism is established, involving the ECB, for banks in the euro area the ESM could, following a regular decision, have the possibility to recapitalise banks directly.

2267:

The Cypriot debt-to-GDP ratio is on this background now forecasted only to peak at 126% in 2015 and subsequently decline to 105% in 2020, and thus considered to remain within sustainable territory.

21880: 3983:

to allow for a permanent bail-out mechanism to be established including stronger sanctions. In March 2011, the European Parliament approved the treaty amendment after receiving assurances that the

1275:

experienced by several European governments in the wake of the Great Recession. The main root causes for the four sovereign debt crises erupting in Europe were reportedly a mix of: weak actual and

20205: 19340: 19190: 14249:

between Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland; Council of the European Union.

7073: 4393:

southern European countries receive their own state-owned development banks, modeled after Germany's KfW banking group. It's hoped that this will get the economy moving in Greece and Portugal".

6777: 6007:

According to ECB's definition, a sovereign state will have managed to regain complete access to private lending markets, when it succeeds in issuing new government bonds with a ten-year maturity.

5395:

went so far to call the euro "an experiment that failed". Some non-Keynesian economists, such as Luca A. Ricci of the IMF, contend that the eurozone does not fulfil the necessary criteria for an

12381: 17329: 5188:

criticised the decision of Standard & Poor's to lower the rating of France but not that of the United Kingdom, which "has more deficits, as much debt, more inflation, less growth than us".

2201:

The economy of the small island of Cyprus with 840,000 people was hit by several huge blows in and around 2012 including, amongst other things, the €22 billion exposure of Cypriot banks to the

17776: 5150:

than under pre-crisis standards, eventually forcing them to seek international aid. On a side note: as of the end of November 2013 only three countries in the eurozone retain AAA ratings from

4798:

Germany remains largely opposed at least in the short term to a collective takeover of the debt of states that have run excessive budget deficits and borrowed excessively over the past years.

1709:

off that debt. This should bring Greece's debt-to-GDP ratio down to 124% by 2020 and well below 110% two years later. Without agreement the debt-to-GDP ratio would have risen to 188% in 2013.

20388: 9187: 9076: 7457: 3413:

market with the support of the German Debt Management Office to raise the funds needed to provide loans to eurozone countries in financial troubles, recapitalise banks or buy sovereign debt.

2358: 19252: 10887:"Cyprus eurozone bailout prompts anger as savers hand over possible 10% levy: Angry Cypriots try in vain to withdraw savings as eurozone bailout terms break taboo of hitting bank depositors" 5643:, which was the immediate issue behind the collateral discussion, with a mid-October vote. On 13 October 2011 Slovakia approved euro bailout expansion, but the government has been forced to 3801:

by 50 basis points to come into effect on 5 December 2011. They also agreed to provide each other with abundant liquidity to make sure that commercial banks stay liquid in other currencies.

3382:, with the final second FEG-DPL tranch on €0.75bn (worth about $ 1bn) to be contracted in the first part of 2015. No money had been drawn from the precautionary credit line, as of May 2014. 25389: 20134: 14428: 4079: 17386: 17807: 20478: 14368: 5284:

that claimed that the U.S. and Britain were deliberately promoting rumors about the euro in order to cause its collapse or to distract attention from their own economic vulnerabilities.

5026:

The European bailouts are largely about shifting exposure from banks and others, who otherwise are lined up for losses on the sovereign debt they have piled up, onto European taxpayers.

25394: 20104: 18622: 12708: 10238: 6515:

Paul Belkin, Martin A. Weiss, Rebecca M. Nelson and Darek E. Mix "The Eurozone Crisis: Overview and Issues For Congress", Congressional Research Service Report R42377, 29 February 2012.

6379: 4927:

has been disputed due to major calculation errors. In fact, the average GDP growth at public debt/GDP ratios over 90% is not dramatically different from when debt/GDP ratios are lower.

3912:

ECB lending has largely replaced inter-bank lending. Spain has €365 billion and Italy has €281 billion of borrowings from the ECB (June 2012 data). Germany has €275 billion on deposit.

3420:. The €440 billion lending capacity of the facility is jointly and severally guaranteed by the eurozone countries' governments and may be combined with loans up to €60 billion from the 17523: 5165:

decision to downgrade Portugal's foreign debt to the category Ba2 "junk" has infuriated officials from the EU and Portugal alike. State-owned utility and infrastructure companies like

4237:". This means that Ireland e.g. would require structural fiscal tightening of more than 12% to eliminate its 2012 actual fiscal deficit. A task that is difficult to achieve without an 2055:

rating, which led to an increased pressure on Portuguese government bonds. In the first half of 2011, Portugal requested a €78 billion IMF-EU bailout package in a bid to stabilise its

1688:

In mid May 2012, the crisis and impossibility to form a new government after elections and the possible victory by the anti-austerity axis led to new speculations Greece would have to

25104: 16999: 7768: 2418: 2164:

Though Spain was suffering with 27% unemployment and the economy was shrinking 1.4% in 2013, Mariano Rajoy's conservative government has pledged to speed up reforms, according to the

17945: 13646: 12619:"European Economy Occasional Papers 130: Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain — Second Review of the Programme Spring 2013" 10398: 24809: 20015: 12674: 12405: 1892:

issued a two-year guarantee to the banks' depositors and bondholders. The guarantees were subsequently renewed for new deposits and bonds in a slightly different manner. In 2009, a

20908: 20713: 1782:

hereby is forecast officially to end in 2015, many of its negative repercussions (e.g. a high unemployment rate) are forecast still to be felt during many of the subsequent years.

18961: 15485:

Keynes, J M, (1931), Addendum to: Great Britain. Committee on Finance and Industry Report (London:His Majesty ́s Stationery Office, 1931) 190–209. Reprinted in Donald Moggridge,

3331: 1446: 10771: 1033:

The eurozone crisis resulted from the structural problem of the eurozone and a combination of complex factors. There is a consensus that the root of the eurozone crisis lay in a

16621: 14557: 12437: 5869:

collapsed. Early elections were called for 12 September 2012. To prevent fines from the EU – a new budget was demanded by 30 April – five different parties called the

5516:

could be less miserable solution than break-up of the euro". The recipe to this tricky combination of the limited federalisation, greatly lies on mutualisation for limiting the

3862:, which critics say erode the bank's independence". Stark was "probably the most hawkish" member of the council when he resigned. Weber was replaced by his Bundesbank successor 3766:

The move took some pressure off Greek government bonds, which had just been downgraded to junk status, making it difficult for the government to raise money on capital markets.

3628: 1746:

The latest recalculation of the seasonally adjusted quarterly GDP figures for the Greek economy revealed that it had been hit by three distinct recessions in the turmoil of the

408: 16732: 15708: 1795:

previously agreed and continuing IMF bailout programme for 2015–16, replacing it with the transfer of €11bn unused bank recapitalization funds currently held as reserve by the

13891: 4241:

eurozone-wide economic boom. According to the Europlus Monitor Report 2012, no country should tighten its fiscal reins by more than 2% of GDP in one year, to avoid recession.

4224:

and a collapse of public confidence (over 90% of Greeks fear unemployment, poverty and the closure of businesses) led the private sector to decrease spending in an attempt to

3613:, an increased mandatory level of 9% for bank capitalisation within the EU and a set of commitments from Italy to take measures to reduce its national debt. Also pledged was 17985: 4966:

of 15 percent on private wealth would provide the state with nearly a year's worth national income, which would allow for immediate reimbursement of the entire public debt.

4362:, in order to kick-start infrastructure projects and increase loans to the private sector. A few months later 11 out of 17 eurozone countries also agreed to introduce a new 210: 17976: 17629: 4244:

Instead of public austerity, a "growth compact" centring on tax increases and deficit spending is proposed. Since struggling European countries lack the funds to engage in

3542:

downgraded France and Austria from AAA rating, lowered Spain, Italy (and five other) euro members further. Shortly after, S&P also downgraded the EFSF from AAA to AA+.

25399: 24208: 17607: 16973: 11767: 6275: 5357:

as debt under eurozone rules". Critics of the bank's conduct said that these deals "contributed to unsustainable public finances" which in turn destabilized the eurozone.

3483:

closed down a record almost 30%, after a record weekly rise the preceding week that prompted the bailout. The agreement is interpreted as allowing the ECB to start buying

14675: 3276:. The remaining €2.7 billion of the ESM bailout was never dispensed, due to the Cypriot government's better than expected finances over the course of the programme. 19125: 18717: 18258: 17139: 6982: 5757: 5749:. "It is convenient to hold elections this fall so a new government can take charge of the economy in 2012, fresh from the balloting," he said. Following the elections, 4187:

programmes have been consistently overoptimistic, suggesting that tax hikes and spending cuts have been doing more damage than expected, and countries which implemented

359: 20174: 20071: 18846: 17559: 15326: 14194: 11849: 3491:, which is expected to reduce bond yields. As a result, Greek bond yields fell sharply from over 10% to just over 5%. Asian bonds yields also fell with the EU bailout. 1438:—were especially sensitive to changes in the business cycle. The government spent heavily to keep the economy functioning and the country's debt increased accordingly. 1262:

linkage between their survival and the financial stability of the economy. As of January 2009, a group of 10 central and eastern European banks had already asked for a

1037:(a sudden stop of foreign capital into countries that were dependent on foreign lending), and that this crisis was worsened by the fact that states could not resort to 25077: 16024: 13414: 4523:

within three years, while increasing the standard VAT from 19.6% to 20% and introducing additional eco-taxes in 2016. To minimise negative effects of such policies on

2351: 1602:

added that the fallout from a Greek exit would wipe 20% off Greece's GDP, increase Greece's debt-to-GDP ratio to over 200%, and send inflation soaring to 40–50%. Also

12593: 12274: 11483: 1532:), but with the activation being conditional on implementation of further austerity measures and a debt restructure agreement. Surprisingly, the Greek prime minister 1074:

member states could have adopted more restrictive fiscal policies (to curtail domestic demand and reduce borrowing from the North). Per the requirements of the 1992

24804: 18515: 17025: 15277: 14610: 11071: 9526: 8689: 7835: 7732: 7522: 5850:. The radical right-wing, extreme left-wing, communist and populist political parties that have opposed the policy of strict measures, won the majority of the votes. 3499:

The EFSF only raises funds after an aid request is made by a country. As of the end of July 2012, it has been activated various times. In November 2010, it financed

1302:, particularly when economic growth rates were low, and when a high percentage of debt was in the hands of foreign creditors, as in the case of Greece and Portugal. 25282: 24317: 20954: 19097: 17720: 11182: 9817: 4162:

There has been substantial criticism over the austerity measures implemented by most European nations to counter this debt crisis. US economist and Nobel laureate

1937:

loan coming from the European Financial Stability Mechanism, down to 2.59 per cent—which is the interest rate the EU itself pays to borrow from financial markets.

1778:

years ahead, which will help ensure that Greece will be labelled "debt sustainable" and fully regain complete access to private lending markets in 2015. While the

17585: 17051: 16853: 16569: 13290: 1995:

Unlike other European countries that were also severely hit by the Great Recession in the late 2000s and eventually received bailouts in the early 2010s (such as

19489: 18294: 14084: 12622: 5407:

suggested in June 2011 that, if the Greek and Irish bailouts should fail, an alternative would be for Germany to leave the eurozone to save the currency through

4687:

must do to preserve the single currency. It includes shifting from austerity to a far greater focus on economic growth; complementing the single currency with a

3263:

agreement in April 2013, and include: (1) Recapitalisation of the entire financial sector while accepting a closure of the Laiki bank, (2) Implementation of the

1819:

while interest rates for the Greek government at the private lending market spiked to levels once again making it inaccessible as an alternative funding source.

1641:, conditional on the implementation of another harsh austerity package that would reduce Greek expenditure by €3.3bn in 2012 and another €10bn in 2013 and 2014. 1461:. Consequently, Greece was "punished" by the markets which increased borrowing rates, making it impossible for the country to finance its debt since early 2010. 17452: 16301: 11447: 10294: 8185: 1359:

and a possible break-up of the eurozone. In total, the debt crisis forced five out of 17 eurozone countries to seek help from other nations by the end of 2012.

374: 17116: 12335: 9229: 9055: 3447:

The transfers of bailout funds were performed in tranches over several years and were conditional on the governments simultaneously implementing a package of

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in one instalment instead of five instalments over time. Finland, as one of the strongest AAA countries, can raise the required capital with relative ease.

4662:

were among those advancing proposals. Finding a formula, which was not simply backed by Germany, is central in crafting an acceptable and effective remedy.

4620:

Economic evidence indicates the crisis may have more to do with trade deficits (which require private borrowing to fund) than public debt levels. Economist

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The EFSF, "a legal instrument agreed by finance ministers earlier this month following the risk of Greece's debt crisis spreading to other weak economies".

12512: 11997: 5973: 4700: 4481: 1884:

The Irish sovereign debt crisis arose not from government over-spending, but from the state guaranteeing the six main Irish-based banks who had financed a

1837: 252: 20209: 19344: 19181: 18317: 15225: 9874: 9848: 7077: 5824:

Greece – November 2011 – After intense criticism from within his own party, the opposition and other EU governments, for his proposal to hold a

5685:

Ireland – February 2011 – After a high deficit in the government's budget in 2010 and the uncertainty surrounding the proposed bailout from the

5255:

private US-based ratings agencies have less influence on developments in European financial markets in the future. According to German consultant company

4587:

Regardless of the corrective measures chosen to solve the current predicament, as long as cross border capital flows remain unregulated in the euro area,

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The first ESM recapitalisation tranch of €39.47bn was approved 28 November, and transferred to the bank recapitalisation fund of the Spanish government (

2228:. This revised deal was also rejected by the Cypriot parliament on 19 March 2013 with 36 votes against, 19 abstentions and one not present for the vote. 20361: 20274: 15615: 5479:

have said on numerous occasions that they would not allow the eurozone to disintegrate and have linked the survival of the Euro with that of the entire

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euros. German chancellor Merkel has stated that "institutions bailed out with public funds are exploiting the budget crisis in Greece and elsewhere".

25016: 24975: 24929: 23527: 22773: 22635: 21136: 19578:

Simkovic, Michael (11 January 2011). "Michael Simkovic, Bankruptcy Immunities, Transparency, and Capital Structure, Presentation at the World Bank".

19495: 18889: 17784: 15975: 12382:"PROGRAM DOCUMENT ON A PROPOSED LOAN IN THE AMOUNT OF €750 MILLION TO ROMANIA: FOR THE FIRST FISCAL EFFECTIVENESS AND GROWTH DEVELOPMENT POLICY LOAN" 10430: 9679: 9470: 5948: 5388: 4937:

To reach sustainable levels the eurozone must reduce its overall debt level by €6.1 trillion. According to BCG, this could be financed by a one-time

4859: 292: 20392: 19285: 16382: 16062: 15176: 12015: 9764: 9715: 9281: 9194: 9083: 8347: 7468: 7047: 22612: 20751:; Snaith, Holly (September 2015). "'As I drifted on a river I could not control': the unintended ordoliberal consequences of the Eurozone crisis". 20148: 19794: 19262: 18410: 17999: 15560: 13256: 9606: 8530: 8294: 7559: 5650:

In February 2012, the four largest Greek banks agreed to provide the €880 million in collateral to Finland to secure the second bailout programme.

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aimed at promoting labour market mobility and wage flexibility, restoring the south's economies’ competitiveness by increasing their productivity.

2400: 544: 354: 242: 15399: 13751: 9933: 4090:

immediately reflected by a reduction in yield of long-term bonds issued by member states such as Italy and Spain and a rise in value of the Euro.

24312: 23818: 17815: 13654: 11817: 10802: 10408: 9041: 7493: 6338: 5619:

On 18 August 2011, as requested by the Finnish parliament as a condition for any further bailouts, it became apparent that Finland would receive

1698: 1529: 1287:

of banks and sovereigns; large pre-existing debt-to-GDP ratios; and considerable liability stocks (government, private, and non-private sector).

20488: 17003: 4267:(EIB), which could then lend ten times that amount to the employment-intensive smaller business sector. The EU is currently planning a possible 1823:

funds in its second programme. In the process, the Eurogroup granted a six-month technical extension of its second bailout programme to Greece.

20926: 20112: 15653:"Man braucht keine eigene Währung, um abzuwerten. Die Finanzpolitik kann es auch. Aus aktuellem Anlass: Das Konzept der fiskalischen Abwertung" 14059: 13510: 12712: 10242: 10038: 9552: 8751: 5988: 5681:

The handling of the crisis has led to the premature end of several European national governments and influenced the outcome of many elections:

4970: 1505: 329: 247: 17: 18632: 11285: 10854: 3884:

On 22 December 2011, the ECB started the biggest infusion of credit into the European banking system in the euro's 13-year history. Under its

3392: 24374: 23878: 22715: 22597: 22536: 22499: 22333: 21069: 16797: 15189: 10011: 5968: 5243:

Due to the failures of the ratings agencies, European regulators obtained new powers to supervise ratings agencies. With the creation of the

5021: 1145: 195: 47: 18567: 17920: 14242: 13105: 5846:

Troika (consisted of the European Commission, the IMF and the European Central Bank). The popularity of PASOK dropped from 42.5% in 2010 to

4030:

across the eurozone with strict and enforceable fiscal rules and automatic penalties embedded in the EU treaties. On 9 December 2011 at the

3416:

Emissions of bonds are backed by guarantees given by the euro area member states in proportion to their share in the paid-up capital of the

1900:

budget went from a surplus in 2007 to a deficit of 32% GDP in 2010, the highest in the history of the eurozone, despite austerity measures.

1041:(reductions in the value of the national currency to make exports more competitive in foreign markets). Other important factors include the 24758: 24227: 24066: 24061: 24056: 22657: 22196: 21178: 20947: 20023: 19222: 18173: 15377: 14378: 13566: 12041: 11053: 8500: 7656: 5315: 2088:

still has many tough years ahead. During the crisis, Portugal's government debt increased from 93 to 139 percent of GDP. On 3 August 2014,

1933:

in a move to further ease Ireland's difficult financial situation, the European Commission announced it would cut the interest rate on its

1677: 1371:

to only 0.25% to aid recovery in the eurozone. As of May 2014 only two countries (Greece and Cyprus) still needed help from third parties.

349: 13822: 12670: 12398: 10117: 4349:

It has been a long known belief that austerity measures will always reduce the GDP growth in the short term. Some economists believing in

4316:, consisting of political reforms to improve fiscal strength and competitiveness; 25 out of 27 EU countries also decided to implement the 4174:

now being imposed on countries such as Greece and Spain will prolong and deepen their recessions. Together with over 9,000 signatories of

4035:

prepared to join in, subject to parliamentary vote. The treaty will enter into force on 1 January 2013, if by that time 12 members of the

2327:

The table below provides an overview of the financial composition of all bailout programs being initiated for EU member states, since the

1637:

To prevent this from happening, the Troika (EC, IMF and ECB) eventually agreed in February 2012 to provide a second bailout package worth

25277: 24893: 24290: 19704: 14475: 12193: 12145: 11899: 10200: 4325:

will require all ratifying countries not involved in ongoing bailout programmes, to comply with the new strict criteria of only having a

2096:

would be split in two after losing the equivalent of $ 4.8 billion in the first 6 months of 2014, sending its shares down by 89 percent.

379: 19638:"Michael Simkovic, Paving the Way for the Next Financial Crisis, Banking & Financial Services Policy Report". SSRN. 1 January 2010. 18969: 18685: 15891: 15716: 10775: 7322: 5799:

Italy – November 2011 – Following market pressure on government bond prices in response to concerns about levels of debt, the

5314:

Other commentators believe that the euro is under attack so that countries, such as the UK and the US, can continue to fund their large

1738:

in 2012, return of real GDP growth in 2014, and a decline of the unemployment rate in 2015, it was possible for the Greek government to

25087: 24799: 24773: 24672: 24170: 23737: 22950: 22581: 22441: 22340: 21261: 15948: 12564: 11027: 10470: 7637: 7015: 5061:

Articles 125 and 123 were meant to create disincentives for EU member states to run excessive deficits and state debt, and prevent the

4527:

and economic activity the French government will partly offset the tax hikes by decreasing employees' social security contributions by

3968: 3711: 3551: 3531:(ESM), which will start operating as soon as member states representing 90% of the capital commitments have ratified it. (see section: 3437: 3421: 2436: 1942: 389: 16596: 13963: 12430: 11728: 4994:, called for a debt relief for Greece. In addition, economists from London School of Economics suggested a debt relief similar to the 25409: 24369: 24263: 22448: 22291: 21924: 21161: 21011: 16915: 16743: 16261:

Caporaso, James; Durrett, Warren; Kim, Min (December 2014). "Still a regulatory state? The European Union and the financial crisis".

14948: 10798: 9379: 5841:

expelled a total of 44 MPs from their respective parliamentary groups, leading to PASOK losing its parliamentary majority. The early

5693:(parliament) collapsed the following year, which led to a subsequent general election, collapse of the preceding government parties, 5248: 4995: 4192: 3360:

Romania recovered faster than expected, and thus did not receive the remaining €1.0bn bailout support originally scheduled for 2011.

2040:

were mismanaged across almost four decades. When the global crisis disrupted the markets and the world economy, together with the US

1962: 1362:

In mid-2012, due to successful fiscal consolidation and implementation of structural reforms in the countries being most at risk and

888: 384: 369: 25205: 25200: 17418: 15352: 13899: 12538: 12119: 10223: 4468:

dropped even more to the level of 1986. Similarly, salaries in Italy fell to 1986 levels and consumption fell to the level of 1950.

3343:

Latvia recovered faster than expected, and thus did not receive the remaining €3.0bn bailout support originally scheduled for 2011.

25126: 25048: 23883: 23043: 22605: 22522: 22492: 22375: 22368: 22312: 22305: 22173: 21862: 21085: 21026: 20996: 14640: 12241: 8597: 8379: 7585: 7167: 6922: 6503: 6216: 4432: 205: 16081: 13192: 9334: 8642: 7193: 4642:

has signalled support for a significant increase in German wages to help decrease current account imbalances within the eurozone.

4308:

to levels below 3% of GDP, so that the debt level would either stay below -or start decline towards- the 60% limit defined by the

25298: 25153: 25067: 22679: 22298: 21551: 21472: 21183: 20940: 20916: 20885: 20257: 20231: 18067: 16739: 12648: 12491:"State aid: Commission approves restructuring plans of Spanish banks BFA/Bankia, NCG Banco, Catalunya Banc and Banco de Valencia" 12063: 6671:

European Economics and Politics in the Midst of the Crisis; From the Outbreak of the Crisis to the Fragmented European Federation

5066:

hazard in the future. While the no bail-out clause remains in place, the "no bail-out doctrine" seems to be a thing of the past.

4851: 4515:

contribution. Portugal has taken a similar stance and also France appears to follow this suit. In November 2012 French president

3972: 1808: 1739: 1363: 15540: 13991: 13726: 11013: 5267:

But attempts to regulate credit rating agencies more strictly in the wake of the eurozone crisis have been rather unsuccessful.

25479: 24677: 24590: 24434: 24399: 24268: 24200: 24091: 24086: 24081: 24076: 24025: 23858: 22841: 22826: 22485: 22389: 22354: 22211: 22049: 21544: 21021: 20981: 20829: 19435: 19403: 19129: 18351: 17166: 14401: 13936: 11871: 8053: 5847: 5139: 5058:). The creation of further leverage in EFSF with access to ECB lending would also appear to violate the terms of this article. 4415:

Crisis countries must significantly increase their international competitiveness to generate economic growth and improve their

2188: 2141: 2105: 1537: 1294:. This in turn made it difficult for four out of eighteen eurozone governments to finance further budget deficits and repay or 965: 20182: 18850: 18378: 18262: 17250: 17143: 17033: 14017: 13849: 13358: 13131: 11121: 7971: 7271: 6990: 3739:

in February 2012, though it simultaneously absorbed the same amount of liquidity to prevent a rise in inflation. According to

1896:(NAMA) was created to acquire large property-related loans from the six banks at a market-related "long-term economic value". 25371: 25342: 25227: 25121: 24924: 24273: 24195: 24165: 24016: 23732: 22749: 22166: 22079: 21828: 21820: 21166: 20081: 19530: 18942: 18924: 17218: 15516: 15005: 13699: 13078: 13051: 13002: 12975: 12948: 12921: 12822: 12733: 11845: 9389: 8677: 8560: 8000: 6678: 6437: 5769: 5178: 5054:'s purchase of distressed country bonds can be viewed as violating the prohibition of monetary financing of budget deficits ( 4588: 3964: 3879: 3610: 3407: 2445: 2213: 1540:

on the new bailout plan, but had to back down amidst strong pressure from EU partners, who threatened to withhold an overdue

1117: 631: 601:

or to bail out over-indebted banks under their national supervision without the assistance of other eurozone countries, the

334: 20628: 19762: 18095: 17655: 12300:"2013/531/EU: Council Decision of 22 October 2013 providing precautionary Union medium-term financial assistance to Romania" 11703: 10453:"Spain calls for new tax pact to save euro: Madrid calls for Europe-wide plan but resists 'humiliation' of national bailout" 7523:"Eurostat Newsrelease 24/2012: Industrial production down by 1.1% in euro area in December 2011 compared with November 2011" 3451:, structural reforms, privatization of public assets and setting up funds for further bank recapitalization and resolution. 25494: 25489: 25267: 25222: 25136: 24684: 24364: 24278: 24258: 24175: 23935: 21188: 21115: 20986: 14825: 12586: 12360: 12263: 12094: 12077: 11832:"Council implementing decision (EU) 2015/1181 of 17 July 2015: on granting short-term Union financial assistance to Greece" 11627: 11472: 10983: 10597: 8999: 8783: 6748: 5728: 5304: 5196: 4293: 3618: 1082:

and debt levels. However, some of the signatories, including Germany and France, failed to stay within the confines of the

537: 491: 20872: 20511:"Foto: Poslanci izrekli nezaupnico vladi Boruta Pahorja :: Prvi interaktivni multimedijski portal, MMC RTV Slovenija" 19960: 19732: 16674: 15285: 15061: 14731: 14698: 14618: 13463: 12535:"State aid: Commission approves restructuring plans of Spanish banks Liberbank, Caja3, Banco Mare Nostrum and Banco CEISS" 11571: 10623: 8956: 8693: 7846: 7794: 7743: 7533: 3600:

Like the EFSF, the EFSM was replaced by the permanent rescue funding programme ESM, which was launched in September 2012.

1544:

loan payment that Greece needed by mid-December. On 10 November 2011, Papandreou resigned following an agreement with the

1222: 1213: 25574: 25569: 25564: 25559: 25554: 25379: 25337: 25082: 24782: 24655: 24551: 23853: 23811: 23306: 22514: 21783: 21059: 20682: 20673: 20510: 18773: 15458: 14774: 11781: 9152: 8438: 7348: 5842: 5735: 5303:

has also suggested that the recent financial market crisis in Europe is an attempt to undermine the euro. He ordered the

5272:

conflicts of interests created by the complex contractual arrangements between credit rating agencies and their clients"

4991: 4950: 4688: 3804:

With the aim of boosting the recovery in the eurozone economy by lowering interest rates for businesses, the ECB cut its

3327: 1454: 20452: 18658: 15762: 15308: 14165: 13223: 12747: 11925: 11190: 10265: 4492:

logic, policy makers can increase the competitiveness of an economy by lowering corporate tax burden such as employer's

25484: 25474: 25469: 25247: 24987: 24982: 24719: 24236: 24190: 24160: 24101: 23993: 23900: 23845: 23535: 22543: 21097: 21054: 19499: 17474: 16857: 16831: 16776: 16002: 14287: 12264:"Occasional Papers 156: Overall assessment of the two balance-of-payments assistance programmes for Romania, 2009-2013" 8576: 6600: 6055: 5978: 5789: 5644: 5525: 5373: 5256: 5158: 4893: 4654:

Several proposals were made in mid-2012 to purchase the debt of distressed European countries such as Spain and Italy.

4249: 3682: 3627:

The package's acceptance was put into doubt on 31 October when Greek Prime Minister George Papandreou announced that a

3597:

issue of bonds as part of the financial support package agreed for Ireland, at a borrowing cost for the EFSM of 2.59%.

1689: 660: 324: 237: 190: 16543: 15847: 15431:"Do some countries in the eurozone need an internal devaluation? A reassessment of what unit labour costs really mean" 12618: 11672: 8981: 4646:

of the eurozone as a whole almost doubled compared to the previous year, reaching a new record high of 227.9bn Euros.

1586:

Some economic experts argue that the best option for Greece, and the rest of the EU, would be to engineer an "orderly

25544: 25534: 25524: 25514: 25464: 25384: 25272: 24999: 24950: 24699: 24613: 24585: 24347: 24043: 23940: 22672: 22478: 22130: 21997: 21747: 21049: 21001: 20798: 20698: 19071: 16927: 16106: 15865: 14259: 14113: 11440: 11393: 11302: 10955: 7945: 7909: 6621: 5877: 5742: 5723:

Portugal – March 2011 – Following the failure of parliament to adopt the government austerity measures, PM

5300: 2240: 2028:

in 1974 and 2010. Persistent and lasting recruitment policies boosted the number of redundant public servants. Risky

2000: 1852: 1796: 339: 319: 19045: 18204: 16499: 14845: 13339: 10452: 10316: 10099: 8268: 4756:

taxpayer-funded recapitalisations and public guarantees on banking debts. This has prompted some economists such as

2157:

the same outlook has promised, that it will gradually decline to comply with the maximum 0.5% level required by the

1091:

and the use of complex currency and credit derivatives structures. From late 2009 on, after Greece's newly elected,

1045:; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 24992: 24748: 24689: 24608: 24495: 24439: 24283: 23971: 23516: 23399: 22831: 21917: 21529: 21204: 21064: 20753: 19822: 13621:"Summary of ad hoc communication: Related to monetary policy implementation issued by the ECB since 1 January 2007" 12328: 11511: 11155: 10052: 5741:

Spain – July 2011 – Following the failure of the Spanish government to handle the economic situation, PM

5658: 5166: 1904:

rising rapidly, it was clear that the Government would have to seek assistance from the EU and IMF, resulting in a

1893: 1726:

reclassified Greece as an emerging market, citing failure to qualify on several criteria for market accessibility.

1497: 1457:, a public debt-to-GDP ratio of about 100% until 2007), while there have been arguments about a possible effect of 486: 20883:

More Pain, No Gain for Greece: Is the Euro Worth the Costs of Pro-Cyclical Fiscal Policy and Internal Devaluation?

18596: 18230: 17277:"Moody's – Credit Rating – Mortgages – Investments – Subprime Mortgages – New York Times" 16646: 13703: 13383: 13082: 13055: 13006: 12979: 12952: 12925: 12876: 12826: 12299: 11234: 5607:" and manipulation of statistics by several nations came into focus, potentially undermining investor confidence. 4435:

in economic history but has since vastly improved its position. Eurozone countries cannot devalue their currency.

4281:, worldwide, a global super-rich elite had between $ 21 and $ 32 trillion (up to 26,000bn Euros) hidden in secret 2225: 1560:, with responsibility for implementing the needed austerity measures to pave the way for the second bailout loan. 25332: 25237: 25217: 24955: 24155: 24143: 24051: 23048: 22319: 22093: 21580: 19551: 19011: 17893: 17682: 17541: 17085: 14930: 14900:[One Year after the Memorandum: Disapproval, Anger, Disdain, Insecurity] (in Greek). skai.gr. 18 May 2011 14527: 14316: 14216: 13752:"Grosse Notenbanken versorgen Banken mit Liquidität – Kursfeuerwerk an den Börsen – auch SNB beteiligt" 11969: 9700: 8839: 8412: 8321: 8238: 4022: 2328: 1427: 1113: 1046: 530: 520: 481: 24119: 20903: 19373: 17497: 15934: 14502: 12849: 12769: 11418: 10558: 9871: 9845: 9741: 9449: 8719: 8131: 7406: 25347: 25262: 25195: 25141: 25131: 25109: 25009: 24823: 24714: 24709: 24650: 24567: 24409: 23804: 22507: 22471: 22382: 22284: 21254: 21151: 21103: 18722: 18455: 18432: 18329: 18325: 16679: 16044: 15657: 15590: 11686: 10532:"Debt crisis: Germany caves in over bond buying, bank aid after Italy and Spain threaten to block 'everything'" 9356: 8908: 7612: 7464: 5833: 5244: 5220: 5079: 4342:

for the first time since 1969. Current projections are that by 2019 the debt will be less than required by the

3988: 3934: 2068: 1356: 1149: 644: 200: 18040: 17871: 16414: 15949:"Greenlaw, Hamilton, Hooper, Mishkin Crunch Time: Fiscal Crises and the Role of Monetary Policy-February 2013" 15802: 10886: 7245: 5174: 3440:(EFSM), a separate European Union funding vehicle, with a €5 billion issue in the first week of January 2011. 25509: 25424: 25357: 25327: 25190: 25163: 25004: 24731: 24665: 24618: 24518: 24307: 24300: 23836: 22908: 22708: 22643: 22347: 22218: 22159: 22012: 21006: 20714:"'We the People' versus 'We the Heads of States': the debate on the democratic deficit of the European Union" 20285: 19882: 15626: 10938: 10912: 10073: 9938: 5953: 5938: 5813:, lost its majority: Berlusconi resigned on 12 November and four days later was replaced by the technocratic 5746: 5673: 4888:

Overall debt levels in 2009 and write-offs necessary in the eurozone, UK and US to reach sustainable grounds.

2037: 1799:(HFSF), along with establishment of a new precautionary Enhanced Conditions Credit Line (ECCL) issued by the 1338:

out of the crisis as investors flocked to safer but near zero interest rate German federal government bonds (

394: 344: 229: 20891: 20334: 16801: 16324: 11831: 11257: 10719: 8890: 6267: 4273: 4042:

Originally EU leaders planned to change existing EU treaties but this was blocked by British prime minister

4013: 3720:(ECB) has taken a series of measures aimed at reducing volatility in the financial markets and at improving 1576: 1318:. Together these three international organisations representing the bailout creditors became nicknamed "the 25185: 25072: 25031: 24743: 24523: 24008: 23565: 22933: 22882: 22872: 22410: 22254: 22247: 22204: 22152: 22086: 21684: 21173: 20991: 20532: 19986: 19909: 19440: 19152: 18992: 18910: 17563: 15489:, vol. 20 (London: Macmillan and Cambridge: Cambridge Press for the Royal Economic Society, 1981), 283–309. 14040: 13313: 12796: 11983: 11515: 11371: 10579: 10511: 10337: 10173: 9967: 9211: 9169: 8861: 8809: 6870: 5633: 5319: 5268: 5212: 4845: 4746: 4363: 4051: 3958: 3942: 3859: 3793:

provided global financial markets with additional liquidity to ward off the debt crisis and to support the

3562: 3528: 3306: 3269: 2454: 2217: 2202: 2044:

and the eurozone crisis, Portugal was one of the first economies to succumb, and was affected very deeply.

1996: 1800: 1380: 635: 416: 24908: 19295: 16392: 15679: 14979: 9430: 7872: 7836:"Eurostat Newsrelease 21/2012: In 2010, 23% of the population were at risk of poverty or social exclusion" 2153:

reaching its maximum at 110% in 2018—followed by a declining trend in subsequent years. In regards of the

1619: 25579: 25352: 25257: 25036: 24694: 23998: 23953: 23585: 23550: 23545: 23336: 22566: 22558: 22232: 22225: 22145: 22072: 22064: 22056: 22034: 21433: 20922: 20668: 20580: 18481: 16595:

Brunnermeier, Markus K; Pagano, Marco; Langfield, Sam; Nieuwerburgh, Stijn Van; Vayanos, Dimitri (2017).

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Slovakia – October 2011 – In return for the approval of the EFSF by her coalition partners, PM

5686: 5043:

contains juridical language that appears to rule out intra-EU bailouts. First, the "no bail-out" clause (

4750: 4355: 3946: 3429: 3330:

also paid €17.5bn for the program on behalf of the Irish government, of which €10bn were injected by the

3273: 3260: 2378: 1470: 1307: 606: 446: 280: 20045: 18013: 17746: 13264: 13109: 8302: 5504:, with a Germanic elite presiding uneasily over a polyglot imperium and its restive local populations". 5181:

were also downgraded despite claims to having solid financial profiles and significant foreign revenue.

4511:(VAT) by three percentage points in 2007, and using part of the additional revenues to lower employer's 4017:

Public debt to GDP ratio for selected eurozone countries and the UK—2008 to 2011. Source Data: Eurostat.

3963:

The European Stability Mechanism (ESM) is a permanent rescue funding programme to succeed the temporary

1417:

100,000 people protest against austerity measures in front of parliament building in Athens, 29 May 2011

25062: 24898: 24660: 24464: 23038: 22550: 22455: 22261: 21939: 21702: 20835: 18818: 17837: 17304: 16943: 15803:"Ben Bernanke-U.S. Federal Reserve-The Global Savings Glut and U.S. Current Account Balance-March 2005" 15508: 13527: 10744: 10648: 10139: 9000:"Occasional Papers 192: The Second Economic Adjustment Programme for Greece. Fourth Review, April 2014" 7216: 6692: 5192: 4626: 4178:

Krugman also dismissed the belief of austerity focusing policy makers such as EU economic commissioner

3286: 1669: 1034: 508: 23283: 12895: 11349: 3335:€0.7bn more, so that the total amount of funds had been marginally increased from €67.5bn to €68.2bn. 25317: 24939: 24753: 24456: 24404: 24213: 24124: 23301: 22928: 22867: 22742: 22665: 22589: 22361: 21844: 21247: 21016: 20967: 18875: 16201: 15099: 6298: 5963: 5099: 5083: 4343: 4321: 4309: 2133: 2004: 1557: 753: 503: 476: 111: 56: 21836: 21091: 20913: 19624: 18748: 16186: 15224:

Böll, Sven; Pauly, Christoph; Reiermann, Christian; Sauga, Michael; Schult, Christoph (1 May 2012).

12216:"Convert Euros (EUR) and Special Drawing Rights (SDR): Currency Exchange Rate Conversion Calculator" 12168:"Convert Euros (EUR) and Special Drawing Rights (SDR): Currency Exchange Rate Conversion Calculator" 11922:"Convert Euros (EUR) and Special Drawing Rights (SDR): Currency Exchange Rate Conversion Calculator" 11655: 10384: 8758: 7116: 7098: 6486: 5307:

intelligence service (National Intelligence Centre, CNI in Spanish) to investigate the role of the "

5247:

in January 2011 the EU set up a whole range of new financial regulatory institutions, including the

2220:, citing difficulties in supporting its banking sector from the exposure to the Greek debt haircut. 25504: 25459: 24970: 24508: 24503: 24295: 23908: 23495: 23245: 23205: 22326: 21989: 21961: 21798: 20046:"Botox and beancounting Do official statistics cosmetically enhance America's economic appearance?" 18120: 17191: 10861: 9989: 6829: 6670: 5734:

Finland – April 2011 – The approach to the Portuguese bailout and the EFSF dominated the

5391:

would prevent effective action by individual countries and put nothing in its place". US economist

4359: 4264: 4197: 3933:

announced to offer additional financial support in the form of some yield-lowering bond purchases (

2396: 2041: 180: 141:

yields of government bonds with maturities of close to ten years) of all eurozone countries except

23258: 19211:

Anand. M.R, Gupta.G.L, Dash, R. The Euro Zone Crisis Its Dimensions and Implications. January 2012

16440: 15197: 13921: 9124:"Press conference (4 October 2012): Introductory statement to the press conference (with Q&A)" 9077:"Quarterly National Accounts: 3rd Quarter 2014 (Flash Estimates) and revised data 1995 Q1-2014 Q2" 4312:. To further restore the confidence in Europe, 23 out of 27 EU countries also agreed to adopt the 3904:

29 February 2012, the ECB held a second auction, LTRO2, providing 800 eurozone banks with further

1524:

and the International Monetary Fund (EC, ECB and IMF), offered Greece a second bailout loan worth

25549: 25539: 25529: 25519: 25433: 25212: 25099: 23388: 22887: 22701: 22619: 22123: 22026: 21627: 20909:"Leaving the Euro: A Practical Guide" by Roger Bootle, winner of the 2012 Wolfson Economics Prize 20823: 20555: 19991: 19157: 14343: 14239: 13964:"Banks in the euro zone must raise more than 200 billion euros in the first three months of 2012" 10178: 9882: 9856: 5807: 5654: 5501: 5433: 5408: 5127: 4931: 4719: 4137: 4008: 3587: 3539: 2012: 1747: 1509: 1474: 1291: 1280: 498: 298: 103: 20897: 20882: 20819: 18181: 17972:"Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective" 13877: 11057: 10158: 9123: 6250: 5524:

that mutualises a limited amount of debt for a limited amount of time". The proposition made by

4962:(only affects cash but neither real estates nor business capital). According to his analysis, a 3858:

as bank president. He and Stark were both thought to have resigned due to "unhappiness with the

2093: 25322: 25168: 25057: 25026: 24960: 24903: 24334: 23913: 23601: 23505: 23263: 22783: 22694: 22396: 21791: 21642: 21635: 21587: 21573: 21289: 21109: 19257: 18753: 14583: 12011: 11753: 10403: 8524:"The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts - Special Paper No. 25" 6809: 5928: 5713: 5379: 5311:

media" in fomenting the crisis. So far, no results have been reported from this investigation.

5215:

have criticised European powers such as France and Germany for pushing for the adoption of the

5119: 4863: 4855: 4593: 4512: 3732: 2231:

The final agreement was settled on 25 March 2013, with the proposal to close the most troubled

1984: 1873: 1549: 1545: 1402: 1133: 87: 20690: 19853: 19664: 19643: 19603: 19564: 17276: 16854:"Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff" 16482: 13676: 13544: 12189: 12141: 11895: 11768:"ESM Board of Governors approves decision to grant, in principle, stability support to Greece" 9475: 4942:

that the longer politicians and central bankers wait, the more necessary such a step will be.

3817:, devaluing the euro to make exportation more viable, and at increasing "real world" lending. 3621: 1681:

Portuguese, Irish and Spanish government debt and $ 151bn of banks' debt of these countries).

25438: 25043: 24863: 24429: 23985: 23772: 23331: 23311: 23220: 23200: 23058: 22821: 22798: 22778: 22626: 22019: 21873: 21536: 21518: 21445: 21424: 21141: 19611: 18485: 17993: 17560:"Moody's downgrades ANA-Aeroportos de Portugal to Baa3 from A3, review for further downgrade" 17112: 16173: 15531: 12587:"European Economy Occasional Papers 118: The Financial Sector Adjustment Programme for Spain" 11800: 11089: 10598:"European Economy Occasional Papers 118: The Financial Sector Adjustment Programme for Spain" 10371: 9577: 9020: 7899: 7201: 7085: 6473: 6332: 6254: 5943: 5906: 5803: 5698: 5639:

At the beginning of October, Slovakia and Netherlands were the last countries to vote on the

5500:"This would effectively turn the European Union into a kind of postmodern version of the old 5396: 5224: 5223:(CRD), effective since 2008. In essence, this forced European banks and more importantly the 5157:

European policy makers have criticised ratings agencies for acting politically, accusing the

5051: 4824: 4501: 3930: 3717: 3645: 3644:, an economist based in Japan, an expert on that country's banking crisis, and specialist in 3460:

later. Shortly after the euro rose again as hedge funds and other short-term traders unwound

3417: 3264: 2251: 1816: 1521: 1334:, most importantly Germany. By the end of 2011, Germany was estimated to have made more than 1315: 602: 18121:"A Media Plot against Madrid?: Spanish Intelligence Reportedly Probing 'Attacks' on Economy" 15952: 15825: 15780: 14760: 12560: 11031: 9405: 9204: 5411:

instead of austerity. The likely substantial fall in the euro against a newly reconstituted

5360:

In response to accusations that speculators were worsening the problem, some markets banned

5002:’s outstanding debt; this was followed by the beginning of Germany's "economic miracle" (or 4871:

significantly lower with, e.g., Greece's debt level falling below 110% of GDP, more than 40

4862:

would achieve a similarly strong position vis-à-vis financial investors as the US where the

2247:

Recapitalisation of the entire financial sector while accepting a closure of the Laiki bank,

25242: 24848: 24838: 24704: 24640: 24528: 24071: 23923: 23356: 23346: 23341: 23253: 23230: 22735: 22573: 21947: 21559: 21464: 21456: 21368: 20660: 15418:

Die Gehälter sind auf den Stand von 1986 zurückgefallen, der Konsum auf den Stand von 1950.

11717: 9255: 5765: 5620: 5580: 5573:(CADTM) allege that the debt should be characterised as odious debt. The Greek documentary 5446:

added that without the German-led bloc, a residual euro would have the flexibility to keep

5331: 5260: 5170: 5146: 5075: 4998:. In 1953, private sector lenders as well as governments agreed to write off about half of 4813: 4452: 4428: 4331: 2129: 2025: 1326:

debts have increased sharply, a crisis of confidence has emerged with the widening of bond

1124: 929: 20808:

Markus K. Brunnermeier, Ricardo Reis. 2019. "A Crash Course on the Euro Crisis" NBER paper

19934: 17109:"Follow the Money: Behind Europe's Debt Crisis Lurks Another Giant Bailout of Wall Street" 16919: 16908: 16165: 12465: 12037: 11610: 11327: 10806: 10799:"Euro-zone crisis Scope or Scoop for Healthcare Professionals and Health Tourism in India" 10239:"Bloomberg-Ben Sills-Spain to Borrow $ 267B of Debt Amidst Rescue Pressure-September 2012" 6184: 5885: 4639: 4516: 8: 25404: 25232: 25173: 25092: 24883: 24868: 24379: 24359: 24253: 23489: 23473: 23383: 23361: 23351: 23160: 23150: 23140: 22958: 22940: 22529: 22239: 22137: 22042: 21902: 21754: 21672: 21506: 21331: 21146: 20914:

Macroeconomic Policy Advice and the Article IV Consultations: A European Union Case Study

19463: 18289: 17219:"The Reform of European Economic Governance : Towards a Sustainable Monetary Union?" 16444: 15583: 15463: 14373: 12534: 12490: 12115: 12012:"Statement by Vice-President Siim Kallas on Portugal's decision regarding programme exit" 11947: 10830:"Eurozone crisis and its impact on Healthcare Professionals seeking employment in Europe" 9497: 8912: 8523: 7500: 6847: 6552:"Media Coverage of the 2010 Greek Debt Crisis: Inaccuracies and Evidence of Manipulation" 6028: 5866: 5785: 5604: 5521: 5489: 5459: 5451: 5361: 5281: 4828: 4787: 4781: 4734: 4730: 4655: 4597: 4485: 4278: 4215: 4167: 3996: 3984: 3855: 3851: 3831: 3790: 3662: 3558: 3425: 2024:

and inflated top management and head officer bonuses and wages in the period between the

1988: 1877: 1631: 1517: 1431: 1406: 1347: 1311: 1267: 1258: 1157: 1083: 590: 185: 99: 23686: 23296: 19678: 18482:"Euro area balance of payments (December 2009 and preliminary overall results for 2009)" 18147: 14644: 12237: 11725:

Table 13. Greece: Schedule of Proposed Purchases under the Extended Arrangement, 2012–16

10012:"Data archive for bonds and rates (Ten-year government bond spreads on 30 January 2012)" 8496: 7171: 6958:"2010-2018 Greek Debt Crisis and Greece's Past: Myths, Popular Notions and Implications" 6647:

Shambaugh, JAY C.; Reis, Ricardo; Rey, Hélène (Spring 2012). "The Euro's Three Crises".

4496:, while offsetting the loss of government revenues through higher taxes on consumption ( 4205: 3259:

The final conditions for activation of the bailout package was outlined by the Troika's

25252: 24853: 24632: 24546: 23958: 23784: 23606: 23268: 23235: 23210: 23195: 23190: 23165: 23155: 23145: 23063: 21412: 20770: 20736: 20338: 19591: 19102: 18404: 17721:"EUROPA – Press Releases – A turning point for the European financial sector" 17281: 16278: 16229: 15554: 13968: 13827: 12095:"Occasional Papers 191: The Economic Adjustment Programme for Portugal Eleventh Review" 10748: 10563: 9894: 8005: 7560:"Eurozone debt crisis live: UK credit rating under threat amid Moody's downgrade blitz" 6652: 6429: 6399: 6221: 6197: 6133: 5760:

on measures to combat the economic crisis and the departure of coalition partners, the

5724: 5517: 5512:

provides a somewhat modified approach to saving the euro in that "a limited version of

5231:

of EU-based financial institutions, to rely heavily on the standardised assessments of

5151: 4979: 4493: 4326: 3987:, rather than EU states, would play 'a central role' in running the ESM. The ESM is an 3681:

In a marathon meeting on 20/21 February 2012 the Eurogroup agreed with the IMF and the

3575: 2277: 2154: 2017: 1735: 1646: 1572: 1423: 1050: 107: 93: 17387:"European Commission's angry warning to credit rating agencies as debt crisis deepens" 12644: 9147: 9145: 9143: 9141: 6167: 6105: 5880:

became the first time since 1981 that an incumbent failed to gain a second term, when

5778: 5484: 5437:

conjectured as well that Germany could return to the Deutsche Mark, or create another

4543:

Eurozone economic health and adjustment progress 2011–2012 (Source: Euro Plus Monitor)

4427:

In case of economic shocks, policy makers typically try to improve competitiveness by

748: 133: 25499: 24185: 23780: 23768: 23756: 23691: 23225: 23175: 23170: 23053: 23023: 23018: 23013: 22903: 21498: 21481: 21382: 20794: 20774: 20740: 20686: 20420: 20311: 19651: 19639: 19599: 19595: 19560: 19526: 19019: 16923: 16478: 16282: 16221: 15622: 15512: 12361:"Occasional Papers 165 - Romania: Balance-of-Payments Assistance Programme 2013-2015" 11990: 11350:"Speech: Statement on Cyprus in the European Parliament (SPEECH/13/325 by Olli Rehn)" 11204: 10829: 9631: 9385: 8673: 8556: 7905: 6814: 6674: 6433: 6403: 6189: 6125: 5862: 5829: 5810: 5593: 5295: 5040: 5006: 4867:

rely on traditional (national) governmental bonds with less favourable market rates.

4564: 4374: 4201: 4115: 2150: 2089: 1889: 1587: 1533: 1482: 1435: 1272: 1231: 1109: 1096: 1075: 1066: 52: 18456:"London School of Economics' Sir Howard Davies tells of need for painful correction" 16828:"The Future of Public Debt: Prospects and Implications" (BIS Working Paper No. 300)" 16233: 15251: 12431:"Financial Assistance Facility Agreement between ESM, Spain, Bank of Spain and FROB" 8598:"A Greek Reprieve: The Germans might have preferred a victory by the left in Athens" 8553:

Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis

7733:"Eurostat Newsrelease 31/2012: Euro area unemployment rate at 10.7% in January 2012" 6201: 6137: 4764:

to note that Europe is not suffering from a sovereign debt crisis but rather from a

3624:

characterised the package as a set of "exceptional measures for exceptional times".

3617:

in "credit enhancement" to mitigate losses likely to be suffered by European banks.

1473:(IMF) to cover its financial needs for the remaining part of 2010. A few days later 1257:

around late 2009, and was characterized by an environment of overly high government

25180: 24858: 24342: 23696: 23676: 23671: 23540: 23444: 23372: 23215: 23185: 23180: 23008: 23003: 22998: 22963: 22463: 21978: 21973: 21389: 21361: 21338: 21270: 21214: 21156: 20862: 20762: 20748: 20728: 20709: 19858: 19583: 16613: 16470: 16270: 16213: 15739: 15078: 14454: 13436: 13241:"S&P cuts EFSF bail-out fund rating: statement in full". BBC. 16 January 2012. 13138: 13028: 11948:"Dáil Éireann Debate (Vol.733 No.1): Written Answers — National Cash Reserves" 11656:"Frequently Asked Questions on the EFSF: Section E – The programme for Greece" 11566: 11564: 11303:"Eurogroup statement on a possible macro-financial assistance programme for Cyprus" 11114: 10950: 10948: 10289: 9906: 9582: 9138: 7296: 6582: 6461: 6391: 6318: 6310: 6179: 6117: 5920: 5392: 4975: 4872: 4531:

and by reducing the lower VAT for convenience goods (necessities) from 5.5% to 5%.

4524: 4465: 4460: 4456: 4335: 4297: 4245: 4119: 4031: 3721: 3488: 3448: 2370: 1828: 1568: 1331: 1276: 1079: 1042: 138: 24109: 20732: 19436:"Does the Euro Have a Future? by George Soros | The New York Review of Books" 18921: 18388: 17608:"Moody's downgrades REN's rating to Baa3; keeps rating under review for downgrade" 17355: 17225: 16217: 13511:"Banks Retrench in Europe While Keeping Up Appearances" (limited no-charge access) 11754:"Greece: An Update of IMF Staff's Preliminary Public Debt Sustainability Analysis" 10171: 7141: 6525: 6314: 5219:

recommendations, adopted in 2005 and transposed in European Union law through the

3666:

lending was a circumstance already at the time being seen in a "deepen crisis" in

24888: 23706: 23555: 22918: 22423: 22273: 22108: 21954: 21910: 21809: 21310: 21209: 20963: 20633: 20414:

Junkkari, Marko; Kaarto, Hanna; Rantanen, Miska; Sutinen, Teija (13 April 2011).

19772: 19767: 18928: 18917: 18871: 18823: 18778: 18572: 17706:

M. Nicolas J. Firzli, "A Critique of the Basel Committee on Banking Supervision"

16604: 16274: 15532: 14810: 14246: 14118: 12230: 9878: 9852: 9744:[Portugal ended 2008 in recession] (in Portuguese). RTP. 13 February 2009 8647: 5958: 5881: 5838: 5476: 5455: 5349: 5185: 5087: 4924: 4757: 4508: 4305: 4209: 4188: 4123: 3937:), for all eurozone countries involved in a sovereign state bailout program from 3786: 3770: 3755: 3523:

The EFSF is set to expire in 2013, running some months parallel to the permanent

3484: 3461: 2206: 2166: 2076: 2056: 1967: 1885: 1811:

called by the Greek parliament in December 2014 and the following formation of a

1763: 1714: 1591: 1564: 1553: 1513: 1478: 1442: 1319: 1299: 1254: 1100: 1054: 618: 598: 266: 165: 23449: 20312:"Yle: Suomalaisvirkamiehet salaa neuvomaan Italiaa talousasioissa | Talous" 17445:"Greek crisis: the world would be a better place without credit rating agencies" 14429:"23 European Union leaders agree to fiscal curbs, but Britain blocks broad deal" 11561: 10945: 6465: 3843: 2257:

Fiscal consolidation to help bring down the Cypriot governmental budget deficit,

24873: 23827: 23711: 23651: 23636: 23631: 23073: 22973: 22877: 22188: 22100: 22005: 21375: 21354: 20235: 20178: 18423: 16903: 16825: 16767: 16111: 15616:"Fiscal Devaluation (Economic Bulletin and Financial Stability Report Articles" 15536: 15281: 15273: 15033: 14926: 14727: 14089: 13488: 9653: 8471: 8081: 6893: 6782: 6586: 6457: 6395: 5513: 5480: 5438: 5404: 5383: 5135: 4945: 4920: 4912: 4884: 4807: 4765: 4507:

Germany has successfully pushed its economic competitiveness by increasing the

4420: 4416: 4410: 4317: 4313: 4252: 4234: 4171: 4047: 3979:

On 16 December 2010 the European Council agreed a two line amendment to the EU

3778: 3567: 3476: 3254: 2158: 2081: 2052: 1623: 1607: 1087: 677: 639: 574: 441: 364: 286: 274: 19740: 18819:"FT.com / Comment / Opinion – A euro exit is the only way out for Greece" 13677:"ECB: ECB decides on measures to address severe tensions in financial markets" 12215: 12167: 11746: 11628:"The Second Economic Adjustment Programme for Greece (Third review July 2013)" 9028:

Table 14. Greece: State Government Financing Requirements and Sources, 2013–16

8445: 5773: 5694: 5677:

Unscheduled change of governments in Euro countries (marked red) due to crisis

4170:" is not a viable solution. Pointing at historical evidence, he predicts that 2193: 2110: 1118:

from $ 407 billion projected in the 2009 fiscal year budget, to $ 1.4 trillion

1104:

through a revision of the forecast for the 2009 budget deficit from "6–8%" of

1095:

government stopped masking its true indebtedness and budget deficit, fears of

25453: 24934: 23701: 23646: 23626: 23621: 23616: 23611: 23459: 23418: 23111: 23106: 23101: 22968: 22804: 21851: 21776: 21769: 21762: 21740: 21724: 21716: 21709: 21695: 21665: 21658: 21651: 21609: 21602: 21595: 21566: 21405: 21398: 21324: 21296: 20892:

Michael Lewis-How the Financial Crisis Created a New Third World-October 2011

19023: 18600: 18509:"European Policy Brief: The US Deficit, the EU Surplus and the World Economy" 18355: 18235: 18041:"No EU bailout for Greece as Papandreou promises to "put our house in order"" 17894:"European indecision: Why is Germany talking about a European Monetary Fund?" 17256:. European Commission, Directorate-General for Economic and Financial Affairs 16225: 15579: 15575: 15430: 13790: 12038:"Statement by the EC, ECB, and IMF on the Twelfth Review Mission to Portugal" 11921: 11226: 11077:. Cypriot Ministry of Finance (Public Debt Management Office). 28 April 2015. 9435: 8715: 6570: 6193: 6129: 6121: 5814: 5750: 5716:

in the 31st Dáil, which led to a change of government and the appointment of

5603:

This added a new dimension in the world financial turmoil, as the issues of "

5530: 5508: 5472: 5447: 5412: 5345: 5339: 5286: 5131: 5110: 4726: 4684: 4679: 4489: 4063: 4059: 4043: 3980: 3863: 3847: 3798: 3782: 3751: 3670: 3658: 1615: 638:(ESM) in late 2010. The ECB also contributed to solve the crisis by lowering 451: 20932: 20863:

Stefan Collignon: Democratic requirements for a European Economic Government

20206:"Finns Set Greek Collateral Trend as Austria, Dutch, Slovaks Follow Demands" 16882: 16617: 15400:"Wachsende Verarmung der Italiener wurde im gehässigen Wahlkampf ausgespart" 15152:"Current account balance (%) and Current account balance (US$ ) (animation)" 10978: 10976: 5557: 4539: 4455:, a painful economic adjustment process, where a country aims to reduce its 1857: 1385: 24421: 23760: 23716: 23681: 23666: 23661: 23641: 23454: 23439: 23423: 23096: 23091: 23086: 22180: 21931: 21732: 21303: 20868: 19549:

Simkovic, Michael (2009). "Secret Liens and the Financial Crisis of 2008".

18744: 18627: 17683:"David Cameron threatens veto if EU treaty fails to protect City of London" 17224:. Egmont – Royal Institute for International Relations. Archived from 16029: 15980: 15896: 15584:"Fiscal Devaluations (Federal Reserve Bank Boston Working Paper No. 12-10)" 15404: 15010: 14830: 14723: 13197: 9082:. Hellenic Statistical Authority (ELSTAT). 14 November 2014. Archived from 8866: 8190: 8058: 7976: 7074:"Greek Bailout Talks Could Take Three Weeks as Bond Repayment Looms in May" 6753: 5537: 5497: 5184:

France too has shown its anger at its downgrade. French central bank chief

5062: 4999: 4792: 4761: 4671: 4621: 4605: 4225: 4163: 4141: 4027: 3899:

This way the ECB tried to make sure that banks have enough cash to pay off

3826: 3794: 3774: 3706:

ECB Securities Markets Program (SMP) covering bond purchases since May 2010

3687: 3465: 2409: 2260:

Structural reforms to restore competitiveness and macroeconomic imbalances,

2205:, the downgrading of the Cypriot economy into junk status by international 2021: 1486: 1327: 1129: 23796: 19341:"Trichet Loses His Cool at Prospect of Deutsche Mark's Revival in Germany" 18686:"European debt crisis: Markets fall as Germany bans 'naked short-selling'" 18425: 16733:"The European Monetary Fund: A systemic problem needs a systemic solution" 16466: 13878:"ECB announces measures to support bank lending and money market activity" 12709:"European Rescue Fund May Buy Bonds, Recapitalize Banks, ECB's Stark Says" 12399:"World Bank launched Romania's Country Partnership Strategy for 2014-2017" 12116:"Portugal: Final disbursement made from EU financial assistance programme" 10266:"Zapatero y Rajoy pactan reformar la Constitución para limitar el déficit" 8670:

Balance: The Economics of Great Powers From Ancient Rome to Modern America

6214: 5690: 4451:

As a workaround many policy makers try to restore competitiveness through

4320:

which include the commitment of each participating country to introduce a

1987:(GDP), and public debt-to-GDP ratio. Graph based on "ameco" data from the 1876:(GDP), and public debt-to-GDP ratio. Graph based on "ameco" data from the 1772:(duration = 18 quarters, referred to as being part of the eurozone crisis) 1405:(GDP), and public debt-to-GDP ratio. Graph based on "ameco" data from the 24352: 24245: 23656: 23081: 23033: 23028: 22851: 22434: 21891: 21490: 21347: 21317: 20391:(in Finnish). Finnish Broadcasting Company. 13 April 2011. Archived from 20281: 20139: 19587: 19290: 18072: 16474: 16387: 16138: 15861: 14898:"Μνημόνιο ένα χρόνο μετά: Αποδοκιμασία, αγανάκτηση, απαξίωση, ανασφάλεια" 14849: 14260:"Council reaches agreement on measures to strengthen economic governance" 13854: 13545:"ECB decides on measures to address severe tensions in financial markets" 13166: 11545: 10973: 10696: 10492: 8802: 6323: 5818: 5793: 5761: 5705: 5550: 5308: 5232: 4832: 4659: 4388: 4230: 3867: 3702: 3667: 3641: 3579: 2033: 1980: 1926: 1912:

coming from Ireland's own reserves and pensions, the government received

1869: 1599: 1595: 1563:

All the implemented austerity measures have helped Greece bring down its

1458: 1398: 1343: 1284: 1038: 614: 570: 436: 19830: 15573: 11115:"FAQ about European Financial Stability Facility (EFSF) and the new ESM" 10431:""General government deficit/surplus", Eurostat, retrieved 4 June, 2014" 9790: 8109:"Greek rescue package is no long-term solution, says HSBC's Willem Sels" 6656: 5592:

In 1992, members of the European Union signed an agreement known as the

5086:

should not exceed 3% of gross domestic product (GDP) and that the gross

4683:

wrote in June 2012: "Outside Germany, a consensus has developed on what

3870:

took Stark's original position, heading the ECB's economics department.

3468:

in the currency. Commodity prices also rose following the announcement.

1070:

construction to react effectively exacerbated macroeconomic divergence.

24843: 24444: 22990: 22836: 20782: 20766: 20076: 18424:

Elwell, Craig K.; Labonte, Marc; Morrison, Wayne M. (23 January 2007).

17081: 16594: 16247: 15226:"Austerity Backlash: What Merkel's Isolation Means For the Euro Crisis" 14759:(Washington, D.C.: International Monetary Fund, 2003); see for example 13756: 13571: 13387: 11597:"EFSF Head: Fund to contribute 109.1b euros to Greece's second bailout" 10827: 10471:"Comunicado íntegro del Eurogrupo sobre el rescate a la banca española" 9767:[Austerity measures may avoid fines due to excessive deficit]. 9632:"No penalty on early repayment of bailout loan, Ireland assured by IMF" 8776: 8408: 6723: 5825: 5800: 5717: 5575: 5335: 5162: 5161:

of bias towards European assets and fuelling speculation. Particularly

5123: 4938: 4556:

which they expected the eurozone crisis to be over by the end of 2013.

4256: 4133: 3583: 3250: 2387: 2232: 2048: 1922: 1489:

worldwide and the euro currency declined in response to the downgrade.

1413: 924: 431: 19521:

Kitidē, Katerina; Vatikiōtēs, Lēōnidas; Chatzēstephanou, Arēs (2011).

18890:"Euro May Have to Coexist With a German-Led Uber Euro: Business Class" 17048:"Ifo President Sinn Calls For International Debt Conference on Greece" 16851: 16827: 16769: 16768:

Stephen G Cecchetti; M S Mohanty; Fabrizio Zampolli (September 2011).

15976:"The Atlantic-No, the United States Will Never, Ever Turn Into Greece" 12238:"Press release: IMF Approves Three-Month Extension of SBA for Romania" 10172:

Christopher Bjork; Jonathan House; Sara Schaefer Muñoz (25 May 2012).

9098: 9096: 9056:"Greece plans new bond sales and confirms growth target for next year" 7873:"I fear for a social explosion: Greeks can't take any more punishment" 6104:

Copelovitch, Mark; Frieden, Jeffry; Walter, Stefanie (14 March 2016).

5579:, and a book of the same title and content examine whether the recent 4050:

be excluded from future financial regulations, including the proposed

1843:

Greece's bailouts successfully ended (as declared) on 20 August 2018.

1660: 665: 25311: 24391: 24322: 22846: 22788: 20807: 20483: 20105:"Germany Has 5 Trillion Euros of Hidden Debt, Handelsblatt Says" 19799: 19239:

faults, in the postwar construction of a Europe "whole and at peace".

19012:"Poundland to open 4 stores in Ireland – just don't mention the euro" 18847:"Greece's Debt Crisis, interview with L. Randall Wray, 13 March 2010" 15504: 13528:"Commodities trade finance crisis deepens" (limited no-charge access) 12748:"International banking finance and capital markets news and analysis" 10674: 8726: 8380:"A new idea steals across Europe – should Greece's debt be forgiven?" 8245: 7486: 5709: 5702: 5423: 4397: 4383: 4350: 4301: 4282: 4238: 4184: 4179: 4080:

Economic reforms and recovery proposals regarding the Eurozone crisis

4036: 3814: 3805: 3593:

Under the EFSM, the EU successfully placed in the capital markets an

2212:

On 25 June 2012, the Cypriot Government requested a bailout from the

1791: 1493: 1485:, in which case investors were liable to lose 30–50% of their money. 1368: 1295: 426: 150: 19987:"Cox and Archer: Why $ 16 Trillion Only Hints at the True U.S. Debt" 17656:"Eurozone in new crisis as ratings agency downgrades nine countries" 17630:"Moody's downgrades BCR to Baa3, under review for further downgrade" 16383:"EU Commission unveils proposals on bondholder 'bail-ins' for banks" 9718:[Portugal entered recession in the fourth quarter of 2002]. 9527:"Ireland gets more time for bailout repayment and interest rate cut" 8889:

Bouras, Stelios; Paris, Costas; Dalton, Matthew (11 December 2012).

7515: 6957: 6571:"Can players avoid the tragedy of the commons in a joint debt game?" 6353: 5114:

Standard & Poor's Headquarters in Lower Manhattan, New York City

4070:

concluded that "Any Prime Minister would have done as Cameron did".

3850:

to resign from the ECB Governing Council in 2011. Weber, the former

3545: 1705:

in debt that Athens owes private creditors, thereby shaving roughly

960: 25021: 24878: 24763: 23132: 22793: 21282: 21239: 20584: 20362:"Portuguese Parliament Rejects Austerity Plan, PM Socrates Resigns" 20143: 19709: 18962:"The Hayek Effect: The Political Consequences of Planned Austerity" 18805: 15545: 15144: 15038: 9765:"Medidas de austeridade poderão evitar multas por défice excessivo" 9701:"Ireland sells first 10-year government bonds since before bailout" 9680:""General government gross debt", Eurostat, retrieved 4 June, 2014" 9093: 8810:"Samaras raises alarm about lack of liquidity, threat to democracy" 8615: 7683: 6551: 5865:

over a new austerity package of about 14 billion euros failed, the

5662: 5228: 5216: 5191:

Similar comments were made by high-ranking politicians in Germany.

5095: 5082:. As regards government finance, the states agreed that the annual 4963: 4443: 3740: 3428:

using the EU budget as collateral) and up to €250 billion from the

2897: 2332: 1865: 1611: 884: 772: 714: 586: 578: 421: 20830:

Eurostat – Statistics Explained: Structure of government debt

19317: 17808:"ESMA Chief Says Rating Companies Subject to EU Laws, FTD Reports" 16826:

Stephen G Cecchetti; M S Mohanty; Fabrizio Zampolli (March 2010).

12770:"TEXT-Euro zone finance ministers approve extending EFSF capacity" 12182: 11818:"Angela Merkel sees IMF joining Greek bailout, floats debt relief" 11386: 10335: 9820:[Budget, taxes, reforms: Portugal's lesson of austerity]. 9818:"Budget, impôts, retraite : la leçon d'austérité du Portugal" 9188:"Quarterly National Accounts – 1st Quarter 2015 (Flash Estimates)" 9180: 8824: 7828: 7375: 6718: 6215:

Seth W. Feaster; Nelson D. Schwartz; Tom Kuntz (22 October 2011).

5566: 5280:

Some in the Greek, Spanish, and French press and elsewhere spread

4985: 4919:

The first condition, suggested by an influential paper written by

4740: 3712:

European Central Bank § The ECB's response to the euro crisis

2209:

and the inability of the government to refund its state expenses.

1975: 1908:"bailout" agreement of 29 November 2010. Together with additional 1393: 880: 24787: 22923: 20923:

Over Their Heads: The IMF and the Prelude to the Euro-zone Crisis

19253:"Merkel makes Euro Indispensable Turning Crisis into Opportunity" 18657:

Clark, Andrew; Stewart, Heather; Moya, Elena (26 February 2010).

18426:"CRS Report for Congress: Is China a Threat to the U.S. Economy?" 15703: 15701: 15118: 13052:"Stocks, Commodities, Greek Bonds Rally on European Loan Package" 12460: 12458: 12208: 12160: 10285:"Here Are The Details From Spain's New Balanced Budget Amendment" 6622:"FT: "Banks ask for crisis funds for eastern Europe" 22 Jan 2009" 5492:

also denounced the possibility of a return of the Deutsche Mark.

5367: 4285:

by the end of 2010, resulting in a tax deficit of up to $ 280bn.

3691: 3076: 3014: 2958: 2775: 2717: 1701:

programme. The latter allowed Greece to retire about half of the

1627: 1263: 822: 782: 741: 732: 622: 621:

were transferred to sovereign debt as a result of banking system

142: 20135:"Finger-wagging Germany secretly accumulating trillions in debt" 16883:"Back to Mesopotamia?: The Looming Threat of Debt Restructuring" 13647:"ECB May Hit Bond Sterilization Limit in January, Rabobank Says" 13003:"VIX Plunges by Record 36% as Stocks Soar on European Loan Plan" 12823:"European Shares Jump Most in 17 Months as EU Pledges Loan Fund" 12695: 12329:"WORLD BANK GROUP Romania Partnership: COUNTRY PROGRAM SNAPSHOT" 11838: 11589: 11320: 10355: 9071: 9069: 7927:

M. Nicolas J. Firzli, "Greece and the Roots the EU Debt Crisis"

7578: 6719:"Germany estimated to have made €9 billion profit out of crisis" 5378:

Some economists, mostly from outside Europe and associated with

4854:

published an article that suggests transforming the EFSF into a

4831:

has also shown interest and plans to include ESBies in a future

4519:

announced plans to reduce tax burden of the corporate sector by

3820:

Stock markets reacted strongly to the ECB rate cuts. The German

1618:

and possible civil war that could afflict a departing country".

995: 24129: 20790: 20425: 20366: 19520: 17302: 16651: 16647:"ESBies: A realistic reform of Europe's financial architecture" 16441:"New crisis management measures to avoid future bank bail-outs" 15609: 15607: 15435: 14722: 14476:

End of the veto honeymoon? Cameron on backfoot over euro policy

13260: 13106:"Euro-Area Ministers Seal Rescue-Fund Deal to Stem Debt Crisis" 12922:"Oil, Copper, Nickel Jump on European Bailout Plan; Gold Drops" 11914: 11650: 11648: 11611:"FAQ – New disbursement of financial assistance to Greece" 10939:"Cyprus lawmakers reject bank tax; bailout in disarray Reuters" 10624:"Hint of southern comfort shows need to bolster reform process" 9966:. Kathimerini (English Edition). 3 October 2012. Archived from 8957:"Hint of southern comfort shows need to bolster reform process" 7972:"How Greece could leave the eurozone – in five difficult steps" 7679: 7349:"Lucas Papademos to lead Greece's interim coalition government" 6651:. Brookings Papers on Economic Activity, Spring 2012: 157–231. 5914: 5781:

as the PM-designated of a new centre-left coalition government.

5756:

Slovenia – September 2011 – Following the failure of

4200:

no austerity program has ever worked. Schui particularly notes

4084: 3401: 2836: 2647: 2594: 2529: 2473: 2120: 2029: 1812: 830: 812: 762: 723: 687: 669:

Total (gross) government debt around the world as a percent of

594: 582: 146: 27:

Multi-year debt crisis in multiple EU countries since late 2009

22727: 20853: 20264:, 3 October 2011, 12:00 am EDT. Retrieved 3 October 2011. 18943:"In European Crisis, Iceland Emerges as an Island of Recovery" 17490:"Tougher euro debt ratings stoke downward spiral – study" 16048: 15698: 14804:"IMF: Austerity is much worse for the economy than we thought" 14402:"European leaders resume Brussels summit talks: live coverage" 14178:

Parliament approves Treaty change to allow stability mechanism

14060:"European Leaders to Present Plan to Quell the Crisis Quickly" 13230:, 16 January 2012 2:37 pm EST. Retrieved 16 January 2012. 13079:"Asian Bond Risk Tumbles Most in 18 Months on EU Loan Package" 12850:"Euro strikes back with biggest gamble in its 11-year history" 12455: 12425: 12423: 11976: 10796: 9502: 8295:"Greece extends buyback offer to reach 30 billion euro target" 7699: 7269: 5873:

forged together an emergency budget for 2013 in just two days.

1132:

problem. The Eurozone can incentivize overborrowing through a

22913: 20826:

in English (2012) – Italian (2012) – Spanish (2011)

20413: 19467: 18231:"Spain and the Anglo-Saxon press: Spain shoots the messenger" 16819: 16166:"The Eurozone Debt Crisis: Causes and Policy Recommendations" 15459:"How Austerity Economics Turned Europe Into the Hunger Games" 15062:"Italian debt: Austerity economics? That's dead wrong for us" 14288:"Angela Merkel vows to create 'fiscal union' across eurozone" 13892:"ECB Lends 489 Billion Euros for 3 Years, Exceeding Forecast" 13287:"AFP: First EU bond for Ireland attracts strong demand: HSBC" 12976:"Default Swaps Tumble After EU Goes 'All In': Credit Markets" 12671:"Spain successfully exits ESM financial assistance programme" 10913:"Euro zone wants no Cypriot deposit levy up to 100,000 euros" 9607:"Ireland borrows over €5bn on first day back in bond markets" 9553:"European Commission reduces margin on Irish bailout to zero" 9066: 7458:"Quarterly National Accounts: 4th quarter 2011 (Provisional)" 6569:

Takahashi, Hiromasa; Takemoto, Toru; Suzuki, Akihiro (2020).

6458:"The Eurozone Debt Crisis: Causes and Policy Recommendations" 5853:

Netherlands – April 2012 – After talks between the

5653:

Finland's recommendation to the crisis countries is to issue

5623:

from Greece, enabling it to participate in the potential new

5427: 4062:

vetoed the project) to engage in any radical revision of the

3991:

under public international law. It is located in Luxembourg.

3472: 3138: 2175:. "If credit starts flowing again, Spain could surprise us". 1430:, Greece was hit especially hard because its main industries— 1092: 802: 792: 705: 696: 18014:"Euro zone rumours: There is no conspiracy to kill the euro" 17754: 16852:

Thomas Herndon; Michael Ash; Robert Pollin (15 April 2013).

15604: 14755:

International Monetary Fund: Independent Evaluation Office,

14344:"WRAPUP 5-Europe moves ahead with fiscal union, UK isolated" 13992:"Eurozone crisis live: ECB to launch massive cash injection" 13937:"Eurozone crisis live: ECB to launch massive cash injection" 11704:"Greece: Financial Position in the Fund as of June 30, 2015" 11645: 10834:

UGC sponsored National Research Compendium 1.1 (2013): 30–38

10118:""General government gross debt", Eurostat table, 2003–2010" 10039:"Portugal Sells Five-Year Bonds for First Time in Two Years" 8348:"Are the European banks saving Greece or saving themselves?" 6923:"Portugal kehrt ohne Sicherheitsnetz an Finanzmärkte zurück" 6168:"Understanding the Political Economy of the Eurozone Crisis" 5403:

their fiscal sovereignty, and re-adopt national currencies.

5235:

marketed by only two private US firms- Moody's and S&P.

3880:

European Central Bank § Long-term refinancing operation

1653:

of Greek government bonds. The debt write-off had a size of

1508:). This was met with great anger by some Greeks, leading to 1330:

and risk insurance on CDS between these countries and other

24768: 22758: 20787:

Crashed: How a Decade of Financial Crises Changed the World

20535:. Newsinfo.inquirer.net. Associated Press. 28 February 2013 20453:"Spanish Voters Deal a Blow to Socialists over the Economy" 19579: 18506: 17586:"Moody's downgrades EDP's rating to Baa3; outlook negative" 17542:"UPDATE 2-EU attacks credit rating agencies, suggests bias" 17535: 17533: 16124: 14500: 14038: 12513:"Spain requests €39.5bn bank bail-out, but no state rescue" 12420: 12305:. Official Journal of the European Union. 29 October 2013. 12190:"IMF Financial Activities — Update September 27, 2012" 11896:"IMF Financial Activities — Update September 30, 2010" 11760: 11541:"Εκτός μνημονίου και επισήμως η Κύπρος μέσα σε τρία χρόνια" 11480:

Occasional Papers 149 (yield spreads displayed by graph 19)

10991:

Occasional Papers 149 (yield spreads displayed by graph 19)

10649:"Spain formally exits bank bailout program in better shape" 10053:"Portugal sells 10-year bonds for first time since bailout" 8832:"Unsustainable debt, restructuring or new stimulus package" 8744: 8619: 8233: 8231: 8186:"Griechenland spart sich auf Schwellenland-Niveau herunter" 7657:"Europe is being torn apart – but the torture will be slow" 6983:"Crisis in Euro-zone—Next Phase of Global Economic Turmoil" 6640: 6378:

Corsetti, Giancarlo; Erce, Aitor; Uy, Timothy (July 2020).

6217:"It's All Connected: A Spectators Guide to the Euro Crisis" 5657:

to cover the immediate need, a tactic successfully used in

5415:

would give a "huge boost" to its members' competitiveness.

4897: 3938: 3885: 3432:(IMF) to obtain a financial safety net up to €750 billion. 1743:

additional sales of seven-year and ten-year bonds in 2015.

1723: 360:

Government intervention during the subprime mortgage crisis

20699:

Understanding the Political Economy of the Eurozone Crisis

20629:"Wilders wil nieuwe verkiezingen- 'hoe eerder, hoe beter'" 18174:"Conspiracists Blame Anglo-Saxons, Others for Euro Crisis" 17653: 15674: 15672: 15567: 15492: 14974: 14972: 14970: 14240:

TREATY ESTABLISHING THE EUROPEAN STABILITY MECHANISM (ESM)

12877:"Euro hits four-year low on fears debt crisis will spread" 12078:"The Economic Adjustment Programme for Portugal 2011-2014" 11109: 11107: 11105: 11103: 11101: 11099: 10772:"Cyprus, Troika Agree Bailout Terms, ECB Demetriades Says" 10577: 10556: 9256:"IMF: Greece makes overdue payments, no longer in default" 9230:"IMF: Greece makes overdue payments, no longer in default" 7939: 7937: 7820:"Youth employment is bad – but not as bad as we're told". 7042: 7040: 7038: 7036: 6506:," Mark Brown and Alex Chambers, Euromoney, September 2005 5587: 4073: 3369:

results based financing for social assistance and health.

1492:

On 1 May 2010, the Greek government announced a series of

1314:, with additional support at the technical level from the 24946:

European Judicial Network in civil and commercial matters

20533:"Dusan Stojanovic: Slovenia's troubled government ousted" 19318:"Spanish commissioner lashes out at core eurozone states" 19223:"Greek Crisis Poses Unwanted Choices for Western Leaders" 18352:"When Will The Bond Vigilantes Attack The U.S. And U.K.?" 17000:"DIE LINKE: Vermögensabgabe ist die beste Schuldenbremse" 15951:. Research.chicagobooth.edu. 29 July 2013. Archived from 15252:"Draghi slashes interest rates, unveils bond buying plan" 13823:"European Central Bank Breaks New Ground to Press Growth" 13437:"Leaders agree eurozone debt deal after late-night talks" 10074:"Portugal beschließt sauberes Aus für den Rettungsschirm" 9964:"Portugal seeks market access with $ 5 bln bond exchange" 9716:"Portugal entrou em recessão no quarto trimestre de 2002" 9453: 9409: 7864: 7297:"Greek cabinet backs George Papandreou's referendum plan" 6848:"Long-term interest rate statistics for EU Member States" 6029:"Long-term interest rate statistics for EU Member States" 5854: 5458:

in support of a job-targeting economic policy instead of

4954:

regards taxes on capital as a more favorable option than

4497: 4424:

manufacturing and services to locate across the world)".

3896:

was tapped by banks in Greece, Ireland, Italy and Spain.

3821: 3480: 2236: 2172: 1762:(duration = 4 quarters, referred to as being part of the 1603: 1105: 670: 456: 211:

Dodd–Frank Wall Street Reform and Consumer Protection Act

20479:"Spain's embattled prime minister calls early elections" 19763:"'Creative accounting' masks EU budget deficit problems" 18259:"Spanish Intelligence Investigating "Anglo-Saxon" Media" 17680: 17530: 17419:"Greece debt crisis: the role of credit rating agencies" 17140:"The Mystery Tour of Restructuring Greek Sovereign Debt" 17002:(in German). Die-linke.de. 9 August 2011. Archived from 16522:"Europe Agrees to Basics of Plan to Resolve Euro Crisis" 15177:

Booming budget surplus puts pressure on Germany to spend

14140:

Kaiser, Stefan; Rickens, Christian (20 September 2012).

13340:"Irish Bailout Begins as Europe Sells Billions in Bonds" 13161: 13159: 12611: 10450: 9248: 9222: 9042:"Greek economy to grow by 2.9 pct in 2015, draft budget" 8444:. Lancaster University Management School. Archived from 8228: 8214:"EU drängt auf drastische Lohnsenkungen in Griechenland" 7667: 6103: 5330:

Both the Spanish and Greek Prime Ministers have accused

4879: 4431:, as in the case of Iceland, which suffered the largest 4396:

In multiple steps during 2012–2013, the ECB lowered its

3971:

in July 2012 but it had to be postponed until after the

3854:

president, was once thought to be a likely successor to

3743:

economist Elwin de Groot, there is a "natural limit" of

3735:

buying government and private debt securities, reaching

2331:

erupted in September 2008. EU member states outside the

1971:

Debt of Portugal compared to eurozone average since 1999

1622:(NCBs) may lose up to €100bn in debt claims against the 20659:

Copelovitch, M., Frieden, J., & Walter, S. (2016).

20016:"Bill Gross says US is Out-Greeking the Greeks on Debt" 17649: 17647: 16802:"Global economy is stuck in a vicious cycle, warns BIS" 15669: 15223: 14967: 14193:. Monstersandcritics.com. 23 March 2011. Archived from 13567:"Bundesbank: "EZB darf nicht Staatsfinanzierer werden"" 12553: 12404:. ACTMedia — Romanian Business News. 29 May 2014. 12142:"IMF Financial Activities — Update March 24, 2011" 12134: 11888: 11710: 11661:. European Financial Stability Facility. 19 March 2015. 11205:"Cyprus Gets Second 1.32 Bln Euro Russian Loan Tranche" 11096: 9958: 9956: 8757:. European Commission. 11 November 2012. Archived from 7934: 7638:"Greek voters spell out their disapproval of austerity" 7604: 7558:

Wearden, Graeme; Garside, Juliette (14 February 2012).

7033: 6568: 6299:"The Political Economy of Austerity in Southern Europe" 4583:

Animated graph of current account imbalances since 1999

4378:

Projections of Greek debt in percent of GDP (2008-2020)

4151:

Banco de Valencia, Bankia, CatalunyaCaixa, Novagalicia

3797:. The central banks agreed to lower the cost of dollar 3532: 3380:

Fiscal Effectiveness and Growth Development Policy Loan

1861:

Debt of Ireland compared to eurozone average since 1999

23936:

International Authority for the Ruhr (1949–1951)

18849:. Neweconomicperspectives.blogspot.com. Archived from 18623:"Merkel Slams Euro Speculation, Warns of 'Resentment'" 18379:"Euro crisis and deconstruction of the European Union" 16770:"The real effects of debt (BIS Working Paper No. 352)" 16298:"Everything flows? The future role of monetary policy" 15378:"Griechenland: "Mittelstand vom Verschwinden bedroht"" 15094: 15092: 14487:

John Rentoul, "any PM would have done as Cameron did"

14427:

Faiola, Anthony; Birnbaum, Michael (9 December 2011).

13700:"Fed Restarts Currency Swaps as EU Debt Crisis Flares" 13489:"Greece debt crisis: Markets dive on Greek referendum" 13257:"EU bonds for Ireland bailout well-received on market" 12949:"Dollar Libor Holds Near Nine-Month High After EU Aid" 11824: 11795: 11793: 11791: 11256:

Hadjipapas, Andreas; Hope, Kerin (14 September 2011).

11150: 11148: 11146: 11144: 11142: 11014:"Cyprus Sells Bonds, Bailed-Out Nations' Market Exile" 10399:"Spain Lowers Public Wages After EU Seeks Deeper Cuts" 9469:

Gammelin, Cerstin; Oldag, Andreas (21 November 2011).

9406:"CIA World Factbook-Ireland-Retrieved 2 December 2011" 9013: 8992: 8373: 8371: 8369: 7342: 7340: 6251:"Technical features of Outright Monetary Transactions" 4948:, French economist and author of the bestselling book 2197:

Debt of Cyprus compared to eurozone average since 1999

1389:

Debt of Greece compared to eurozone average since 1999

375:

National fiscal policy response to the Great Recession

21588:

Post-Napoleonic Irish grain price and land use shocks

20556:"Italy pushes through austerity, US applies pressure" 20389:"Eurokriisi kuumensi jälleen puoluejohtajien tenttiä" 19795:"How Europe's governments have enronized their debts" 19153:"Germany's Interest Rates Have Become a Special Case" 19046:"To Save the Euro, Germany has to Quit the Euro Zone" 17921:"Bonitätswächter wehren sich gegen Staatseinmischung" 16675:"ESBies: Wie die EZB Anleihen wieder los werden kann" 16202:"Varieties of capitalism in light of the euro crisis" 16025:"Schäuble findet deutliche Lohnerhöhungen berechtigt" 13156: 12368:

ANNEX 1: Financial Assistance Programmes in 2009-2013

12271:

ANNEX 1: Financial Assistance Programmes in 2009-2013

11998:"International Loan Programme: Questions and Answers" 11972:. National Treasury Management Agency. 31 March 2014. 11782:"Eurogroup statement on the ESM programme for Greece" 11572:"The Second Economic Adjustment Programme for Greece" 11535: 11533: 10797:

K S Ramakrishnan; Mrs Vidyalaxmi (18 February 2013).

10336:

Charles Forell; Gabriele Steinhauser (11 June 2012).

8439:"Eurosystem debts, Greece, and the role of banknotes" 7725: 6749:"Immer mehr Länder bekommen Geld fürs Schuldenmachen" 6380:"Official sector lending during the euro area crisis" 5611:

Kingdom, Spain, the United States, and even Germany.

5352:

over their derivatives arrangements with Greece. The

4908:

non-financial corporate debt is more than 90% of GDP;

4559: 4354:

had returned. In October 2012, a report published by

3952: 2114:

Debt of Spain compared to eurozone average since 1999

1441:

The Greek crisis was triggered by the turmoil of the

1249:

Change in national debt and deficit levels since 1980

23994:

European Monetary Cooperation Fund (1973–1994)

20865:

Friedrich-Ebert-Stiftung, December 2010 (PDF 625 KB)

20708: 20275:"The second Greek bailout: Ten unanswered questions" 20258:"German OK only small step in averting Greek crisis" 19679:"Greece not alone in exploiting EU accounting flaws" 18068:"Spanish secret service said to probe market swings" 17644: 16570:"German Resistance to Pooling Debt May Be Shrinking" 16494: 16492: 16467:"Anatomy of a Bail-In by Thomas Conlon, John Cotter" 16107:"President Obama-Remarks by the President-June 2012" 15613: 14826:"Spaniens Aufschwung geht an der Bevölkerung vorbei" 14311: 14309: 13990:

Wearden, Graeme; Fletcher, Nick (29 February 2012).

13935:

Wearden, Graeme; Fletcher, Nick (29 February 2012).

13820: 13137:. European Commission. 15 March 2012. Archived from 10224:"The EU Smiled While Spain's Banks Cooked the Books" 9953: 9872:"O estado a que o Estado chegou" no 2.º lugar do top 9846:"O estado a que o Estado chegou" no 2.º lugar do top 8982:"MSCI reclassifies Greece to emerging market status" 7963: 7367: 7270:

Rachel Donadio; Niki Kitsantonis (3 November 2011).

5974:

List of acronyms associated with the eurozone crisis

5896: 4701:

Proposed long-term solutions for the Eurozone crisis

4107:

Banco BPI, Caixa Geral de Depositos, Millennium BCP

2171:

market share," says Eric Chaney, chief economist at

1253:

The European debt crisis erupted in the wake of the

577:(EU) from 2009 until the mid to late 2010s. Several 253:

Government policies and the subprime mortgage crisis

24026:

European Financial Stability Mechanism (2010–

23941:

European Coal and Steel Community (1951–2002)

20547: 18911:"To Save the Euro, Germany Must Quit the Euro Zone" 18659:"Goldman Sachs faces Fed inquiry over Greek crisis" 18285:"Britain's deficit third worst in the world, table" 16877: 16875: 15995: 15219: 15217: 15215: 15190:"Eleven euro states back financial transaction tax" 15089: 15034:"'Tax havens: Super-rich 'hiding' at least $ 21tn'" 14921: 14919: 14917: 14915: 13850:"Belgium's Praet to serve as ECB's chief economist" 12896:"Euro surges in short-covering rally, Aussie soars" 11846:"EFSM: Council approves €7bn bridge loan to Greece" 11788: 11280: 11278: 11139: 10559:"Bond Plan Lowers Debt Costs, but Germany Grumbles" 10356:"Obama calls for 'resolute' spending cuts in Spain" 10156: 9274: 9212:"IMF suspends aid to Greece ahead of new elections" 9104:"European Economic Forecast Autumn 2014 – 8.Greece" 8901: 8692:. Gogreece.about.com. 10 April 2012. Archived from 8662: 8366: 8316:Science, London School of Economics and Political. 7337: 7272:"Greek Leader Calls Off Referendum on Bailout Plan" 7142:"Greek bonds rated 'junk' by Standard & Poor's" 7010: 7008: 6504:

How Europe's Governments have Enronized their debts

6099: 6097: 5571:

Committee for the Abolition of the Third World Debt

3603: 1112:) to 12.7%, almost immediately after PASOK won the 24017:European Financial Stability Facility (2010– 20712:; Bang, Henrik; Jensen, Mads Dagnis (March 2015). 20416:"Pääministeritentissä kiivailtiin taas eurotuista" 19180: 18148:"Spanish intelligence probing debt attacks-report" 17520:"Netherlands loses S&P triple-A credit rating" 17385: 16907: 16856:. PERI Policial Research Institute. Archived from 16544:"EU's Barroso: Will present options on euro bonds" 16260: 16248:"The Nordic model: A recipe for European success?" 16079: 15973: 15650: 14503:"Europeans Agree to Use Bailout Fund to Aid Banks" 13409: 13407: 13405: 13193:"Welches Land gehört zu den großen Sorgenkindern?" 12537:. Europa (European Commission). 20 December 2012. 11530: 11030:. Financial Mirror. 7 January 2015. Archived from 10828:Ramakrishnan KS; Vidyalaxmi Venkataramani (2013). 10578:Emese Bartha; Jonathan House (18 September 2012). 10530: 10485: 10317:"Spain changes constitution to cap budget deficit" 10215: 8854: 8522:Ardagna, Silvia; Caselli, Francesco (March 2012). 8469: 8345: 8341: 8339: 8180: 8178: 7654: 7407:"IMF official admits: austerity is harming Greece" 7072:Ziotis, Christos; Weeks, Natalie (20 April 2010). 6840: 6095: 6093: 6091: 6089: 6087: 6085: 6083: 6081: 6079: 6077: 5984:List of people associated with the eurozone crisis 5738:debate and formation of the subsequent government. 4969:Instead of a one-time write-off, German economist 4157: 1512:, riots, and social unrest throughout Greece. The 1477:slashed Greece's sovereign debt rating to BB+ or " 22774:Economic and Monetary Union of the European Union 21137:Economic and Monetary Union of the European Union 19368: 19366: 19364: 19362: 18065: 17330:"Iceland row puts rating agencies in firing line" 16974:"Wie die Grünen 100 Milliarden einsammeln wollen" 16489: 15763:"Forget Greece: Europe's real problem is Germany" 14393: 14306: 14191:"Retrieved 22 March 2011 Published 22 March 2011" 13239:Standard & Poor's Ratings Services quoted at 13233: 13224:"S&P takes Europe's rescue fund down a notch" 12841: 11820:. National Post (Financial Post). 17 August 2015. 11801:"FAQ on ESM/EFSF financial assistance for Greece" 11374:. Kathimerini (English edition). 12 December 2012 10557:Stephen Castle; Melissa Eddy (7 September 2012). 9158:. European Stability Mechanism (ESM). 5 May 2014. 8888: 7450: 7265: 7263: 7244:. PrimePair.com. 30 December 2014. Archived from 6426:The government and politics of the European Union 6166:Frieden, Jeffry; Walter, Stefanie (11 May 2017). 6056:"EU debt crisis: Italy hit with rating downgrade" 5949:Crisis situations and unrest in Europe since 2000 4786:A growing number of investors and economists say 4464:been cut to a level last seen in the late 1990s. 3546:European Financial Stabilisation Mechanism (EFSM) 1732:€5.6bn in 2014, €12.3bn in 2015, and €0bn in 2016 25451: 20747: 20666: 20663:. Comparative Political Studies, 49(7), 811–840. 18656: 18565: 18277: 17838:"Europe – Rethink on rating agencies urged" 17654:Larry Elliott; Phillip Inman (14 January 2012). 16872: 16726: 16724: 16082:"Economic Thinkers Try to Solve the Euro Puzzle" 15309:"Myths and truths of the Baltic austerity model" 15212: 15079:"European cities hit by anti-austerity protests" 14949:"Does austerity lower deficits in the eurozone?" 14912: 14478:Politics.co.uk, Ian Dunt, Friday, 6 January 2012 14281: 14279: 14166:EUROPEAN COUNCIL 16–17 December 2010 CONCLUSIONS 14142:"Euro Zone Changing ESM to Satisfy German Court" 14018:"€529 billion LTRO 2 tapped by record 800 banks" 13029:"Shares and oil prices surge after EU loan deal" 12493:. Europa (European Commission). 28 November 2012 11872:"Third supplemental memorandum of understanding" 11784:. Council of the European Union. 14 August 2015. 11275: 11156:"Balance of Payments — European Commission" 10677:. Instituto Nacional de Estadística. 18 May 2018 10528: 10201:"Spain's Bankia Seeking $ 19B in Government Aid" 10068: 10066: 9464: 9462: 8752:"Troika report (Draft version 11 November 2012)" 7551: 7208: 7005: 6743: 6741: 6669:P.E. Petrakis, P.C. Kostis, D. Valsamis (2013) « 6646: 6498: 6496: 6451: 6449: 6358:Bail in e la Nuova Gestione delle Crisi Bancarie 355:Federal Reserve responses to the subprime crisis 243:Causes of the 2000s United States housing bubble 25390:Largest cities by population within city limits 20581:"Greece passes new austerity deal amid rioting" 20335:"Portugal PM quits after losing austerity vote" 19430: 19428: 19220: 19178: 19003: 18940: 18620: 17167:"Greece's Private Creditors Are the Lucky Ones" 17164: 16377: 16375: 16045:"Euro zone current account surplus grows – ECB" 16003:"European economic forecast – spring 2012" 15740:"Foreign Policy in Focus, Portfolio Investment" 14665: 14611:"'Greek tragedy won't end in the euro's death'" 14217:"EUROPEAN COUNCIL 24/25 March 2011 CONCLUSIONS" 13989: 13934: 13727:"ECB suspends rating threshold for Greece debt" 13534:, 16 December 2011. Retrieved 21 December 2011. 13517:, 22 December 2011. Retrieved 22 December 2011. 13464:"EU leaders reach a deal to tackle debt crisis" 13402: 12875:Wearden, Graeme; Kollewe, Julia (17 May 2010). 12102:ANNEX 3: Indicative Financing Needs and Sources 11970:"Ireland's EU/IMF Programme: Programme Summary" 11372:"Cyprus could lower debt post-bailout with ESM" 10615: 10552: 10550: 10331: 10329: 9990:"Unemployment by sex and age - monthly average" 9762: 8950: 8909:"European economic forecast – autumn 2012" 8862:"One step forward, two back for Greece on debt" 8643:"Grexit and the euro: an exercise in guesswork" 8616:"Huge Sense of Doom Among 'Grexit' Predictions" 8463: 8377: 8336: 8175: 8157:"Insight: How the Greek debt puzzle was solved" 8130:Forelle, Charles; Burne, Katy (19 March 2012). 7943: 7430: 7428: 6691:Oakley, David; Hope, Kevin (18 February 2010). 6074: 5712:party, which formed a government alongside the 5134:—which have already been under fire during the 4986:Debt write-off based on international agreement 4905:government debt is more than 80 to 100% of GDP; 4741:European bank recovery and resolution authority 4694: 4447:Relative change in unit labour costs, 2000–2017 3253:and a forced bail-in recapitalisation plan for 20470: 20175:"IMF Said to Oppose Push for Greek Collateral" 20168: 20166: 19359: 19072:"It is Germany that should leave the eurozone" 18594: 18205:"Anglo-Saxon media out to sink us, says Spain" 17681:Nicholas Watt; Ian Traynor (7 December 2011). 17487: 15272: 15006:"Bis zu 26 Billionen in Steueroasen gebunkert" 14772: 14558:"More questions than answers after the summit" 14501:Steven Erlanger; Paul Geitner (29 June 2012). 14426: 14039:Charles Forelle; David Enrich (13 July 2012). 13962:Ewing, Jack; Jolly, David (21 December 2011). 13914: 13359:"EU's Bailout Bond Three Times Oversubscribed" 13132:"European Financial Stability Facility (EFSF)" 12874: 12064:"Portugal to do without final bailout payment" 11506: 11504: 11473:"The Economic Adjustment Programme for Cyprus" 11255: 11072:"29/04/2015 Announcement – New EMTN Termsheet" 10984:"The Economic Adjustment Programme for Cyprus" 10230: 9518: 9308:"Greece exits final bailout successfully: ESM" 8948: 8946: 8944: 8942: 8940: 8938: 8936: 8934: 8932: 8930: 8521: 8269:"Greece bailout: six key elements of the deal" 8206: 8132:"Payouts on Greek CDS Will Be 78.5¢ on Dollar" 8074: 7557: 7373: 7315: 7289: 7260: 7110: 7108: 6868: 6830:"How the Euro Became Europe's Greatest Threat" 6601:"[image] public debt as % of GDP" 6544: 6377: 6208: 6161: 6159: 6157: 6155: 6153: 6151: 6149: 6147: 5989:The Intervention of ECB in the Eurozone Crisis 5368:Speculation about the break-up of the eurozone 4990:In 2015 Hans-Werner Sinn, president of German 1575:rate rose from 22.0% to as high as 62%. Youth 330:American Recovery and Reinvestment Act of 2009 248:Credit rating agencies and the subprime crisis 23999:European Monetary Institute (1994–1998) 23954:European Economic Community (1958–1993) 23812: 22743: 22716:List of stock market crashes and bear markets 21255: 20962: 20948: 20573: 18993:"The Swedish Reform Model, Believe It or Not" 18568:"Soros hedge fund bets on demise of the euro" 18315: 17379: 17377: 17137: 16721: 16407: 16005:. European Commission. 1 May 2012. p. 38 15501:The Collected Writings of John Maynard Keynes 15487:The Collected Writings of John Maynard Keynes 14890: 14798: 14796: 14775:"Europe is in dire need of lazy spendthrifts" 14696: 14317:"European fiscal union: what the experts say" 14276: 14139: 13816: 13814: 13812: 13810: 13808: 13384:"il bond è stato piazzato al tasso del 2,59%" 13185: 10509: 10221: 10150: 10063: 9604: 9498:"Moody's cuts all Irish banks to junk status" 9468: 9459: 9300: 8432: 8430: 7923: 7921: 7897: 7707:"Seasonally adjusted youth unemployment rate" 7610: 7494:"EU interim economic forecast -February 2012" 7170:(in Greek). In.gr. 2 May 2010. Archived from 6977: 6975: 6738: 6716: 6493: 6446: 6268:"Eurozone unemployment at record high in May" 6165: 5969:List of stock market crashes and bear markets 5203:so many downgrades in the weeks of summits". 5022:Controversies surrounding the Eurozone crisis 4896:, the combined private and public debt of 18 3995:single default can be managed while limiting 3916:Reorganization of the European banking system 3677:Final agreement on the second bailout package 2352: 2239:agreement, which was endorsed in full by the 1146:2000s European sovereign debt crisis timeline 1108:(no greater than 3% of GDP was a rule of the 538: 196:2000s United States housing market correction 110:. Please discuss this issue on the article's 48:Controversies surrounding the eurozone crisis 23972:European Atomic Energy Community (est. 1958) 20697:Frieden, Jeffry and Stefanie Walter. 2017. " 20599: 20359: 19525:. Ekdotikos organismōs livanē. p. 239. 19425: 19401: 18743: 18507:Irvin, George; Izurieta, Alex (March 2006). 18453: 18409:: CS1 maint: multiple names: authors list ( 18261:. The Washington Independent. Archived from 18093: 18038: 17998:: CS1 maint: multiple names: authors list ( 17106: 16730: 16372: 16348: 16322: 15559:: CS1 maint: multiple names: authors list ( 15479: 15306: 14846:"Austerität: Eine Geschichte des Scheiterns" 14668:"Europe must realize austerity doesn't work" 14555: 14452: 14133: 14105: 14085:"Court to Rule on Euro Measures on Sept. 12" 13021: 12788: 12579: 10717: 10547: 10338:"Latest Europe Rescue Aims to Prop Up Spain" 10326: 10282: 9335:"Remember how Ireland was ruined by bankers" 9170:"Analysis: Markets keep government in check" 8129: 7946:"Greece's best option is an orderly default" 7901:International Business and Political Economy 7425: 7346: 7214: 7117:"Cuts to Debt Rating Stir Anxiety in Europe" 6952: 6950: 6948: 6946: 6944: 6710: 6296: 5727:and his government resigned, bringing about 5004: 4472:process and may not bring immediate relief. 4085:Direct loans to banks and banking regulation 3402:European Financial Stability Facility (EFSF) 2254:framework in Cypriot financial institutions, 2092:announced the country's second biggest bank 1678:European School of Management and Technology 1598:of the new drachma. Analysts at French bank 350:Emergency Economic Stabilization Act of 2008 23826: 20203: 20163: 19854:"Hidden debt is the country's real monster" 19571: 19397: 19395: 19310: 19069: 18737: 17946:"Non-profit credit rating agency challenge" 16796: 16316: 15860: 15300: 14757:Fiscal Adjustment in IMF-supported Programs 14051: 13785: 13783: 13781: 13779: 13777: 13775: 13429: 12820: 12745: 12466:"FAQ — Financial Assistance for Spain" 11834:. Official Journal of the EU. 18 July 2015. 11501: 11291:. Cypriot Ministry of Finance. 22 May 2014. 11286:"Public Debt Management Annual Report 2013" 10580:"Spain Debt Sells Despite Bailout Pressure" 10493:"The Spanish bail-out: Going to extra time" 9931: 9624: 9371: 9153:"The European Stability Mechanism May 2014" 8927: 8260: 8106: 7611:Hatzinikolaou, Prokopis (7 February 2012). 7436:"Der ganze Staat soll neu gegründet werden" 7400: 7398: 7396: 7105: 7071: 6917: 6915: 6778:"Swiss Pledge Unlimited Currency Purchases" 6354:"Bail in -la gestione delle crisi bancarie" 6351: 6337:: CS1 maint: numeric names: authors list ( 6144: 4836:facilitate these securities in April 2019. 4484:, based on an idea originally developed by 4404: 4304:measures, with the purpose of lowering the 3727:In May 2010 it took the following actions: 380:Regulatory responses to the subprime crisis 24673:Mechanism for Cooperation and Verification 23819: 23805: 23738:European Financial Stabilisation Mechanism 22750: 22736: 21262: 21248: 20955: 20941: 20873:"Creditors can huff but they need debtors" 19907: 19544: 19542: 19286:"EU risks being split apart, says Sarkozy" 19283: 19126:"The Largest Creditor Nations Are in Asia" 18990: 18959: 18293:. London. 19 February 2010. Archived from 18171: 17383: 17374: 17305:"Moody's chief admits failure over crisis" 17274: 15760: 15014:(in German). Vienna: Reuters. 22 July 2012 14793: 14057: 13961: 13922:"Markets live transcript 29 February 2012" 13805: 12919: 11984:"Balance-of-payments assistance to Latvia" 11056:. In Cyprus. 28 April 2015. Archived from 10621: 10451:Ian Traynor; Nicholas Watt (6 June 2012). 10444: 9007:Table 11. Greece Financing Needs 2012–2016 8954: 8838:(in Greek). 4 October 2012. Archived from 8714: 8427: 7992: 7918: 7115:Ewing, Jack; Healy, Jack (27 April 2010). 7114: 6972: 6690: 6106:"The Political Economy of the Euro Crisis" 5828:on the austerity and bailout measures, PM 5640: 5154:, (i.e. Germany, Finland and Luxembourg.) 4002: 3969:European Financial Stabilisation Mechanism 3570:members, has the authority to raise up to 3552:European Financial Stabilisation Mechanism 3438:European Financial Stabilisation Mechanism 3422:European Financial Stabilisation Mechanism 2359: 2345: 1943:Centre for Economics and Business Research 1139: 597:) were unable to repay or refinance their 545: 531: 390:Term Asset-Backed Securities Loan Facility 22537:2015–2016 Chinese stock market turbulence 20667:Foremny, Dirk; von Hagen, Jürgen (2012). 19908:Wheatcroft, Patience (16 February 2010). 19182:"A modest proposal for eurozone break-up" 19179:Evans-Pritchard, Ambrose (17 July 2011). 18839: 18771: 18704: 18652: 18650: 17864:"EU Gets Tough on Credit-Rating Agencies" 17830: 17475:"Are the ratings agencies credit worthy?" 17192:"How the Euro Zone Ignored Its Own Rules" 16916:Belknap Press of Harvard University Press 16761: 16731:Schulmeister, Stephan (20 October 2011). 16707:European Commission - European Commission 16703:"Sovereign bond-backed securities (SBBS)" 16415:"Zweifel an echter Bankenunion in Europa" 16325:"Bundesbank head backs fiscal union poll" 16295: 16073: 15932: 15889: 15841: 15839: 14494: 13124: 12436:. European Commission. 29 November 2012. 12118:. European Commission. 12 November 2014. 11673:"EFSF programme for Greece expires today" 11512:"Cyprus successfully exits ESM programme" 11328:"European Commission statement on Cyprus" 11090:"Debt-to-GDP Ratio in European Countries" 11087: 11054:"Nicosia satisfied with Cyprus bond sale" 9381:Boomerang: Travels in the New Third World 9332: 8784:"Greece seeks 2-year austerity extension" 8436: 8100: 7898:Basu, Dipak; Miroshnik, Victoria (2015). 7217:"Three Reported Killed in Greek Protests" 6941: 6888: 6886: 6884: 6384:The Review of International Organizations 6322: 6183: 5614: 5399:, though it is moving in that direction. 5249:European Securities and Markets Authority 5105: 5090:to GDP should not exceed 60% of GDP (see 4839: 4649: 1888:. On 29 September 2008, Finance Minister 1536:first answered that call by announcing a 385:Subprime mortgage crisis solutions debate 370:Housing and Economic Recovery Act of 2008 293:China–Japan–South Korea trilateral summit 25127:European Structural and Investment Funds 25049:European System of Financial Supervision 23914:Western European Union (1954–2011) 20661:The Political Economy of the Euro Crisis 20444: 20360:Fontevecchia, Agustino (23 March 2011). 20326: 19705:"Greece is far from the EU's only joker" 19577: 19548: 19464:"Greece must deny to pay an odious debt" 19392: 19244: 19043: 18377:Paye, Jean-Claude, Belgium (July 2010). 18202: 17805: 17632:. Moody's Investors Service. 8 July 2011 17610:. Moody's Investors Service. 8 July 2011 17588:. Moody's Investors Service. 8 July 2011 17030:Bundestagsfraktion Bündnis 90/Die Grünen 16342: 16163: 15933:Appelbaum, Binyamin (22 February 2013). 15890:Hagelüken, Alexander (8 December 2012). 15353:"Labour cost index – recent trends" 15244: 14608: 14581: 14549: 14533:. Brussels: European Union. 29 June 2012 14520: 14399: 13772: 13356: 13218: 13216: 13076: 13049: 12592:. European Commission. 16 October 2012. 12387:. World Bank — IBRD. 29 April 2014. 10263: 10036: 9763:Arriaga e Cunha, Isabel (28 June 2002). 9118: 9116: 8634: 8608: 8028:"Pondering a Dire Day: Leaving the Euro" 7393: 6912: 6693:"Gilt yields rise amid UK debt concerns" 6616: 6614: 6455: 5672: 5536:The Hungarian-American business magnate 5533:has opposed all forms of mutualisation. 5348:and other banks faced an inquiry by the 5109: 4883: 4795:and ensure sustainable public finances. 4713: 4571: 4563: 4538: 4442: 4373: 4214: 4012: 3701: 3697: 2322: 2276:Public debt in 2017 (source: factsmaps, 2192: 2109: 1974: 1966: 1864: 1856: 1659: 1412: 1392: 1384: 1238: 1230: 1221: 1212: 994: 959: 923: 879: 829: 747: 676: 664: 313:Government response and policy proposals 132: 20917:Center for Economic and Policy Research 20900:International Monetary Fund, April 2012 20886:Center for Economic and Policy Research 20353: 20013: 19961:"'Hidden' debt raises Spain bond fears" 19880: 19631: 19539: 19284:MacCormaic, Ruadhan (9 December 2011). 19250: 19150: 18887: 18683: 18145: 17416: 17303:Kirchgaessner, Stephanie; Kevin Sieff. 17142:. Social Europe Journal. Archived from 16902: 16740:Austrian Institute of Economic Research 15848:"Saving Asia: It's Time To Get Radical" 15845: 15823: 14369:"The fiscal compact ready to be signed" 13718: 12946: 12847: 12794: 12706: 12083:. European Commission. 17 October 2014. 11950:. Houses of the Oireachtas. 24 May 2011 11258:"Cyprus nears €2.5bn Russian loan deal" 11249: 11177: 11175: 11173: 10769: 9109:. European Commission. 4 November 2014. 8550: 8497:"Where did the Greek bailout money go?" 8470:Stephanie Flanders (16 February 2012). 8266: 7969: 7675:"Seasonally adjusted unemployment rate" 7323:"Papandreou calls off Greek referendum" 6894:"ECB cuts interest rates to record low" 6649:Jay C. Shambaugh, Georgetown University 6053: 5588:Manipulated debt and deficit statistics 5029: 4852:Austrian Institute of Economic Research 4733:, expanding on ideas first proposed by 4604:a net borrower of capital from abroad. 4212:. Both led to disastrous consequences. 4074:Economic reforms and recovery proposals 3973:Federal Constitutional Court of Germany 2280:, Central Intelligence Agency) Legend: 1516:, a tripartite committee formed by the 14: 25452: 24591:European Economic and Social Committee 24400:Court of Justice of the European Union 23924:European Communities (1967–2009) 22442:Venezuelan banking crisis of 2009–2010 22212:South American economic crisis of 2002 22109:Black Wednesday (1992 Sterling crisis) 20669:"Fiscal federalism in times of crisis" 20450: 20172: 19851: 19338: 19123: 19009: 18647: 18066:Barbara Kollmeyer (15 February 2010). 17969: 15854: 15836: 15737: 15709:"Euro Plus Monitor Spring 2013 update" 15651:Gerald Braunberger (4 November 2012). 15498: 14609:Kaletsky, Anatole (11 February 2010). 13821:Jack Ewing; Neil Irwin (5 June 2014). 13724: 13697: 13461: 13357:Robinson, Frances (21 December 2010). 13311: 13000: 12920:Chanjaroen, Chanyaporn (10 May 2010). 12893: 12621:. European Commission. 19 March 2013. 12280:from the original on 25 September 2015 11011: 10745:"Cyprus asks EU for financial bailout" 10711: 10603:. European Commission. 16 October 2012 10097: 9815: 9550: 9471:"Ihr Krisenländer, schaut auf Irland!" 9357:"Brian Lenihan, Jr, Obituary and Info" 9333:McConnell, Daniel (13 February 2011). 9282:"Eurostat (2017 Government debt data)" 8720:"Rising Risks of Greek Euro Area Exit" 8690:"Grexit – What does Grexit mean?" 7998: 7242:"Greek Vote Triggers January Election" 6881: 6673:», New York and Heidelberg: Springer, 6423: 6278:from the original on 27 September 2013 6021: 5555:Some protesters, commentators such as 5145:According to a study by economists at 4823:In 2017 the idea was picked up by the 4801: 4568:Current account imbalances (1998–2014) 4219:National finances of Greece, 2002-2014 4166:argues that an abrupt return to "'non- 3874:Long Term Refinancing Operation (LTRO) 1500:within months) to secure a three-year 1426:. As the world economy was hit by the 643:EFSF/ESM, through some yield lowering 25228:Stabilisation and Association Process 24925:Area of freedom, security and justice 23800: 23733:European Financial Stability Facility 22924:Euro interbank offered rate (Euribor) 22731: 22493:2013 Chinese banking liquidity crisis 22449:2010–2014 Portuguese financial crisis 21925:Secondary banking crisis of 1973–1975 21243: 20936: 20781: 20553: 20250: 20103:Vits, Christian (23 September 2011). 19935:"Brown accused of 'Enron accounting'" 19095: 18387:. No. 14. Zürich. Archived from 17970:Firzli, M. Nicolas, and Bazi (2011). 16971: 16550:. Associated Press. 14 September 2011 16500:"Barroso to table eurobond blueprint" 16300:. Deutsche Bundesbank. Archived from 16289: 15866:"Merkozy failed to save the eurozone" 14582:Kaletsky, Anatole (6 February 2012). 14341: 14114:"German court backs ESM bailout fund" 13337: 13289:. AFP. 5 January 2011. Archived from 13213: 12973: 12567:from the original on 11 December 2012 12541:from the original on 23 December 2012 12443:from the original on 22 December 2012 12370:. European Commission. November 2013. 12122:from the original on 29 November 2014 12104:. European Commission. 23 April 2014. 12044:from the original on 20 December 2021 12018:from the original on 20 December 2021 11028:"CYPRUS: Two new EMTN issues in 2015" 10543:from the original on 12 January 2022. 10512:"Doubts Emerge in Bloc's Rescue Deal" 10236: 10100:"Repeat with us: Spain is not Greece" 9524: 9377: 9193:. ELSTAT. 13 May 2015. Archived from 9113: 8668:Hubbard, Glenn and Tim Kane. (2013). 7870: 7404: 7376:"ECB man to rule Greece for 15 weeks" 6611: 6246: 6244: 6242: 6240: 6185:10.1146/annurev-polisci-051215-023101 6054:Wearden, Graeme (20 September 2011). 5483:. In September 2011, EU commissioner 5207:Regulatory reliance on credit ratings 4880:Debt write-off financed by wealth tax 4500:) and pollution, i.e. by pursuing an 4480:Another option would be to implement 4366:to be collected from 1 January 2014. 4248:, German economist and member of the 3965:European Financial Stability Facility 3925:Outright Monetary Transactions (OMTs) 3769:On 30 November 2011, the ECB, the US 3611:European Financial Stability Facility 3408:European Financial Stability Facility 2214:European Financial Stability Facility 1963:2010–2014 Portuguese financial crisis 1357:contagion of other European countries 1114:October 2009 Greek national elections 1078:, governments pledged to limit their 632:European Financial Stability Facility 335:Banking (Special Provisions) Act 2008 25223:European Union Association Agreement 23959:European Community (1993–2009) 23125:Coins by country with minting rights 22523:Russian financial crisis (2014–2016) 22376:2008–2011 Icelandic financial crisis 22369:2008–2009 Ukrainian financial crisis 22334:2000s U.S. housing market correction 22174:1998–2002 Argentine great depression 21269: 21189:2010 European Union bank stress test 20476: 20451:Minder, Raphael (20 November 2011). 20173:Neuger, James G (2 September 2011). 20102: 19193:from the original on 12 January 2022 19070:Demetriades, Panicos (19 May 2011). 18806:"Exchange Rate Regimes and Location" 18710: 18621:Patrick Donahue (23 February 2010). 18376: 18203:Tremlett, Giles (14 February 2010). 18172:Cendrowicz, Leo (26 February 2010). 18146:Roberts, Martin (14 February 2010). 17918: 17539: 17398:from the original on 12 January 2022 17251:"Public Finances in EMU – 2011" 17216: 16627:from the original on 29 January 2017 16524:. Associated Press. 21 November 2011 16502:. Associated Press. 17 November 2011 16199: 16164:Zhorayev, Olzhas (31 January 2020). 15614:Isabel Horta Correia (Winter 2011). 14946: 14699:"EU hits back at IMF over austerity" 14285: 14111: 13791:"ECB imposes negative interest rate" 12821:Silberstein, Daniela (10 May 2010). 12309:from the original on 16 January 2014 11482:. European Commission. 17 May 2013. 11352:. European Commission. 17 April 2013 11330:. European Commission. 20 March 2013 11170: 11127:from the original on 22 January 2011 10203:. Fox Business. Reuters. 25 May 2012 10140:"Strong core, pain on the periphery" 9713: 9009:. European Commission. 18 June 2014. 8640: 8346:Kevin Featherstone (23 March 2012). 8054:"Ein Risiko von 730 Milliarden Euro" 7891: 6575:International Journal of Game Theory 5078:, specified in the protocols of the 2080:special report on the future of the 2016:, Portugal had allowed considerable 1722:In June 2013, Equity index provider 1556:as new prime minister of an interim 1530:Second Economic Adjustment Programme 206:2008–2010 automotive industry crisis 70: 31: 24552:European Data Protection Supervisor 23854:Ideas of European unity before 1948 23307:French Southern and Antarctic Lands 22680:2023–2024 Egyptian financial crisis 22515:Puerto Rican government-debt crisis 22508:2014–2016 Brazilian economic crisis 21881:1963–1965 Indonesian hyperinflation 21784:Shanghai rubber stock market crisis 21473:Dutch Republic stock market crashes 21086:Icelandic financial crisis protests 20683:Centre for Economic Policy Research 20309: 20232:"Finnish win Greek collateral deal" 20204:Schneeweiss, Zoe (18 August 2011). 20080:. 23 September 2011. Archived from 19910:"Time to remove the mask from debt" 19881:Newmark, Brooks (21 October 2008). 19823:"UK Finances: A Not-So Hidden Debt" 18514:. The Federal Trust. Archived from 17451:. UK. 28 April 2010. Archived from 17384:Waterfield, Bruno (28 April 2010). 17275:Lowenstein, Roger (27 April 2008). 16910:Capital in the Twenty-First Century 16080:Landon Thomas, Jr. (31 July 2012). 15539:, et Elie Cohen (24 October 2012). 15254:. Europe News.Net. 4 September 2014 14773:Fabian Lindner (18 February 2012). 14666:Pierre Briançon (11 October 2012). 14455:"UK alone as EU agrees fiscal deal" 14168:, European Council 17 December 2010 14112:Peel, Quentin (12 September 2012). 13417:. European Council. 9 December 2011 13103: 12561:"ESM financial assistance to Spain" 12244:from the original on 7 October 2013 12014:. European Commission. 5 May 2014. 11986:. European Commission. 17 May 2013. 11848:. Council of the EU. 17 July 2015. 11633:. European Commission. 29 July 2013 10157:Juan Carlos Hidalgo (31 May 2012). 9654:"Ireland: Before and after bailout" 9551:Reilly, Gavan (14 September 2011). 8378:Heather Stewart (18 January 2015). 8315: 7655:Timothy Garton Ash (8 March 2015). 7586:"Pleitewelle rollt durch Südeuropa" 7374:Leigh Phillips (11 November 2011). 5668: 5661:, in addition to spending cuts and 4992:Ifo Institute for Economic Research 4951:Capital in the Twenty-First Century 4689:Banking union of the European Union 4658:, the economist Graham Bishop, and 3635:In late 2011, Landon Thomas in the 3475:held at a nine-month high. Default 3328:National Treasury Management Agency 2317: 1634:alone may have to write off €27bn. 1506:First Economic Adjustment Programme 752:European 10 year bonds, before the 24: 25248:EU Strategy for the South Caucasus 24988:Common Security and Defence Policy 24983:Common Foreign and Security Policy 23536:European Monetary Cooperation Fund 22934:European payments initiative (EPI) 22486:2012–2013 Cypriot financial crisis 22390:2008–2014 Spanish financial crisis 22362:2008–2009 Russian financial crisis 22355:2008–2009 Belgian financial crisis 22050:1988–1992 Norwegian banking crisis 21545:British credit crisis of 1772–1773 21184:United Kingdom bank rescue package 20836:Interactive Map of the Debt Crisis 20703:Annual Review of Political Science 20653: 20284:. 16 February 2012. Archived from 19491:Debtocracy (international version) 19096:Joffe, Josef (12 September 2011). 19044:Auerback, Marshall (25 May 2011). 18772:Feldstein, Martin (January 2012). 17522:. 29 November 2013. Archived from 17417:Wachman, Richard (28 April 2010). 16832:Bank for International Settlements 16777:Bank for International Settlements 15846:Krugman, Paul (7 September 1998). 15761:Pearlstein, Steven (21 May 2010). 14834:(in German). Madrid. 12 July 2017. 14400:Fletcher, Nick (9 December 2011). 14041:"Euro-Zone Banks Cut Back Lending" 13898:. 21 December 2011. Archived from 13653:. 8 September 2011. Archived from 13462:Bhatti, Jabeen (27 October 2011). 12651:from the original on 22 April 2014 12625:from the original on 24 April 2013 12273:. European Commission. July 2013. 12196:from the original on 28 March 2014 12148:from the original on 28 March 2014 11902:from the original on 28 March 2014 10993:. European Commission. 17 May 2013 10770:Tugwell, Paul (30 November 2012). 10720:"Cyprus requests eurozone bailout" 10098:Murado, Miguel-Anxo (1 May 2010). 10037:Charlton, Emma (24 January 2013). 9907:"Moody's downgrades Portugal debt" 9742:"Portugal fechou 2008 em recessão" 9337:. Independent News & Media PLC 8891:"Greece's Buyback Effort Advances" 8301:. 10 December 2012. Archived from 8267:Pratley, Nils (21 February 2012). 7871:Smith, Helena (12 February 2012). 7613:"Dramatic drop in budget revenues" 7532:. 14 February 2012. Archived from 6869:Richard Barley (24 January 2013). 6786:. 6 September 2011. Archived from 6237: 6172:Annual Review of Political Science 5979:List of countries by credit rating 5876:France – May 2012 – The 5848:as low as 7% in some polls in 2012 5526:German Council of Economic Experts 5374:Greek withdrawal from the eurozone 5074:The EU treaties contain so called 4894:Bank for International Settlements 4560:Address current account imbalances 4250:German Council of Economic Experts 4021:In March 2011 a new reform of the 3953:European Stability Mechanism (ESM) 3683:Institute of International Finance 3527:rescue funding program called the 2189:2012–2013 Cypriot financial crisis 2106:2008–2014 Spanish financial crisis 1235:Debt profile of eurozone countries 1049:; international trade imbalances; 661:Causes of the European debt crisis 238:Causes of the European debt crisis 191:2000s United States housing bubble 25: 25591: 25017:Economic and Monetary Union (EMU) 24614:European Union Military Committee 24586:European Committee of the Regions 22673:2023 United States banking crisis 22479:2011 Bangladesh share market scam 22167:1998–1999 Ecuador economic crisis 22131:Venezuelan banking crisis of 1994 22057:Japanese asset price bubble crash 21998:Souk Al-Manakh stock market crash 21748:Australian banking crisis of 1893 21552:Dutch Republic financial collapse 20898:Global Financial Stability Report 20813: 20554:Moody, Barry (11 November 2011). 19739:. 22 October 2010. Archived from 19339:Fraher, John (9 September 2011). 19251:Czuczka, Tony (4 February 2011). 19128:. Jim Rogers Blog. Archived from 19124:Rogers, Jim (26 September 2009). 19098:"The Euro Widens the Culture Gap" 18711:Wray, L. Randall (25 June 2011). 18094:Gavin Hewitt (16 February 2010). 17919:Eder, Florian (20 January 2012). 17806:Matussek, Katrin (23 June 2011). 17356:"Ratings agencies admit mistakes" 16263:Journal of European Public Policy 16206:Journal of European Public Policy 16200:Hall, Peter A. (2 January 2018). 15935:"Predicting a Crisis, Repeatedly" 14697:Peter Spiegel (7 November 2012). 14377:. 31 January 2012. Archived from 13595:"Summary of ad hoc communication" 13415:"European Council Press releases" 12707:Thesing, Gabi (22 January 2011). 12408:from the original on 3 March 2016 12341:from the original on 27 June 2014 11928:from the original on 31 July 2020 11852:from the original on 20 July 2015 11734:from the original on 23 July 2015 11577:. European Commission. March 2012 11489:from the original on 16 July 2019 11453:from the original on 3 April 2013 11237:from the original on 21 July 2012 11227:"Russia loans Cyprus 2.5 billion" 10529:Bruno Waterfield (29 June 2012). 9605:O'Donovan, Donal (27 July 2012). 7845:. 8 February 2012. Archived from 7405:Smith, Helena (1 February 2012). 7347:Helena Smith (10 November 2011). 7200:. 2 November 2011. Archived from 7048:"Eurostat (Government debt data)" 6717:Valentina Pop (9 November 2011). 5878:2012 French presidential election 5179:Brisa – Auto-estradas de Portugal 2051:Investors Service cut Portugal's 1853:Post-2008 Irish economic downturn 1838:during the handling of the crisis 1797:Hellenic Financial Stability Fund 1664:Creditors of Greece 2011 and 2015 1199:> 60% to Maastricht criteria; 756:bonds floated together in parity 340:Chinese economic stimulus program 320:2008 European Union stimulus plan 24993:Permanent Structured Cooperation 24609:Political and Security Committee 24496:European Atomic Energy Community 23779: 23767: 23755: 22929:Single euro payments area (SEPA) 22832:European System of Central Banks 21530:Amsterdam banking crisis of 1763 21205:List of countries by public debt 20854:Budget deficit from 2007 to 2015 20754:Journal of Common Market Studies 20621: 20525: 20503: 20407: 20381: 20303: 20267: 20224: 20197: 20127: 20096: 20072:"Germany's enormous hidden debt" 20064: 20038: 20007: 19979: 19953: 19927: 19901: 19874: 19845: 19815: 19787: 19755: 19725: 19697: 19671: 19514: 19482: 19456: 19332: 19277: 19214: 19205: 19172: 19144: 19117: 19089: 19063: 19037: 18984: 18953: 18934: 18904: 18881: 18865: 18811: 18798: 18765: 18677: 18614: 18588: 18559: 18541:"Current account balance (US$ )" 18533: 18500: 18474: 18454:Larry Elliot (28 January 2009). 18447: 18417: 18370: 18344: 18309: 18251: 18223: 18196: 18165: 18139: 18113: 18087: 18059: 18039:Larry Elliot (28 January 2010). 18032: 18006: 17963: 17938: 17912: 17886: 17856: 17799: 17777:"EU erklärt USA den Ratingkrieg" 17769: 17753:. 1 January 2011. Archived from 17739: 17713: 17700: 17674: 17622: 17600: 17578: 17552: 17512: 17481: 17467: 17437: 17410: 17348: 17322: 17296: 17268: 17243: 17210: 17184: 17165:Nouriel Roubini (7 March 2012). 17158: 17131: 17100: 17074:"Greek aid will go to the banks" 17066: 17050:. 6 January 2015. Archived from 17040: 17018: 16992: 16972:Göbel, Heike (17 January 2011). 16965: 16936: 16914:(1st ed.). Cambridge, USA: 16896: 16845: 16790: 16695: 16667: 16639: 16597:"ESBies: Safety in the Tranches" 16588: 16562: 16536: 16514: 16459: 16433: 16254: 16240: 16193: 16157: 16131: 16099: 16055: 16037: 16017: 15967: 15941: 15926: 15904: 15883: 15817: 15795: 15773: 15754: 15731: 15644: 15525: 15451: 15423: 15392: 15370: 15345: 15319: 15266: 15196:. 9 October 2012. Archived from 15182: 15170: 15071: 15054: 15026: 14998: 14940: 14864: 14838: 14818: 14766: 14749: 14732:"A manifesto for economic sense" 14716: 14690: 14659: 14633: 14602: 14575: 14481: 14469: 14453:Chris Morris (9 December 2011). 14446: 14420: 14361: 14335: 14252: 14233: 14209: 14183: 14171: 14159: 14077: 14032: 14010: 13983: 13955: 13928: 13884: 13870: 13842: 13744: 13691: 13669: 13639: 13613: 13587: 13559: 13537: 13520: 13503: 13481: 13455: 13376: 13350: 13331: 13312:Bartha, Emese (5 January 2011). 13305: 13279: 13263:. 6 January 2011. Archived from 13249: 13097: 13070: 13043: 12994: 12967: 12940: 12913: 12894:Kitano, Masayuki (21 May 2010). 12887: 12868: 12814: 12795:Maatouk, Michele (10 May 2010). 12762: 12739: 12727: 12700: 12689: 12663: 12637: 12599:from the original on 3 July 2017 12527: 12515:. The Telegraph. 3 December 2012 12505: 12483: 12391: 12374: 12353: 12321: 12292: 12256: 12108: 12087: 12070: 12056: 12030: 12004: 11962: 11940: 11864: 11810: 11774: 11696: 11679: 11665: 11603: 11549:(in Greek). Athens. 1 April 2016 11465: 11433: 11421:. Eurozone Portal. 16 March 2013 11411: 11364: 11342: 11295: 11219: 11197: 11183:"Financial assistance to Greece" 11081: 11064: 11046: 11020: 11005: 10931: 10905: 10893:. London. Reuters. 16 March 2013 10879: 10847: 10821: 10790: 10763: 10737: 10689: 10667: 10641: 10590: 10571: 10522: 10503: 10463: 10423: 10391: 10348: 10309: 10276: 10257: 10237:Sills, Ben (30 September 2012). 10193: 10174:"Spain Pours Billions into Bank" 10165: 10132: 10110: 10091: 10045: 10030: 10004: 9982: 9925: 9899: 9888: 9862: 9836: 9809: 9783: 9756: 9734: 9707: 9693: 9672: 9646: 9598: 9578:"Euro Plus Monitor 2011 (p. 55)" 9570: 9544: 9490: 9443: 9423: 9398: 9349: 9326: 9162: 9048: 9034: 8974: 8882: 8672:. Simon & Schuster. P. 204. 8405:"Greek aid will go to the banks" 8107:Willem Sels (27 February 2012). 7999:Taylor, Paul (22 January 2012). 7944:Nouriel Roubini (28 June 2010). 7769:"Youth unemployment, 2012Q4 (%)" 7438:. Sueddeutsche. 13 February 2012 7016:"Eurostat (budget deficit data)" 6001: 5913: 5899: 5843:Greek legislative election, 2012 5015: 4300:has been gradually to implement 4176:"A Manifesto for Economic Sense" 3886:Long Term Refinancing Operations 3604:Brussels agreement and aftermath 3424:(reliant on funds raised by the 2296:< 60% to Maastricht criteria; 2241:Cypriot House of Representatives 1894:National Asset Management Agency 1668:Critics such as the director of 1183:< 60% to Maastricht criteria; 561:, often also referred to as the 90:to read and navigate comfortably 75: 36: 25395:National parties by affiliation 25238:Euronest Parliamentary Assembly 25218:Economic Partnership Agreements 23909:Western Union (1948–1954) 22757: 22255:2007 Chinese stock bubble crash 21581:Danish state bankruptcy of 1813 20879:, 1 November 2011 7:28 pm. 20208:. Bloomberg.com. Archived from 19852:Butler, Eamonn (13 June 2010). 19829:. 12 April 2011. Archived from 19552:American Bankruptcy Law Journal 19404:"Sympathy for the Radical Left" 19343:. Bloomberg L.P. Archived from 19221:Steven Erlanger (20 May 2012). 19010:Bowers, Simon (2 August 2011). 18941:Charles Forelle (19 May 2012). 18684:Wearden, Graeme (19 May 2010). 18595:Alex Stevenson (2 March 2010). 18316:Samuel Jaberg (16 April 2011). 17488:Emma Thomasson (27 July 2012). 17138:Ronald Jansse (28 March 2012). 15974:Mathew O'Brien (7 March 2013). 14342:Baker, Luke (9 December 2011). 14286:Pidd, Helen (2 December 2011). 13702:. Bloomberg L.P. Archived from 13338:Jolly, David (5 January 2011). 13314:"A Mixed Day for European Debt" 13108:. Bloomberg.com. Archived from 13081:. Bloomberg L.P. Archived from 13077:McDonald, Sarah (10 May 2010). 13054:. Bloomberg L.P. Archived from 13005:. Bloomberg L.P. Archived from 12978:. Bloomberg L.P. Archived from 12951:. Bloomberg L.P. Archived from 12924:. Bloomberg L.P. Archived from 12825:. Bloomberg L.P. Archived from 12746:Hamish Risk (25 January 2011). 12711:. Bloomberg L.P. Archived from 12677:from the original on 8 May 2014 11441:"Eurogroup Statement on Cyprus" 11419:"Eurogroup Statement on Cyprus" 11394:"Eurogroup Statement on Cyprus" 11158:. Ec.europa.eu. 31 January 2013 10956:"Eurogroup Statement on Cyprus" 10774:. Bloomberg L.P. Archived from 10473:. Diario de Avisos. 9 June 2012 10283:Mamta Badkar (26 August 2011). 10241:. Bloomberg.com. Archived from 10159:"Looking at Austerity in Spain" 10078:The Wall Street Journal Germany 9714:Melo, Eduardo (13 March 2003). 8725:. Willem Buiter. Archived from 8708: 8682: 8590: 8569: 8544: 8515: 8489: 8397: 8309: 8287: 8149: 8123: 8046: 8020: 7813: 7787: 7761: 7648: 7630: 7234: 7186: 7160: 7134: 7076:. Bloomberg L.P. Archived from 7065: 6862: 6822: 6810:"The Euro's PIG-Headed Masters" 6802: 6770: 6684: 6663: 6593: 6562: 6518: 6509: 6417: 6371: 6257:Press Release, 6 September 2012 5659:Finland's early 1990s recession 5305:Centro Nacional de Inteligencia 5195:, deputy leader of the leading 4334:, i.e. lowering their relative 4158:Less austerity, more investment 3846:became the second German after 2312:> 60% to Maastricht criteria 2243:on 30 April 2013. It includes: 1649:deal ever done, affecting some 1620:Eurozone National Central Banks 92:. When this tag was added, its 25400:Presidents of the institutions 25196:European Higher Education Area 24774:International status and usage 24568:Agencies of the European Union 24301:European political foundations 22636:Chinese property sector crisis 22544:2015–2016 stock market selloff 22472:August 2011 stock markets fall 22383:2008–2011 Irish banking crisis 22080:1990s Swedish financial crisis 21829:Weimar Republic hyperinflation 21092:May Day protests across Europe 20904:OECD Economic Outlook-May 2012 20513:. Rtvslo.si. 20 September 2011 20147:. 21 June 2012. Archived from 20014:Goodman, Wes (30 March 2011). 19771:. 26 June 2005. Archived from 19320:. EUobserver. 9 September 2011 19151:Mattich, Alen (10 June 2011). 18888:Kashyap, Anil (10 June 2011). 18597:"Soros and the bullion bubble" 18433:Congressional Research Service 18326:Swiss Broadcasting Corporation 17783:. 23 June 2011. Archived from 17084:. 9 March 2012. Archived from 15824:Krugman, Paul (2 March 2009). 15591:Federal Reserve Bank of Boston 15541:"Pour une dévaluation fiscale" 15380:. Die Presse. 19 November 2012 14802:Brad Plumer (12 October 2012) 13725:Lesova, Polya (5 March 2010). 13050:Nazareth, Rita (10 May 2010). 12974:Moses, Abigail (10 May 2010). 12947:Jenkins, Keith (10 May 2010). 10855:"Cyprus MoU 29 Nov to EWG.doc" 10222:Jonathan Weil (14 June 2012). 9816:Cambon, Diane (27 June 2008). 9703:. Business ETC. 13 March 2013. 9044:. Newsbomb.gr. 6 October 2014. 8812:. Ekathimerini. 5 October 2012 8411:. 9 March 2012. Archived from 7970:Kollewe, Julia (13 May 2012). 7742:. 1 March 2012. Archived from 7467:. 9 March 2012. Archived from 7465:Hellenic Statistical Authority 7198:The Observer at Boston College 6345: 6290: 6260: 6047: 5544: 5466:Breakup vs. deeper integration 5462:in the current configuration. 5325: 5245:European Supervisory Authority 5221:Capital Requirements Directive 5080:Treaties of the European Union 4255:and Sony Kapoor of the global 4208:'s attempt in 1930 during the 3989:intergovernmental organisation 3455:Reception by financial markets 3332:National Pensions Reserve Fund 1925:downgraded the banks' debt to 1150:European debt crisis contagion 645:Outright Monetary Transactions 567:European sovereign debt crisis 325:2008–2009 Keynesian resurgence 18:European sovereign-debt crisis 13: 1: 25480:Economy of the European Union 25191:European Common Aviation Area 24646:Charter of Fundamental Rights 24619:European Union Military Staff 24519:European University Institute 24308:Council of the European Union 22909:Economy of the European Union 22709:List of sovereign debt crises 22651:2022 Russian financial crisis 22348:2008 Latvian financial crisis 22341:U.S. bear market of 2007–2009 22219:Stock market downturn of 2002 22160:1998 Russian financial crisis 22013:1983 Israel bank stock crisis 21179:Société Générale trading loss 21098:French pension reform strikes 20733:10.1080/01442872.2014.1000846 19402:Ross Douthat (16 June 2012). 18566:Sean O'Grady (2 March 2010). 16391:. 6 June 2012. Archived from 16349:Floyd Norris (15 June 2012). 16323:Ralph Atkins (14 June 2012). 16218:10.1080/13501763.2017.1310278 16065:. Euro-nomics. Archived from 15715:. Spring 2013. Archived from 15499:Keynes, John Maynard (1998). 15307:Neil Buckley (28 June 2012). 15126:"Current account balance (%)" 14556:Gavyn Davies (29 June 2012). 14020:. Euromoney. 29 February 2012 13698:Lanman, Scott (10 May 2010). 13386:. Movisol.org. Archived from 11308:. Eurogroup. 13 December 2012 11207:. RiaNovosti. 26 January 2012 11088:FactsMaps (4 February 2018). 11012:Nelson, Eshe (18 June 2014). 10718:James Wilson (25 June 2012). 10510:Matina Stevis (6 July 2012). 10407:. 12 May 2010. Archived from 9939:The Christian Science Monitor 9525:Hayes, Cathy (21 July 2011). 8216:. Sueddeutsche. 17 April 2012 7168:"Fourth raft of new measures" 6315:10.1080/13563467.2017.1370445 6110:Comparative Political Studies 6014: 5954:Federal Reserve Economic Data 5939:Stock market crashes in India 5790:early elections in March 2012 5770:December 2011 early elections 4958:(inefficient and unjust) and 4665: 4494:social security contributions 4433:financial crisis in 2008–2011 4419:. Indian-American journalist 4168:Keynesian' financial policies 3619:European Commission president 3272:and €1 billion from the 2038:structural and cohesion funds 2010:According to a report by the 1788:"Midterm fiscal plan 2013–16" 1552:to appoint non-MP technocrat 1156:Public debt in 2009 (source: 634:(EFSF) in early 2010 and the 395:Troubled Asset Relief Program 345:Economic Stimulus Act of 2008 25186:European Political Community 25032:European Banking Supervision 24524:European Stability Mechanism 23039:2 € commemorative coins 22873:European Stability Mechanism 22411:Greek government-debt crisis 22248:2004 Argentine energy crisis 22205:2001 Turkish economic crisis 22094:1990s Armenian energy crisis 22087:1990s Finnish banking crisis 21948:1976 British currency crisis 21918:1973–1974 stock market crash 17107:Robert Reich (10 May 2011). 16683:(in German). 27 January 2017 16275:10.1080/13501763.2014.988638 15738:Grabel, Ilene (1 May 1998). 14528:"EURO AREA SUMMIT STATEMENT" 13491:. Bbc.co.uk. 1 November 2011 13001:Kearns, Jeff (10 May 2010). 12848:Traynor, Ian (10 May 2010). 11516:European Stability Mechanism 11446:. Eurogroup. 25 March 2013. 10120:. Epp.eurostat.ec.europa.euz 9932:Andres Cala (7 April 2011). 8082:"Q&A: Greek debt crisis" 6871:"Euro-Zone Bonds Find Favor" 6352:Chiara Casi (January 2019). 5743:José Luis Rodríguez Zapatero 5729:early elections in June 2011 5634:European Stability Mechanism 5475:and former French president 5301:José Luis Rodríguez Zapatero 5269:World Pensions Council (WPC) 5213:World Pensions Council (WPC) 5167:ANA – Aeroportos de Portugal 4846:European Stability Mechanism 4775: 4747:European Banking Supervision 4695:Proposed long-term solutions 4364:EU financial transaction tax 4259:Re-Define suggest providing 4193:Portugal's leftist coalition 4052:EU financial transaction tax 3959:European Stability Mechanism 3563:budget of the European Union 3529:European Stability Mechanism 3307:European Banking Supervision 3270:European Stability Mechanism 2226:EU minimum deposit guarantee 2218:European Stability Mechanism 2140:Nevertheless, in June 2012, 1801:European Stability Mechanism 1780:Greek government-debt crisis 1594:an exit would lead to a 60% 1381:Greek government-debt crisis 681:European debt to GDP ratios 636:European Stability Mechanism 452:Royal Bank of Scotland Group 417:American International Group 7: 25495:2010s in the European Union 25490:2000s in the European Union 25258:Union for the Mediterranean 25037:Single Resolution Mechanism 24976:Vehicle registration plates 24930:Migration and asylum policy 24909:Potential superpower status 23546:European Monetary Institute 22567:2017 Sri Lankan fuel crisis 22233:2003 Myanmar banking crisis 22226:2002 Uruguay banking crisis 22146:1997 Asian financial crisis 22073:1991 Indian economic crisis 22065:Rhode Island banking crisis 22035:Cameroonian economic crisis 21821:Early Soviet hyperinflation 21434:Crisis of the Third Century 20857:Economist Intelligence Unit 20477:Ross, Emma (29 July 2011). 17984:(Q4): 19–22. Archived from 17781:Financial Times Deutschland 17540:Luke, Baker (6 July 2011). 17026:"Die grüne Vermögensabgabe" 16576:. Spiegel. 24 November 2011 16139:"Start the Engines, Angela" 14947:Wolf, Martin (1 May 2012). 14931:"Europe can't cut and grow" 14058:Jack Ewing (16 June 2012). 12000:. Latvian Finance Ministry. 11599:. Marketall. 16 March 2012. 10264:La Rioja (24 August 2011). 9934:"Portugal requests bailout" 9359:. The Journal. 10 June 2011 8641:Ross, Alice (14 May 2012). 7215:Judy Dempsey (5 May 2010). 6466:10.13140/RG.2.2.23914.24001 5934:1991 Indian economic crisis 5892: 5747:early elections in November 5687:International Monetary Fund 5338:of worsening the crisis by 5175:Redes Energéticas Nacionais 5118:The international US-based 4812:A group of economists from 4751:Single Resolution Mechanism 4488:in 1931. According to this 4356:International Monetary Fund 4263:in additional funds to the 3947:Memorandum of Understanding 3430:International Monetary Fund 3274:International Monetary Fund 2537:2013-05-13 until 2016-03-31 1956: 1809:snap parliamentary election 1579:hit 16.1 per cent in 2012. 1471:International Monetary Fund 1447:monetary policy flexibility 1428:financial crisis of 2007–08 1308:International Monetary Fund 1053:that have since burst; the 1047:financial crisis of 2007–08 889:Portuguese financial crisis 607:International Monetary Fund 102:content into sub-articles, 62:Proposed since August 2024. 45:It has been suggested that 10: 25596: 25575:2013 in the European Union 25570:2012 in the European Union 25565:2011 in the European Union 25560:2010 in the European Union 25555:2009 in the European Union 25201:EU/ESA Framework Agreement 24899:Differentiated integration 24465:European Court of Auditors 24296:European political parties 23400:Other extant EU currencies 23246:Monetary agreement with EU 22598:Sri Lankan economic crisis 22456:Energy crisis in Venezuela 22435:2009 Dubai debt standstill 22285:2007–2008 financial crisis 21940:Latin American debt crisis 21703:Paris Bourse crash of 1882 20820:The EU Crisis Pocket Guide 18991:Anne Jolis (19 May 2012). 18960:Lee Harris (17 May 2012). 15912:"Fatal Fiscal Attractions" 15509:Cambridge University Press 15232:. translated by Paul Cohen 12334:. World Bank. April 2014. 11399:. Eurogroup. 12 April 2013 10961:. Eurogroup. 25 March 2013 10699:. Datos macro. 18 May 2018 8472:"Greece: Costing the exit" 6587:10.1007/s00182-020-00722-4 6396:10.1007/s11558-020-09388-9 5772:were set, following which 5548: 5422:British discount retailer 5371: 5019: 4843: 4805: 4779: 4744: 4717: 4698: 4627:balance of payments crisis 4408: 4077: 4006: 3956: 3877: 3750:It reactivated the dollar 3709: 3549: 3405: 2186: 2103: 1960: 1850: 1846: 1378: 1143: 1035:balance-of-payments crisis 658: 201:2007–2008 financial crisis 137:Long-term interest rates ( 25485:Great Recession in Europe 25475:Economic crises in Europe 25470:2010s in economic history 25418: 25370: 25318:House of European History 25306: 25297: 25152: 24940:European Judicial Network 24917: 24831: 24822: 24810:Health expense per person 24739: 24730: 24631: 24599: 24576: 24560: 24537: 24484: 24457:Supreme audit institution 24455: 24420: 24390: 24333: 24244: 24235: 24226: 24151: 24142: 24100: 24042: 24007: 23984: 23967: 23949: 23931: 23922: 23899: 23892: 23844: 23835: 23750: 23725: 23594: 23574: 23481: 23472: 23432: 23408: 23397: 23373:Countries and territories 23370: 23320: 23302:Saint Pierre and Miquelon 23281: 23244: 23131: 23124: 23072: 23044:Other commemorative coins 22989: 22982: 22949: 22896: 22868:Stability and Growth Pact 22860: 22814: 22766: 22689: 22666:2022 stock market decline 22658:Pakistani economic crisis 22644:2021–2023 inflation surge 22590:Lebanese liquidity crisis 22559:Venezuelan hyperinflation 22551:Brexit stock market crash 22500:Venezuela economic crisis 22422: 22272: 22262:Zimbabwean hyperinflation 21972: 21890: 21861: 21845:Wall Street Crash of 1929 21808: 21685:2nd Industrial Revolution 21683: 21619: 21519:1st Industrial Revolution 21517: 21444: 21422: 21277: 21223: 21197: 21129: 21078: 21042: 21035: 20974: 20850:topic page updated daily. 18774:"The Failure of the Euro" 18749:"Maastricht and All That" 18718:New Economic Perspectives 18096:"Conspiracy and the euro" 17564:Moody's Investors Service 16351:"Federalism by Exception" 15327:"Wir sitzen in der Falle" 14674:. Toronto. Archived from 14323:. London. 2 December 2011 12673:. ESM. 31 December 2013. 12647:. ESM. 31 December 2013. 12066:. EurActiv. 13 June 2014. 10675:"Spain Unemployment Rate" 10622:FT writers (9 May 2013). 10358:. EUObserver. 12 May 2010 9992:. Eurostat. December 2016 8955:FT Writers (9 May 2013). 7795:"Unemployment statistics" 6456:Zhorayev, Olzhas (2020). 5964:Great Recession in Europe 5701:, the resignation of the 5100:Stability and Growth Pact 5084:government budget deficit 4429:depreciating the currency 4344:Stability and Growth Pact 4322:balanced budget amendment 4310:Stability and Growth Pact 4023:Stability and Growth Pact 3929:On 6 September 2012, the 2182: 2005:Stability and Growth Pact 1740:return to the bond market 1558:national union government 1374: 754:Great Recession in Europe 654: 25545:2013 in economic history 25535:2012 in economic history 25525:2011 in economic history 25515:2010 in economic history 25465:2009 in economic history 24509:European Investment Fund 24504:European Investment Bank 23726:Former fiscal provisions 23496:European Monetary System 23286:using euro per agreement 22327:Subprime mortgage crisis 21990:Brazilian hyperinflation 21962:Brazilian hyperinflation 21799:Financial crisis of 1914 21507:Mississippi bubble crash 18927:8 September 2011 at the 18872:"I'll buy the Acropolis" 17977:Revue Analyse Financière 17708:Revue Analyse Financière 15892:"Starker Mann, was nun?" 15680:"Euro Plus Monitor 2011" 15278:"CNN Fareed Zakaria GPS" 14980:"Euro Plus Monitor 2012" 14617:. London. Archived from 12797:"European Markets Surge" 12563:. ESM. 5 February 2013. 11687:"FAQ document on Greece" 11616:. EFSF. 22 January 2013. 10919:. Reuters. 18 March 2013 9450:EU unveils Irish bailout 8437:Whittaker, John (2011). 7904:. Springer. p. 99. 6526:"Budget 2009 in figures" 6122:10.1177/0010414016633227 5994: 5837:against, Papandreou and 5275: 5227:, e.g. when gauging the 5211:Think-tanks such as the 4915:is more than 85% of GDP. 4850:On 20 October 2011, the 4638:German finance minister 4405:Increase competitiveness 4360:European Investment Bank 4274:EU savings tax directive 4265:European Investment Bank 4198:University of St. Gallen 4046:, who demanded that the 3646:balance sheet recessions 3520:in leveraged firepower. 2263:Privatization programme. 2099: 2042:subprime mortgage crisis 1538:December 2011 referendum 1422:associated with a large 1346:. In September 2011 the 1292:current account deficits 1043:globalisation of finance 966:Spanish financial crisis 964:Spain bond rates during 181:Subprime mortgage crisis 25213:European Peace Facility 24440:System of Central Banks 23375:using euro unilaterally 22888:European Fiscal Compact 22702:List of economic crises 22620:2020 stock market crash 22613:Financial market impact 22582:Turkish economic crisis 22197:9/11 stock market crash 22153:October 1997 mini-crash 22124:1994 bond market crisis 22116:Yugoslav hyperinflation 22027:Savings and loan crisis 21628:European potato failure 20824:Transnational Institute 19992:The Wall Street Journal 19914:The Wall Street Journal 19883:"Britain's hidden debt" 19158:The Wall Street Journal 18997:The Wall Street Journal 18786:(January/February 2012) 18444:(see CRS-43 on page 47) 18318:"Dollar faces collapse" 16890:Boston Consulting Group 14872:"Investment (% of GDP)" 14045:The Wall Street Journal 13363:The Wall Street Journal 13318:The Wall Street Journal 12801:The Wall Street Journal 11120:. EFSF. 3 August 2012. 10179:The Wall Street Journal 9378:Lewis, Michael (2011). 6850:. ECB. 13 November 2012 5655:asset-backed securities 5502:Austro-Hungarian Empire 5444:The Wall Street Journal 5434:The Wall Street Journal 4932:Boston Consulting Group 4720:European Fiscal Compact 4330:structural reforms and 4296:, the focus across all 4294:Global Financial Crisis 4204:'s attempt in 1925 and 4138:National Bank of Greece 4009:European Fiscal Compact 4003:European Fiscal Compact 2329:global financial crisis 2047:In the summer of 2010, 2036:creation, and European 1756:(duration = 2 quarters) 1748:Global Financial Crisis 1498:third austerity package 1481:" status amid fears of 1364:various policy measures 1355:concerns about further 1140:Evolution of the crisis 573:that took place in the 160:Part of a series on the 25323:2012 Nobel Peace Prize 25169:European Economic Area 25027:European banking union 24904:Privileged partnership 24759:Government procurement 23602:European Currency Unit 23288:without minting rights 22784:European banking union 22695:List of banking crises 22464:Syrian economic crisis 22397:Blue Monday Crash 2009 22006:Chilean crisis of 1982 21837:Shōwa financial crisis 21643:Highland Potato Famine 21499:South Sea bubble crash 21290:Commodity price shocks 21174:Irish emergency budget 21110:March for a Better Way 20674:CEPR Discussion Papers 20310:STT (27 August 2012). 19619:Cite journal requires 19498:. 2011. Archived from 19258:Bloomberg BusinessWeek 18916:4 October 2011 at the 18754:London Review of Books 16469:. SSRN. 15 July 2013. 16181:Cite journal requires 15100:"European Wage Update" 15042:. London. 22 July 2012 14245:12 August 2011 at the 13651:Bloomberg Businessweek 12776:. UK. 29 November 2011 12471:. ESM. 7 December 2012 12240:. IMF. 20 March 2013. 11806:. ESM. 19 August 2015. 10404:Bloomberg BusinessWeek 10379:Cite journal requires 8551:Henning, C.R. (2017). 8318:"Hellenic Observatory" 7325:. UPI. 3 November 2011 7093:Cite journal requires 6481:Cite journal requires 5929:2000s commodities boom 5678: 5615:Collateral for Finland 5380:Modern Monetary Theory 5120:credit rating agencies 5115: 5106:Credit rating agencies 5005: 4889: 4856:European Monetary Fund 4840:European Monetary Fund 4816:suggest a new form of 4650:Mobilisation of credit 4584: 4569: 4544: 4513:unemployment insurance 4448: 4379: 4292:In the turmoil of the 4220: 4018: 3747:the ECB can sterilise. 3733:open market operations 3707: 3655: 2250:Implementation of the 2198: 2115: 1992: 1985:gross domestic product 1972: 1881: 1874:gross domestic product 1862: 1770:Q3-2009 until Q4-2013 1760:Q2-2008 until Q1-2009 1754:Q3-2007 until Q4-2007 1665: 1550:Popular Orthodox Rally 1418: 1410: 1403:gross domestic product 1390: 1250: 1236: 1228: 1219: 1208:no data/not in the EU. 1134:tragedy of the commons 1030: 992: 957: 921: 877: 827: 745: 674: 281:G-20 Washington summit 154: 25268:Free trade agreements 25110:Health Insurance Card 25044:Capital Markets Union 24894:Democratic legitimacy 24864:Optimum currency area 24685:Legislative procedure 24430:European Central Bank 23773:European Union portal 23322:Potential adoption by 23312:Akrotiri and Dhekelia 23059:Europa coin programme 22822:European Central Bank 22779:Capital Markets Union 22020:Black Saturday (1983) 21874:Kennedy Slide of 1962 21446:Commercial revolution 21142:European social model 18713:"Can Greece survive?" 18486:European Central Bank 17988:on 17 September 2011. 17710:, 10 Nov 2011/Q1 2012 17113:Social Europe Journal 16946:Tschüss, Kapitalmarkt 16618:10.1093/epolic/eix004 16063:"European Safe Bonds" 15826:"Revenge of the Glut" 14809:11 March 2016 at the 14180:, European Parliament 13509:Thomas, Landon, Jr., 13167:"The Spanish patient" 11727:. IMF. 10 June 2014. 11060:on 28 September 2015. 9126:. ECB. 4 October 2012 8239:"Eurogroup statement" 7204:on 12 September 2012. 6424:Nugent, Neil (2017). 6303:New Political Economy 6297:last1: Perez (2017). 6255:European Central Bank 5944:Corporate debt bubble 5907:European Union portal 5676: 5431:the longevity now". 5397:optimum currency area 5372:Further information: 5332:financial speculators 5294:Greek Prime Minister 5225:European Central Bank 5128:Standard & Poor's 5113: 5098:members there is the 5052:European Central Bank 4887: 4825:European Central Bank 4714:European fiscal union 4582: 4567: 4542: 4502:ecological tax reform 4446: 4377: 4218: 4172:deflationary policies 4016: 3718:European Central Bank 3705: 3698:European Central Bank 3650: 3588:Standard & Poor's 3540:Standard & Poor's 3418:European Central Bank 3265:anti-money laundering 2323:EU emergency measures 2252:anti-money laundering 2196: 2113: 1978: 1970: 1868: 1860: 1817:Athens Stock Exchange 1663: 1522:European Central Bank 1475:Standard & Poor's 1416: 1396: 1388: 1316:European Central Bank 1248: 1234: 1225: 1216: 998: 963: 928:Ireland bond prices, 927: 883: 833: 751: 680: 668: 630:measures such as the 603:European Central Bank 136: 25510:Stock market crashes 25380:Books on the subject 25243:EU Gateway Programme 25206:EU/ESA Space Council 25164:Neighbourhood Policy 25122:Regional development 25088:Environmental policy 25078:Educational policies 25005:Neighbourhood Policy 24849:Intergovernmentalism 24839:European integration 24754:Community preference 24705:Enhanced cooperation 24690:Citizens' Initiative 24529:Unified Patent Court 24380:Directorates-General 24171:Environmental issues 23595:Preceding currencies 23561:European debt crisis 22951:International status 22574:Ghana banking crisis 22404:European debt crisis 22189:Dot-com bubble crash 22101:Cuban Special Period 21560:Copper Panic of 1789 21465:The Great Debasement 21457:Great Bullion Famine 21229:European debt crisis 21152:Irish banking crisis 20845:European Debt Crisis 20115:on 24 September 2011 19733:"The Euro PIIGS out" 19588:10.2139/ssrn.1738539 19502:on 13 September 2012 17526:on 29 November 2013. 16892:. 23 September 2011. 16475:10.2139/ssrn.2294100 15805:. Federalreserve.gov 15276:(10 November 2011). 15085:. 29 September 2010. 11770:. ESM. 17 July 2015. 11756:. IMF. 14 July 2015. 11706:. IMF. 18 July 2015. 11692:. ESM. 13 July 2015. 11675:. ESM. 30 June 2015. 10245:on 30 September 2012 9439:. 30 September 2010. 9089:on 14 November 2014. 7590:Sueddeutsche Zeitung 5766:motion of confidence 5708:and the rise of the 5261:Bertelsmann Stiftung 5171:Energias de Portugal 5147:St Gallen University 5076:convergence criteria 5070:Convergence criteria 5030:EU treaty violations 4814:Princeton University 4453:internal devaluation 4439:Internal devaluation 4332:internal devaluation 4099:Banks recapitalised 3860:ECB's bond purchases 3538:On 13 January 2012, 3516:or an equivalent of 3449:fiscal consolidation 2130:Spanish Constitution 2124:estate investments. 2094:Banco Espírito Santo 2026:Carnation Revolution 1281:competitive weakness 1125:financial regulation 930:Inverted yield curve 559:European debt crisis 216:European debt crisis 55:into this article. ( 25405:Terrorist incidents 25233:Eastern Partnership 25174:EEA Joint Committee 25093:European Green Deal 25063:Agricultural policy 24869:Supranational union 24360:European Commission 24318:General Secretariat 24254:European Parliament 24209:Special territories 24009:Financial stability 23576:Previous EU members 23490:Snake in the tunnel 22941:Euro Currency Index 22530:2015 Nepal blockade 22240:2000s energy crisis 22138:Mexican peso crisis 22043:Black Monday (1987) 21903:1970s energy crisis 21863:Post–WWII expansion 21537:Bengal bubble crash 21332:Financial contagion 21147:Icelandic outvasion 20832:(October 2011 data) 20291:on 19 February 2012 20151:on 20 November 2012 18947:Wall Street Journal 18391:on 13 December 2018 18297:on 22 February 2010 18290:The Daily Telegraph 18265:on 21 February 2010 18184:on 28 February 2010 17757:on 4 September 2012 17751:Europa (web portal) 17725:Europa (web portal) 17449:The Daily Telegraph 17392:The Daily Telegraph 17088:on 9 September 2012 17036:on 22 January 2011. 16806:The Financial Times 16445:European Commission 16329:The Financial Times 15955:on 26 February 2013 15864:(6 December 2011). 15781:"CIA Factbook-Data" 15767:The Washington Post 15719:on 27 November 2018 15665:on 7 November 2012. 15632:on 15 November 2012 15582:(18 October 2012). 15464:The Huffington Post 14814:The Washington Post 14433:The Washington Post 14374:European Commission 13293:on 24 February 2013 13104:Stearns, Jonathan. 12040:. IMF. 2 May 2014. 11233:. 10 October 2011. 10697:"Spain Public Debt" 10584:Wall Street Journal 10516:Wall Street Journal 10342:Wall Street Journal 9895:Bond credit ratings 9877:13 May 2013 at the 9851:13 May 2013 at the 9476:Süddeutsche Zeitung 9218:. 29 December 2014. 9176:. 16 November 2014. 9030:. IMF. 9 June 2014. 8913:European Commission 8895:Wall Street Journal 8602:Wall Street Journal 8584:Wall Street Journal 8577:"Office Memorandum" 8451:on 25 November 2011 8415:on 9 September 2012 8305:on 30 January 2016. 8111:. Investment Europe 7539:on 16 February 2012 7501:European Commission 7248:on 30 December 2014 7194:"Revisiting Greece" 7080:on 2 February 2014. 6875:Wall Street Journal 5806:, of the long-time 5736:April 2011 election 5605:creative accounting 5490:Jean-Claude Trichet 5460:inflation targeting 5452:quantitative easing 5362:naked short selling 5320:government deficits 5282:conspiracy theories 5197:Christian Democrats 5152:Standard & Poor 4829:European Commission 4818:European Safe Bonds 4802:European Safe Bonds 4735:Jean-Claude Trichet 4731:Deutsche Bundesbank 4729:, President of the 4656:Markus Brunnermeier 4598:balance of payments 4486:John Maynard Keynes 4459:. German economist 4279:Tax Justice Network 3997:financial contagion 3985:European Commission 3856:Jean-Claude Trichet 3852:Deutsche Bundesbank 3842:In September 2011, 3832:quantitative easing 3791:Swiss National Bank 3673:in western Europe. 3622:José Manuel Barroso 3559:European Commission 3495:Usage of EFSF funds 3426:European Commission 2633:130.9 out of 144.6 1989:European Commission 1878:European Commission 1632:Deutsche Bundesbank 1624:Greek national bank 1546:New Democracy party 1518:European Commission 1407:European Commission 1348:Swiss National Bank 1312:European Commission 1268:European Commission 1266:. At the time, the 1259:structural deficits 1158:European Commission 1084:Maastricht criteria 1051:real estate bubbles 569:, was a multi-year 186:2000s energy crisis 94:readable prose size 25580:Barroso Commission 25253:Northern Dimension 25000:Enlargement Policy 24942:(criminal matters) 24854:Multi-speed Europe 24547:European Ombudsman 24203:(first-level NUTS) 24186:Larger urban zones 23785:Numismatics portal 23607:Austrian schilling 23284:Non-EU territories 22959:Proposed eurobonds 21792:Panic of 1910–1911 21636:Great Irish Famine 21574:Panic of 1796–1797 21413:Stock market crash 20839:Economist Magazine 20767:10.1111/jcms.12249 20609:. 14 February 2012 20587:. 12 February 2012 20457:The New York Times 19995:. 26 November 2012 19941:. 28 November 2002 19713:. 19 February 2010 19685:. 22 February 2010 19408:The New York Times 19298:on 9 December 2011 19265:on 8 February 2011 19227:The New York Times 19132:on 12 October 2009 19103:The New York Times 18972:on 3 November 2012 18747:(8 October 1992). 18488:. 19 February 2010 18127:. 15 February 2010 17500:on 30 January 2016 17282:The New York Times 17054:on 17 October 2018 16355:The New York Times 16086:The New York Times 15830:The New York Times 15713:The Lisbon Council 15686:. 15 November 2011 15684:The Lisbon Council 15408:. 24 February 2013 15333:. 18 February 2012 15200:on 30 January 2016 14986:. 29 November 2012 14984:The Lisbon Council 14953:The New York Times 14937:, 6 February 2012. 14925:Kapoor, Sony, and 14678:on 3 February 2013 14672:The Globe and Mail 14647:on 5 November 2012 14588:The New York Times 14507:The New York Times 14381:on 22 October 2012 14064:The New York Times 13969:The New York Times 13828:The New York Times 13793:. BBC. 5 June 2014 13760:. 23 November 2010 13627:. 28 November 2011 13601:. 13 February 2012 13547:. ECB. 10 May 2010 13515:The New York Times 13344:The New York Times 13144:on 22 January 2011 13031:. BBC. 10 May 2010 12715:on 24 January 2011 10867:on 24 January 2013 10778:on 4 December 2012 10564:The New York Times 10146:. 5 November 2013. 9883:Diário de Notícias 9857:Diário de Notícias 9660:. 14 December 2013 9634:. Ireland News.Net 9586:. 15 November 2011 8248:. 21 February 2012 8163:. 29 February 2012 8034:. 12 December 2011 8032:The New York Times 8006:The New York Times 7852:on 9 February 2012 7822:The New York Times 7503:. 23 February 2012 7276:The New York Times 7221:The New York Times 7121:The New York Times 6987:Competition master 6790:on 18 October 2011 6430:Palgrave Macmillan 6222:The New York Times 5792:, following which 5764:government lost a 5679: 5645:call new elections 5518:fiscal integration 5450:low and engage in 5364:for a few months. 5116: 5092:protocol 12 and 13 5035:No bail-out clause 4890: 4585: 4570: 4545: 4482:fiscal devaluation 4476:Fiscal devaluation 4449: 4380: 4327:structural deficit 4221: 4066:. John Rentoul of 4039:have ratified it. 4019: 3888:(LTROs) it loaned 3866:, while Belgium's 3708: 3148:July 2012-Dec.2013 2666:(proportion of 86, 2640:215.9 out of 245.6 2278:The World Factbook 2203:Greek debt haircut 2199: 2155:structural deficit 2116: 2013:Diário de Notícias 1993: 1973: 1882: 1863: 1736:structural surplus 1690:leave the eurozone 1666: 1647:debt restructuring 1626:through the ECB's 1577:unemployment ratio 1573:youth unemployment 1424:structural deficit 1419: 1411: 1391: 1273:debt-to-GDP ratios 1251: 1237: 1229: 1220: 1097:sovereign defaults 1031: 993: 990: 3 month bond 978: 10 year bond 972: 20 year bond 958: 943: 10 year bond 937: 15 year bond 922: 919: 3 month bond 901: 10 year bond 895: 30 year bond 878: 828: 746: 675: 299:G-20 London Summit 155: 25447: 25446: 25366: 25365: 25353:Telephone numbers 25293: 25292: 25068:Cultural policies 24818: 24817: 24805:Unemployment rate 24627: 24626: 24487:international-law 24480: 24479: 24470:Secretary-General 24222: 24221: 24181:Geographic centre 24138: 24137: 24038: 24037: 23980: 23979: 23794: 23793: 23746: 23745: 23692:Portuguese escudo 23468: 23467: 23277: 23276: 23120: 23119: 23049:Identifying marks 22904:Economy of Europe 22861:Fiscal provisions 22725: 22724: 22606:COVID-19 pandemic 21491:Tulip mania crash 21482:Kipper und Wipper 21459:(c. 1400–c. 1500) 21237: 21236: 21125: 21124: 20925:, Paul Blustein, 20894:NPR, October 2011 20841:, 9 February 2011 20749:Nedergaard, Peter 20710:Nedergaard, Peter 20421:Helsingin Sanomat 19743:on 20 August 2011 19659:Missing or empty 19532:978-960-14-2409-5 19444:. 13 October 2011 19347:on 7 October 2011 18922:Marshall Auerback 18358:. 4 December 2011 18239:. 9 February 2010 18020:. 6 February 2010 17362:. 28 January 2009 17217:Verhelst, Stijn. 17006:on 11 August 2011 16655:. 25 October 2011 16421:. 19 October 2012 16125:National Archives 15623:Banco de Portugal 15535:, Gilbert Cette, 15518:978-0-521-30766-6 15106:. 22 October 2011 13443:. 27 October 2011 13201:. 2 December 2011 12734:Europeanvoice.com 10655:. 22 January 2014 10315:Giles, Tremlett, 10161:. Cato Institute. 10018:. 30 January 2012 9970:on 5 October 2012 9611:Irish Independent 9456:, 2 December 2010 9391:978-0-393-08181-7 9062:. 6 October 2014. 9060:Irish Independent 8915:. 7 November 2012 8842:on 7 January 2013 8678:978-1-4767-0025-0 8562:978-0-19-252196-5 8088:. 9 February 2012 7929:The Vienna Review 7592:. 7 February 2012 7303:. 2 November 2011 6900:. 7 November 2013 6815:Project Syndicate 6679:978-3-642-41343-8 6628:. 22 January 2009 6605:www.forexblog.org 6439:978-1-137-45409-6 5886:François Hollande 5830:George Papandreou 5811:Silvio Berlusconi 5594:Maastricht Treaty 5316:external deficits 5041:Maastricht Treaty 5007:Wirtschaftswunder 4892:According to the 4873:percentage points 4640:Wolfgang Schäuble 4580: 4517:François Hollande 4457:unit labour costs 4202:Winston Churchill 4155: 4154: 4116:Allied Irish Bank 3399: 3398: 3231: 3230: 3197: 3196:Nov.2008-Aug.2018 3149: 3088: 3087:Oct 2013-Sep 2015 3026: 3025:Mar 2011-Jun 2013 2976:12.6 out of 13.6 2970: 2969:May 2009-Jun 2011 2935:24.3 out of 25.6 2914:26.5 out of 27.4 2908: 2907:May 2011-Jun 2014 2847: 2846:Dec.2008-Dec.2011 2786: 2785:Nov.2010-Dec.2013 2728: 2727:Nov.2008-Oct.2010 2703: 2671: 2659: 2658:Aug.2015-Aug.2018 2612:32.1 out of 48.1 2606: 2605:May 2010-Jun.2015 2541: 2540:May 2013-Mar.2016 2485: 2484:Dec.2011-Dec.2012 2467: 2463:Bailout in total 2460: 2451: 2442: 2433: 2424: 2415: 2406: 2393: 2384: 2151:debt-to-GDP ratio 2128:amendment to the 2090:Banco de Portugal 2074:According to the 2020:in state-managed 1916:, of which up to 1890:Brian Lenihan Jnr 1773: 1767: 1757: 1534:George Papandreou 1528:in October 2011 ( 1246: 1110:Maastricht Treaty 1076:Maastricht Treaty 1067:political economy 984: 2 year bond 955: 3 year bond 949: 5 year bond 913: 1 year bond 907: 5 year bond 555: 554: 409:Business failures 129: 128: 96:was 20,000 words. 69: 68: 64: 16:(Redirected from 25587: 25427: 25304: 25303: 25181:Energy Community 25100:Fisheries policy 24859:Neofunctionalism 24829: 24828: 24737: 24736: 24679:Official Journal 24666:Citizens' Rights 24405:Court of Justice 24343:European Council 24291:Political groups 24242: 24241: 24233: 24232: 24204: 24149: 24148: 23929: 23928: 23897: 23896: 23842: 23841: 23821: 23814: 23807: 23798: 23797: 23783: 23771: 23759: 23697:Sammarinese lira 23687:Monégasque franc 23677:Luxembourg franc 23672:Lithuanian litas 23541:Delors Committee 23530: 23524: 23519: 23513: 23508: 23502: 23479: 23478: 23445:Hungarian forint 23412: 23406: 23405: 23297:Saint Barthélemy 23129: 23128: 22987: 22986: 22964:Reserve currency 22752: 22745: 22738: 22729: 22728: 22718: 22711: 22704: 22697: 22682: 22675: 22668: 22661: 22653: 22646: 22639: 22629: 22622: 22615: 22608: 22601: 22593: 22585: 22577: 22569: 22562: 22554: 22546: 22539: 22532: 22525: 22518: 22510: 22503: 22495: 22488: 22481: 22474: 22467: 22459: 22451: 22444: 22437: 22413: 22406: 22399: 22392: 22385: 22378: 22371: 22364: 22357: 22350: 22343: 22336: 22329: 22322: 22315: 22308: 22301: 22294: 22287: 22265: 22257: 22250: 22243: 22235: 22228: 22221: 22214: 22207: 22200: 22192: 22184: 22176: 22169: 22162: 22155: 22148: 22141: 22133: 22126: 22119: 22111: 22104: 22096: 22089: 22082: 22075: 22068: 22060: 22052: 22045: 22038: 22030: 22022: 22015: 22008: 22001: 21993: 21979:Great Regression 21974:Great Moderation 21965: 21957: 21950: 21943: 21935: 21927: 21920: 21913: 21906: 21883: 21876: 21854: 21847: 21840: 21832: 21824: 21801: 21794: 21787: 21779: 21772: 21765: 21758: 21750: 21743: 21736: 21728: 21720: 21712: 21705: 21698: 21676: 21668: 21661: 21654: 21645: 21638: 21631: 21612: 21605: 21598: 21591: 21583: 21576: 21569: 21562: 21555: 21547: 21540: 21532: 21510: 21502: 21494: 21486: 21476: 21468: 21460: 21437: 21415: 21408: 21401: 21392: 21385: 21378: 21371: 21364: 21362:Liquidity crisis 21357: 21350: 21341: 21339:Social contagion 21334: 21327: 21320: 21313: 21306: 21299: 21292: 21285: 21271:Financial crises 21264: 21257: 21250: 21241: 21240: 21198:Related articles 21157:Anglo Irish Bank 21040: 21039: 20957: 20950: 20943: 20934: 20933: 20804: 20778: 20761:(5): 1094–1109. 20744: 20718: 20694: 20647: 20646: 20644: 20642: 20625: 20619: 20618: 20616: 20614: 20603: 20597: 20596: 20594: 20592: 20577: 20571: 20570: 20568: 20566: 20551: 20545: 20544: 20542: 20540: 20529: 20523: 20522: 20520: 20518: 20507: 20501: 20500: 20498: 20496: 20487:. Archived from 20474: 20468: 20467: 20465: 20463: 20448: 20442: 20441: 20439: 20437: 20432:on 16 April 2011 20428:. Archived from 20411: 20405: 20404: 20402: 20400: 20395:on 27 April 2011 20385: 20379: 20378: 20376: 20374: 20357: 20351: 20350: 20348: 20346: 20330: 20324: 20323: 20321: 20319: 20307: 20301: 20300: 20298: 20296: 20290: 20279: 20271: 20265: 20254: 20248: 20247: 20245: 20243: 20238:. 4 October 2011 20228: 20222: 20221: 20219: 20217: 20201: 20195: 20194: 20192: 20190: 20181:. Archived from 20170: 20161: 20160: 20158: 20156: 20131: 20125: 20124: 20122: 20120: 20111:. Archived from 20100: 20094: 20093: 20091: 20089: 20068: 20062: 20061: 20059: 20057: 20042: 20036: 20035: 20033: 20031: 20022:. 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Archived from 18618: 18612: 18611: 18609: 18607: 18592: 18586: 18585: 18583: 18581: 18563: 18557: 18556: 18554: 18552: 18547:. 9 October 2012 18537: 18531: 18530: 18528: 18526: 18520: 18513: 18504: 18498: 18497: 18495: 18493: 18478: 18472: 18471: 18469: 18467: 18451: 18445: 18443: 18441: 18439: 18430: 18421: 18415: 18414: 18408: 18400: 18398: 18396: 18384:Current Concerns 18374: 18368: 18367: 18365: 18363: 18348: 18342: 18341: 18339: 18337: 18332:on 23 April 2014 18328:. Archived from 18322:Current Concerns 18313: 18307: 18306: 18304: 18302: 18281: 18275: 18274: 18272: 18270: 18255: 18249: 18248: 18246: 18244: 18227: 18221: 18220: 18218: 18216: 18200: 18194: 18193: 18191: 18189: 18180:. Archived from 18169: 18163: 18162: 18160: 18158: 18143: 18137: 18136: 18134: 18132: 18117: 18111: 18110: 18108: 18106: 18091: 18085: 18084: 18082: 18080: 18063: 18057: 18056: 18054: 18052: 18036: 18030: 18029: 18027: 18025: 18010: 18004: 18003: 17997: 17989: 17967: 17961: 17960: 17958: 17956: 17942: 17936: 17935: 17933: 17931: 17916: 17910: 17909: 17907: 17905: 17890: 17884: 17883: 17881: 17879: 17874:on 27 April 2009 17870:. Archived from 17860: 17854: 17853: 17851: 17849: 17834: 17828: 17827: 17825: 17823: 17814:. Archived from 17803: 17797: 17796: 17794: 17792: 17773: 17767: 17766: 17764: 17762: 17743: 17737: 17736: 17734: 17732: 17727:. 1 January 2011 17717: 17711: 17704: 17698: 17697: 17695: 17693: 17678: 17672: 17671: 17669: 17667: 17651: 17642: 17641: 17639: 17637: 17626: 17620: 17619: 17617: 17615: 17604: 17598: 17597: 17595: 17593: 17582: 17576: 17575: 17573: 17571: 17556: 17550: 17549: 17537: 17528: 17527: 17516: 17510: 17509: 17507: 17505: 17496:. Archived from 17485: 17479: 17478: 17471: 17465: 17464: 17462: 17460: 17455:on 29 April 2010 17441: 17435: 17434: 17432: 17430: 17414: 17408: 17407: 17405: 17403: 17389: 17381: 17372: 17371: 17369: 17367: 17352: 17346: 17345: 17343: 17341: 17332:. Archived from 17326: 17320: 17319: 17317: 17315: 17300: 17294: 17293: 17291: 17289: 17272: 17266: 17265: 17263: 17261: 17255: 17247: 17241: 17240: 17238: 17236: 17231:on 25 April 2012 17230: 17223: 17214: 17208: 17207: 17205: 17203: 17198:. 6 October 2011 17188: 17182: 17181: 17179: 17177: 17162: 17156: 17155: 17153: 17151: 17135: 17129: 17128: 17126: 17124: 17119:on 13 April 2013 17115:. Archived from 17104: 17098: 17097: 17095: 17093: 17070: 17064: 17063: 17061: 17059: 17044: 17038: 17037: 17032:. Archived from 17022: 17016: 17015: 17013: 17011: 16996: 16990: 16989: 16987: 16985: 16969: 16963: 16962: 16960: 16958: 16940: 16934: 16933: 16913: 16900: 16894: 16893: 16887: 16879: 16870: 16869: 16867: 16865: 16860:on 18 April 2013 16849: 16843: 16842: 16840: 16838: 16823: 16817: 16816: 16814: 16812: 16800:(24 June 2012). 16794: 16788: 16787: 16785: 16783: 16774: 16765: 16759: 16758: 16756: 16754: 16749:on 26 April 2012 16748: 16742:. Archived from 16737: 16728: 16719: 16718: 16716: 16714: 16699: 16693: 16692: 16690: 16688: 16671: 16665: 16664: 16662: 16660: 16643: 16637: 16636: 16634: 16632: 16626: 16601: 16592: 16586: 16585: 16583: 16581: 16566: 16560: 16559: 16557: 16555: 16540: 16534: 16533: 16531: 16529: 16518: 16512: 16511: 16509: 16507: 16496: 16487: 16486: 16463: 16457: 16456: 16454: 16452: 16437: 16431: 16430: 16428: 16426: 16411: 16405: 16404: 16402: 16400: 16379: 16370: 16369: 16363: 16361: 16346: 16340: 16339: 16337: 16335: 16320: 16314: 16313: 16311: 16309: 16293: 16287: 16286: 16258: 16252: 16251: 16244: 16238: 16237: 16197: 16191: 16190: 16184: 16179: 16177: 16169: 16161: 16155: 16154: 16152: 16150: 16135: 16129: 16128: 16122: 16120: 16103: 16097: 16096: 16094: 16092: 16077: 16071: 16070: 16059: 16053: 16052: 16051:. 21 March 2014. 16041: 16035: 16034: 16021: 16015: 16014: 16012: 16010: 15999: 15993: 15992: 15990: 15988: 15971: 15965: 15964: 15962: 15960: 15945: 15939: 15938: 15930: 15924: 15923: 15921: 15919: 15908: 15902: 15901: 15887: 15881: 15880: 15878: 15876: 15858: 15852: 15851: 15843: 15834: 15833: 15821: 15815: 15814: 15812: 15810: 15799: 15793: 15792: 15790: 15788: 15777: 15771: 15770: 15758: 15752: 15751: 15749: 15747: 15735: 15729: 15728: 15726: 15724: 15705: 15696: 15695: 15693: 15691: 15676: 15667: 15666: 15661:. Archived from 15648: 15642: 15641: 15639: 15637: 15631: 15625:. Archived from 15620: 15611: 15602: 15601: 15599: 15597: 15588: 15574:Emmanuel Farhi; 15571: 15565: 15564: 15558: 15550: 15529: 15523: 15522: 15496: 15490: 15483: 15477: 15476: 15474: 15472: 15467:. 8 January 2015 15455: 15449: 15448: 15446: 15444: 15427: 15421: 15420: 15415: 15413: 15396: 15390: 15389: 15387: 15385: 15374: 15368: 15367: 15365: 15363: 15349: 15343: 15342: 15340: 15338: 15323: 15317: 15316: 15304: 15298: 15297: 15295: 15293: 15284:. Archived from 15270: 15264: 15263: 15261: 15259: 15248: 15242: 15241: 15239: 15237: 15221: 15210: 15209: 15207: 15205: 15186: 15180: 15174: 15168: 15167: 15165: 15163: 15158:. 9 October 2012 15148: 15142: 15141: 15139: 15137: 15132:. 9 October 2012 15122: 15116: 15115: 15113: 15111: 15096: 15087: 15086: 15075: 15069: 15060:Vendola, Nichi, 15058: 15052: 15051: 15049: 15047: 15030: 15024: 15023: 15021: 15019: 15002: 14996: 14995: 14993: 14991: 14976: 14965: 14964: 14962: 14960: 14944: 14938: 14923: 14910: 14909: 14907: 14905: 14894: 14888: 14887: 14885: 14883: 14878:. 9 October 2012 14868: 14862: 14861: 14859: 14857: 14848:. Archived from 14842: 14836: 14835: 14822: 14816: 14800: 14791: 14790: 14788: 14786: 14770: 14764: 14753: 14747: 14746: 14744: 14742: 14730:(27 June 2012). 14720: 14714: 14713: 14711: 14709: 14694: 14688: 14687: 14685: 14683: 14663: 14657: 14656: 14654: 14652: 14643:. Archived from 14637: 14631: 14630: 14628: 14626: 14606: 14600: 14599: 14597: 14595: 14584:"The Greek Vise" 14579: 14573: 14572: 14570: 14568: 14553: 14547: 14546: 14540: 14538: 14532: 14524: 14518: 14517: 14515: 14513: 14498: 14492: 14491:11 December 2011 14485: 14479: 14473: 14467: 14466: 14464: 14462: 14450: 14444: 14443: 14441: 14439: 14424: 14418: 14417: 14415: 14413: 14397: 14391: 14390: 14388: 14386: 14365: 14359: 14358: 14356: 14354: 14339: 14333: 14332: 14330: 14328: 14313: 14304: 14303: 14301: 14299: 14283: 14274: 14273: 14271: 14269: 14264: 14256: 14250: 14237: 14231: 14230: 14228: 14226: 14221: 14213: 14207: 14206: 14204: 14202: 14187: 14181: 14175: 14169: 14163: 14157: 14156: 14154: 14152: 14137: 14131: 14130: 14128: 14126: 14109: 14103: 14102: 14100: 14098: 14081: 14075: 14074: 14072: 14070: 14055: 14049: 14048: 14036: 14030: 14029: 14027: 14025: 14014: 14008: 14007: 14005: 14003: 13987: 13981: 13980: 13978: 13976: 13959: 13953: 13952: 13950: 13948: 13932: 13926: 13925: 13924:. February 2012. 13918: 13912: 13911: 13909: 13907: 13888: 13882: 13881: 13880:. December 2011. 13874: 13868: 13867: 13865: 13863: 13858:. 3 January 2012 13846: 13840: 13839: 13837: 13835: 13818: 13803: 13802: 13800: 13798: 13787: 13770: 13769: 13767: 13765: 13748: 13742: 13741: 13739: 13737: 13722: 13716: 13715: 13713: 13711: 13695: 13689: 13688: 13686: 13684: 13673: 13667: 13666: 13664: 13662: 13643: 13637: 13636: 13634: 13632: 13617: 13611: 13610: 13608: 13606: 13591: 13585: 13584: 13582: 13580: 13575:. 3 January 2012 13563: 13557: 13556: 13554: 13552: 13541: 13535: 13524: 13518: 13507: 13501: 13500: 13498: 13496: 13485: 13479: 13478: 13476: 13474: 13459: 13453: 13452: 13450: 13448: 13433: 13427: 13426: 13424: 13422: 13411: 13400: 13399: 13397: 13395: 13390:on 22 March 2019 13380: 13374: 13373: 13371: 13369: 13354: 13348: 13347: 13335: 13329: 13328: 13326: 13324: 13309: 13303: 13302: 13300: 13298: 13283: 13277: 13276: 13274: 13272: 13267:on 25 March 2012 13253: 13247: 13246: 13237: 13231: 13220: 13211: 13210: 13208: 13206: 13189: 13183: 13182: 13180: 13178: 13163: 13154: 13153: 13151: 13149: 13143: 13136: 13128: 13122: 13121: 13119: 13117: 13101: 13095: 13094: 13092: 13090: 13074: 13068: 13067: 13065: 13063: 13047: 13041: 13040: 13038: 13036: 13025: 13019: 13018: 13016: 13014: 12998: 12992: 12991: 12989: 12987: 12971: 12965: 12964: 12962: 12960: 12944: 12938: 12937: 12935: 12933: 12917: 12911: 12910: 12908: 12906: 12891: 12885: 12884: 12872: 12866: 12865: 12863: 12861: 12845: 12839: 12838: 12836: 12834: 12818: 12812: 12811: 12809: 12807: 12792: 12786: 12785: 12783: 12781: 12766: 12760: 12759: 12757: 12755: 12743: 12737: 12731: 12725: 12724: 12722: 12720: 12704: 12698: 12693: 12687: 12686: 12684: 12682: 12667: 12661: 12660: 12658: 12656: 12641: 12635: 12634: 12632: 12630: 12615: 12609: 12608: 12606: 12604: 12598: 12591: 12583: 12577: 12576: 12574: 12572: 12557: 12551: 12550: 12548: 12546: 12531: 12525: 12524: 12522: 12520: 12509: 12503: 12502: 12500: 12498: 12487: 12481: 12480: 12478: 12476: 12470: 12462: 12453: 12452: 12450: 12448: 12442: 12435: 12427: 12418: 12417: 12415: 12413: 12403: 12395: 12389: 12388: 12386: 12378: 12372: 12371: 12365: 12357: 12351: 12350: 12348: 12346: 12340: 12333: 12325: 12319: 12318: 12316: 12314: 12304: 12296: 12290: 12289: 12287: 12285: 12279: 12268: 12260: 12254: 12253: 12251: 12249: 12234: 12228: 12227: 12225: 12223: 12212: 12206: 12205: 12203: 12201: 12186: 12180: 12179: 12177: 12175: 12164: 12158: 12157: 12155: 12153: 12138: 12132: 12131: 12129: 12127: 12112: 12106: 12105: 12099: 12091: 12085: 12084: 12082: 12074: 12068: 12067: 12060: 12054: 12053: 12051: 12049: 12034: 12028: 12027: 12025: 12023: 12008: 12002: 12001: 11994: 11988: 11987: 11980: 11974: 11973: 11966: 11960: 11959: 11957: 11955: 11944: 11938: 11937: 11935: 11933: 11918: 11912: 11911: 11909: 11907: 11892: 11886: 11885: 11883: 11881: 11876: 11868: 11862: 11861: 11859: 11857: 11842: 11836: 11835: 11828: 11822: 11821: 11814: 11808: 11807: 11805: 11797: 11786: 11785: 11778: 11772: 11771: 11764: 11758: 11757: 11750: 11744: 11743: 11741: 11739: 11733: 11722: 11714: 11708: 11707: 11700: 11694: 11693: 11691: 11683: 11677: 11676: 11669: 11663: 11662: 11660: 11652: 11643: 11642: 11640: 11638: 11632: 11624: 11618: 11617: 11615: 11607: 11601: 11600: 11593: 11587: 11586: 11584: 11582: 11576: 11568: 11559: 11558: 11556: 11554: 11537: 11528: 11527: 11525: 11523: 11508: 11499: 11498: 11496: 11494: 11488: 11477: 11469: 11463: 11462: 11460: 11458: 11452: 11445: 11437: 11431: 11430: 11428: 11426: 11415: 11409: 11408: 11406: 11404: 11398: 11390: 11384: 11383: 11381: 11379: 11368: 11362: 11361: 11359: 11357: 11346: 11340: 11339: 11337: 11335: 11324: 11318: 11317: 11315: 11313: 11307: 11299: 11293: 11292: 11290: 11282: 11273: 11272: 11270: 11268: 11253: 11247: 11246: 11244: 11242: 11223: 11217: 11216: 11214: 11212: 11201: 11195: 11194: 11193:on 4 March 2016. 11189:. Archived from 11179: 11168: 11167: 11165: 11163: 11152: 11137: 11136: 11134: 11132: 11126: 11119: 11111: 11094: 11093: 11085: 11079: 11078: 11076: 11068: 11062: 11061: 11050: 11044: 11043: 11041: 11039: 11034:on 24 April 2017 11024: 11018: 11017: 11009: 11003: 11002: 11000: 10998: 10988: 10980: 10971: 10970: 10968: 10966: 10960: 10952: 10943: 10942: 10941:. 19 March 2013. 10935: 10929: 10928: 10926: 10924: 10909: 10903: 10902: 10900: 10898: 10883: 10877: 10876: 10874: 10872: 10866: 10860:. Archived from 10859: 10851: 10845: 10844: 10842: 10840: 10825: 10819: 10818: 10816: 10814: 10805:. Archived from 10794: 10788: 10787: 10785: 10783: 10767: 10761: 10760: 10758: 10756: 10741: 10735: 10734: 10732: 10730: 10715: 10709: 10708: 10706: 10704: 10693: 10687: 10686: 10684: 10682: 10671: 10665: 10664: 10662: 10660: 10645: 10639: 10638: 10636: 10634: 10619: 10613: 10612: 10610: 10608: 10602: 10594: 10588: 10587: 10575: 10569: 10568: 10554: 10545: 10544: 10534: 10526: 10520: 10519: 10507: 10501: 10500: 10489: 10483: 10482: 10480: 10478: 10467: 10461: 10460: 10448: 10442: 10441: 10439: 10437: 10427: 10421: 10420: 10418: 10416: 10395: 10389: 10388: 10382: 10377: 10375: 10367: 10365: 10363: 10352: 10346: 10345: 10333: 10324: 10323:, 26 August 2011 10313: 10307: 10306: 10304: 10302: 10293:. Archived from 10290:Business Insider 10280: 10274: 10273: 10261: 10255: 10254: 10252: 10250: 10234: 10228: 10227: 10219: 10213: 10212: 10210: 10208: 10197: 10191: 10190: 10188: 10186: 10169: 10163: 10162: 10154: 10148: 10147: 10136: 10130: 10129: 10127: 10125: 10114: 10108: 10107: 10095: 10089: 10088: 10086: 10084: 10070: 10061: 10060: 10049: 10043: 10042: 10034: 10028: 10027: 10025: 10023: 10008: 10002: 10001: 9999: 9997: 9986: 9980: 9979: 9977: 9975: 9960: 9951: 9950: 9948: 9946: 9929: 9923: 9922: 9920: 9918: 9903: 9897: 9892: 9886: 9870: 9866: 9860: 9844: 9840: 9834: 9833: 9831: 9829: 9813: 9807: 9806: 9804: 9802: 9791:"Stability pays" 9787: 9781: 9780: 9778: 9776: 9760: 9754: 9753: 9751: 9749: 9738: 9732: 9731: 9729: 9727: 9711: 9705: 9704: 9697: 9691: 9690: 9688: 9686: 9676: 9670: 9669: 9667: 9665: 9650: 9644: 9643: 9641: 9639: 9628: 9622: 9621: 9619: 9617: 9602: 9596: 9595: 9593: 9591: 9583:Treaty of Lisbon 9574: 9568: 9567: 9565: 9563: 9548: 9542: 9541: 9539: 9537: 9522: 9516: 9515: 9513: 9511: 9494: 9488: 9487: 9485: 9483: 9466: 9457: 9447: 9441: 9440: 9427: 9421: 9420: 9418: 9416: 9402: 9396: 9395: 9375: 9369: 9368: 9366: 9364: 9353: 9347: 9346: 9344: 9342: 9330: 9324: 9323: 9321: 9319: 9314:. 20 August 2018 9304: 9298: 9297: 9295: 9293: 9278: 9272: 9271: 9269: 9267: 9252: 9246: 9245: 9243: 9241: 9226: 9220: 9219: 9208: 9202: 9201: 9199: 9192: 9184: 9178: 9177: 9166: 9160: 9159: 9157: 9149: 9136: 9135: 9133: 9131: 9120: 9111: 9110: 9108: 9100: 9091: 9090: 9088: 9081: 9073: 9064: 9063: 9052: 9046: 9045: 9038: 9032: 9031: 9025: 9017: 9011: 9010: 9004: 8996: 8990: 8989: 8978: 8972: 8971: 8969: 8967: 8952: 8925: 8924: 8922: 8920: 8905: 8899: 8898: 8886: 8880: 8879: 8877: 8875: 8870:. 3 October 2012 8858: 8852: 8851: 8849: 8847: 8828: 8822: 8821: 8819: 8817: 8806: 8800: 8799: 8797: 8795: 8790:. 14 August 2012 8780: 8774: 8773: 8771: 8769: 8763: 8756: 8748: 8742: 8741: 8739: 8737: 8731: 8724: 8712: 8706: 8705: 8703: 8701: 8686: 8680: 8666: 8660: 8659: 8657: 8655: 8638: 8632: 8631: 8629: 8627: 8612: 8606: 8605: 8594: 8588: 8587: 8581: 8573: 8567: 8566: 8548: 8542: 8541: 8539: 8537: 8528: 8519: 8513: 8512: 8510: 8508: 8493: 8487: 8486: 8484: 8482: 8467: 8461: 8460: 8458: 8456: 8450: 8443: 8434: 8425: 8424: 8422: 8420: 8401: 8395: 8394: 8392: 8390: 8375: 8364: 8363: 8361: 8359: 8343: 8334: 8333: 8331: 8329: 8320:. Archived from 8313: 8307: 8306: 8291: 8285: 8284: 8282: 8280: 8264: 8258: 8257: 8255: 8253: 8243: 8235: 8226: 8225: 8223: 8221: 8210: 8204: 8203: 8201: 8199: 8182: 8173: 8172: 8170: 8168: 8153: 8147: 8146: 8144: 8142: 8127: 8121: 8120: 8118: 8116: 8104: 8098: 8097: 8095: 8093: 8078: 8072: 8071: 8069: 8067: 8050: 8044: 8043: 8041: 8039: 8024: 8018: 8017: 8015: 8013: 7996: 7990: 7989: 7987: 7985: 7967: 7961: 7960: 7958: 7956: 7941: 7932: 7925: 7916: 7915: 7895: 7889: 7888: 7886: 7884: 7868: 7862: 7861: 7859: 7857: 7851: 7840: 7832: 7826: 7825: 7817: 7811: 7810: 7808: 7806: 7791: 7785: 7784: 7782: 7780: 7765: 7759: 7758: 7756: 7754: 7748: 7737: 7729: 7723: 7722: 7720: 7718: 7713:. 1 October 2013 7703: 7697: 7696: 7694: 7692: 7687:. 1 October 2013 7671: 7665: 7664: 7652: 7646: 7645: 7634: 7628: 7627: 7625: 7623: 7608: 7602: 7601: 7599: 7597: 7582: 7576: 7575: 7573: 7571: 7555: 7549: 7548: 7546: 7544: 7538: 7527: 7519: 7513: 7512: 7510: 7508: 7498: 7490: 7484: 7483: 7481: 7479: 7473: 7462: 7454: 7448: 7447: 7445: 7443: 7432: 7423: 7422: 7420: 7418: 7402: 7391: 7390: 7388: 7386: 7371: 7365: 7364: 7362: 7360: 7344: 7335: 7334: 7332: 7330: 7319: 7313: 7312: 7310: 7308: 7293: 7287: 7286: 7284: 7282: 7267: 7258: 7257: 7255: 7253: 7238: 7232: 7231: 7229: 7227: 7212: 7206: 7205: 7190: 7184: 7183: 7181: 7179: 7164: 7158: 7157: 7155: 7153: 7138: 7132: 7131: 7129: 7127: 7112: 7103: 7102: 7096: 7091: 7089: 7081: 7069: 7063: 7062: 7060: 7058: 7044: 7031: 7030: 7028: 7026: 7012: 7003: 7002: 7000: 6998: 6989:. Archived from 6979: 6970: 6969: 6967: 6965: 6954: 6939: 6938: 6936: 6934: 6919: 6910: 6909: 6907: 6905: 6890: 6879: 6878: 6866: 6860: 6859: 6857: 6855: 6844: 6838: 6837: 6826: 6820: 6819: 6806: 6800: 6799: 6797: 6795: 6774: 6768: 6767: 6765: 6763: 6745: 6736: 6735: 6733: 6731: 6714: 6708: 6707: 6705: 6703: 6688: 6682: 6667: 6661: 6660: 6644: 6638: 6637: 6635: 6633: 6618: 6609: 6608: 6597: 6591: 6590: 6566: 6560: 6559: 6548: 6542: 6541: 6539: 6537: 6522: 6516: 6513: 6507: 6500: 6491: 6490: 6484: 6479: 6477: 6469: 6453: 6444: 6443: 6428:(8th ed.). 6421: 6415: 6414: 6412: 6410: 6375: 6369: 6368: 6366: 6364: 6349: 6343: 6342: 6336: 6328: 6326: 6294: 6288: 6287: 6285: 6283: 6264: 6258: 6248: 6235: 6234: 6232: 6230: 6212: 6206: 6205: 6187: 6163: 6142: 6141: 6101: 6072: 6071: 6069: 6067: 6051: 6045: 6044: 6042: 6040: 6025: 6008: 6005: 5923: 5921:Economics portal 5918: 5917: 5909: 5904: 5903: 5902: 5871:Kunduz coalition 5758:June referendums 5669:Political impact 5626: 5393:Martin Feldstein 5239:Counter measures 5140:Icelandic crisis 5056:Article 123 TFEU 5045:Article 125 TFEU 5010: 4996:London agreement 4581: 4530: 4525:purchasing power 4522: 4466:Purchasing power 4461:Hans-Werner Sinn 4336:production costs 4298:EU member states 4270: 4262: 4246:deficit spending 4206:Heinrich Brüning 4120:Anglo Irish Bank 4093: 4092: 4032:European Council 3907: 3902: 3895: 3891: 3746: 3738: 3653:the last resort. 3616: 3596: 3573: 3526: 3519: 3515: 3511: 3506: 3502: 3489:secondary market 3233: 3232: 3195: 3185: 3179:41.3 out of 100 3178: 3147: 3146: 3130: 3127: 3096: 3093: 3086: 3085: 3069:1.15 out of 6.15 3068: 3065: 3034: 3031: 3024: 3023: 3007:19.6 out of 20.6 3006: 2975: 2968: 2967: 2951:76.8 out of 79.0 2950: 2940: 2934: 2913: 2906: 2905: 2889: 2886: 2855: 2852: 2845: 2844: 2828: 2818: 2812: 2791: 2784: 2783: 2768:15.6 out of 20.0 2767: 2737:9.1 out of 12.5 2736: 2733: 2726: 2725: 2709: 2701: 2700: 2698: 2665: 2664: 2657: 2656: 2611: 2604: 2603: 2586: 2579: 2576: 2549: 2546: 2539: 2538: 2521: 2518: 2483: 2482: 2465: 2458: 2449: 2440: 2431: 2422: 2413: 2404: 2391: 2382: 2367: 2366: 2361: 2354: 2347: 2318:Policy reactions 2311: 2309: 2304: 2302: 2295: 2293: 2288: 2286: 1936: 1919: 1915: 1911: 1907: 1829:Yanis Varoufakis 1771: 1761: 1755: 1708: 1704: 1656: 1652: 1640: 1569:purchasing power 1543: 1527: 1510:massive protests 1503: 1469:from the EU and 1468: 1465:initial loan of 1337: 1332:EU member states 1277:potential growth 1247: 1207: 1205: 1198: 1196: 1191: 1189: 1182: 1180: 1175: 1173: 1168: 1166: 1080:deficit spending 1027: 1021: 1015: 1009: 1003: 989: 983: 977: 971: 954: 948: 942: 936: 918: 912: 906: 900: 894: 874: 868: 862: 856: 850: 844: 838: 820: 810: 800: 790: 780: 770: 760: 739: 730: 721: 712: 703: 694: 685: 547: 540: 533: 157: 156: 139:secondary market 124: 121: 115: 79: 78: 71: 60: 40: 39: 32: 21: 25595: 25594: 25590: 25589: 25588: 25586: 25585: 25584: 25505:Government debt 25460:Eurozone crisis 25450: 25449: 25448: 25443: 25430: 25423: 25414: 25362: 25343:Public holidays 25289: 25263:Global Strategy 25155: 25148: 25117:Labour mobility 25010:Global Strategy 24971:Driving licence 24913: 24889:Pro-Europeanism 24814: 24726: 24651:Competition law 24623: 24601: 24595: 24578: 24572: 24556: 24539: 24533: 24488: 24486: 24476: 24451: 24416: 24386: 24370:Vice-Presidents 24329: 24264:Vice-Presidents 24218: 24202: 24196:Protected areas 24166:External border 24134: 24096: 24034: 24003: 23976: 23963: 23945: 23918: 23888: 23879:1993–2004 23874:1973–1993 23869:1958–1972 23864:1948–1957 23831: 23825: 23795: 23790: 23742: 23721: 23707:Slovenian tolar 23590: 23579: 23577: 23570: 23556:Black Wednesday 23526: 23522: 23515: 23511: 23504: 23500: 23464: 23428: 23410: 23402: 23393: 23377: 23374: 23366: 23325: 23324:other countries 23323: 23316: 23290: 23287: 23285: 23273: 23240: 23116: 23068: 22978: 22945: 22919:Euro calculator 22892: 22856: 22810: 22762: 22756: 22726: 22721: 22714: 22707: 22700: 22693: 22685: 22678: 22671: 22664: 22656: 22649: 22642: 22634: 22625: 22618: 22611: 22604: 22596: 22588: 22580: 22572: 22565: 22557: 22549: 22542: 22535: 22528: 22521: 22513: 22506: 22498: 22491: 22484: 22477: 22470: 22462: 22454: 22447: 22440: 22433: 22426: 22424:Information Age 22418: 22409: 22402: 22395: 22388: 22381: 22374: 22367: 22360: 22353: 22346: 22339: 22332: 22325: 22318: 22311: 22304: 22297: 22290: 22283: 22276: 22274:Great Recession 22268: 22260: 22253: 22246: 22238: 22231: 22224: 22217: 22210: 22203: 22195: 22187: 22179: 22172: 22165: 22158: 22151: 22144: 22136: 22129: 22122: 22114: 22107: 22099: 22092: 22085: 22078: 22071: 22063: 22055: 22048: 22041: 22033: 22025: 22018: 22011: 22004: 21996: 21988: 21981: 21977: 21968: 21960: 21955:1979 oil crisis 21953: 21946: 21938: 21930: 21923: 21916: 21911:1973 oil crisis 21909: 21901: 21894: 21892:Great Inflation 21886: 21879: 21872: 21865: 21857: 21850: 21843: 21835: 21827: 21819: 21812: 21810:Interwar period 21804: 21797: 21790: 21782: 21775: 21768: 21761: 21753: 21746: 21739: 21731: 21723: 21715: 21708: 21701: 21694: 21687: 21679: 21671: 21664: 21657: 21650: 21641: 21634: 21626: 21615: 21608: 21601: 21594: 21586: 21579: 21572: 21565: 21558: 21550: 21543: 21535: 21528: 21521: 21513: 21505: 21497: 21489: 21479: 21471: 21463: 21455: 21448: 21440: 21432: 21418: 21411: 21404: 21397: 21388: 21381: 21374: 21367: 21360: 21353: 21346: 21337: 21330: 21323: 21316: 21311:Currency crisis 21309: 21302: 21295: 21288: 21281: 21273: 21268: 21238: 21233: 21219: 21210:Occupy movement 21193: 21167:Nationalisation 21121: 21074: 21031: 20970: 20964:Great Recession 20961: 20888:, February 2012 20877:Financial Times 20816: 20801: 20716: 20656: 20654:Further reading 20651: 20650: 20640: 20638: 20637:. 21 April 2012 20634:NRC Handelsblad 20627: 20626: 20622: 20612: 20610: 20605: 20604: 20600: 20590: 20588: 20579: 20578: 20574: 20564: 20562: 20552: 20548: 20538: 20536: 20531: 20530: 20526: 20516: 20514: 20509: 20508: 20504: 20494: 20492: 20491:on 7 April 2011 20475: 20471: 20461: 20459: 20449: 20445: 20435: 20433: 20412: 20408: 20398: 20396: 20387: 20386: 20382: 20372: 20370: 20358: 20354: 20344: 20342: 20341:. 23 March 2011 20333: 20331: 20327: 20317: 20315: 20308: 20304: 20294: 20292: 20288: 20277: 20273: 20272: 20268: 20255: 20251: 20241: 20239: 20230: 20229: 20225: 20215: 20213: 20212:on 9 April 2012 20202: 20198: 20188: 20186: 20171: 20164: 20154: 20152: 20133: 20132: 20128: 20118: 20116: 20101: 20097: 20087: 20085: 20084:on 7 April 2012 20070: 20069: 20065: 20055: 20053: 20052:. 28 April 2011 20044: 20043: 20039: 20029: 20027: 20026:on 4 April 2011 20012: 20008: 19998: 19996: 19985: 19984: 19980: 19970: 19968: 19965:Financial Times 19959: 19958: 19954: 19944: 19942: 19933: 19932: 19928: 19918: 19916: 19906: 19902: 19892: 19890: 19879: 19875: 19865: 19863: 19850: 19846: 19836: 19834: 19821: 19820: 19816: 19806: 19804: 19793: 19792: 19788: 19778: 19776: 19768:Sunday Business 19761: 19760: 19756: 19746: 19744: 19737:Librus Magazine 19731: 19730: 19726: 19716: 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Bloomberg L.P 18886: 18882: 18870: 18866: 18856: 18854: 18845: 18844: 18840: 18830: 18828: 18827:. 25 March 2010 18824:Financial Times 18817: 18816: 18812: 18803: 18799: 18789: 18787: 18779:Foreign Affairs 18770: 18766: 18742: 18738: 18728: 18726: 18709: 18705: 18695: 18693: 18682: 18678: 18668: 18666: 18655: 18648: 18638: 18636: 18619: 18615: 18605: 18603: 18593: 18589: 18579: 18577: 18573:The Independent 18564: 18560: 18550: 18548: 18539: 18538: 18534: 18524: 18522: 18518: 18511: 18505: 18501: 18491: 18489: 18480: 18479: 18475: 18465: 18463: 18452: 18448: 18437: 18435: 18428: 18422: 18418: 18402: 18401: 18394: 18392: 18375: 18371: 18361: 18359: 18350: 18349: 18345: 18335: 18333: 18314: 18310: 18300: 18298: 18283: 18282: 18278: 18268: 18266: 18257: 18256: 18252: 18242: 18240: 18229: 18228: 18224: 18214: 18212: 18201: 18197: 18187: 18185: 18170: 18166: 18156: 18154: 18144: 18140: 18130: 18128: 18119: 18118: 18114: 18104: 18102: 18092: 18088: 18078: 18076: 18064: 18060: 18050: 18048: 18037: 18033: 18023: 18021: 18012: 18011: 18007: 17991: 17990: 17968: 17964: 17954: 17952: 17950:Financial Times 17944: 17943: 17939: 17929: 17927: 17917: 17913: 17903: 17901: 17892: 17891: 17887: 17877: 17875: 17862: 17861: 17857: 17847: 17845: 17844:. 29 April 2010 17842:Financial Times 17836: 17835: 17831: 17821: 17819: 17804: 17800: 17790: 17788: 17787:on 26 June 2011 17775: 17774: 17770: 17760: 17758: 17745: 17744: 17740: 17730: 17728: 17719: 17718: 17714: 17705: 17701: 17691: 17689: 17679: 17675: 17665: 17663: 17652: 17645: 17635: 17633: 17628: 17627: 17623: 17613: 17611: 17606: 17605: 17601: 17591: 17589: 17584: 17583: 17579: 17569: 17567: 17558: 17557: 17553: 17538: 17531: 17518: 17517: 17513: 17503: 17501: 17486: 17482: 17473: 17472: 17468: 17458: 17456: 17443: 17442: 17438: 17428: 17426: 17415: 17411: 17401: 17399: 17382: 17375: 17365: 17363: 17354: 17353: 17349: 17339: 17337: 17336:on 12 June 2010 17328: 17327: 17323: 17313: 17311: 17309:Financial Times 17301: 17297: 17287: 17285: 17273: 17269: 17259: 17257: 17253: 17249: 17248: 17244: 17234: 17232: 17228: 17221: 17215: 17211: 17201: 17199: 17190: 17189: 17185: 17175: 17173: 17171:Financial Times 17163: 17159: 17149: 17147: 17146:on 1 April 2012 17136: 17132: 17122: 17120: 17105: 17101: 17091: 17089: 17072: 17071: 17067: 17057: 17055: 17046: 17045: 17041: 17024: 17023: 17019: 17009: 17007: 16998: 16997: 16993: 16983: 16981: 16970: 16966: 16956: 16954: 16944:"Harald Spehl: 16942: 16941: 16937: 16930: 16904:Piketty, Thomas 16901: 16897: 16885: 16881: 16880: 16873: 16863: 16861: 16850: 16846: 16836: 16834: 16824: 16820: 16810: 16808: 16795: 16791: 16781: 16779: 16772: 16766: 16762: 16752: 16750: 16746: 16735: 16729: 16722: 16712: 16710: 16701: 16700: 16696: 16686: 16684: 16673: 16672: 16668: 16658: 16656: 16645: 16644: 16640: 16630: 16628: 16624: 16612:(90): 175–219. 16605:Economic Policy 16599: 16593: 16589: 16579: 16577: 16568: 16567: 16563: 16553: 16551: 16542: 16541: 16537: 16527: 16525: 16520: 16519: 16515: 16505: 16503: 16498: 16497: 16490: 16465: 16464: 16460: 16450: 16448: 16439: 16438: 16434: 16424: 16422: 16413: 16412: 16408: 16398: 16396: 16381: 16380: 16373: 16359: 16357: 16347: 16343: 16333: 16331: 16321: 16317: 16307: 16305: 16304:on 24 June 2012 16296:Jens Weidmann. 16294: 16290: 16259: 16255: 16246: 16245: 16241: 16198: 16194: 16182: 16180: 16171: 16170: 16162: 16158: 16148: 16146: 16137: 16136: 16132: 16118: 16116: 16115:. 6 August 2012 16105: 16104: 16100: 16090: 16088: 16078: 16074: 16069:on 6 June 2013. 16061: 16060: 16056: 16043: 16042: 16038: 16023: 16022: 16018: 16008: 16006: 16001: 16000: 15996: 15986: 15984: 15972: 15968: 15958: 15956: 15947: 15946: 15942: 15931: 15927: 15917: 15915: 15910: 15909: 15905: 15888: 15884: 15874: 15872: 15870:Financial Times 15859: 15855: 15844: 15837: 15822: 15818: 15808: 15806: 15801: 15800: 15796: 15786: 15784: 15779: 15778: 15774: 15759: 15755: 15745: 15743: 15736: 15732: 15722: 15720: 15707: 15706: 15699: 15689: 15687: 15678: 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14855: 14853: 14852:on 4 March 2016 14844: 14843: 14839: 14824: 14823: 14819: 14811:Wayback Machine 14801: 14794: 14784: 14782: 14771: 14767: 14754: 14750: 14740: 14738: 14736:Financial Times 14721: 14717: 14707: 14705: 14703:Financial Times 14695: 14691: 14681: 14679: 14664: 14660: 14650: 14648: 14639: 14638: 14634: 14624: 14622: 14607: 14603: 14593: 14591: 14580: 14576: 14566: 14564: 14562:Financial Times 14554: 14550: 14536: 14534: 14530: 14526: 14525: 14521: 14511: 14509: 14499: 14495: 14489:The Independent 14486: 14482: 14474: 14470: 14460: 14458: 14451: 14447: 14437: 14435: 14425: 14421: 14411: 14409: 14398: 14394: 14384: 14382: 14367: 14366: 14362: 14352: 14350: 14340: 14336: 14326: 14324: 14315: 14314: 14307: 14297: 14295: 14284: 14277: 14267: 14265: 14262: 14258: 14257: 14253: 14247:Wayback Machine 14238: 14234: 14224: 14222: 14219: 14215: 14214: 14210: 14200: 14198: 14189: 14188: 14184: 14176: 14172: 14164: 14160: 14150: 14148: 14138: 14134: 14124: 14122: 14119:Financial 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Euromoney.com 12744: 12740: 12732: 12728: 12718: 12716: 12705: 12701: 12694: 12690: 12680: 12678: 12669: 12668: 12664: 12654: 12652: 12643: 12642: 12638: 12628: 12626: 12617: 12616: 12612: 12602: 12600: 12596: 12589: 12585: 12584: 12580: 12570: 12568: 12559: 12558: 12554: 12544: 12542: 12533: 12532: 12528: 12518: 12516: 12511: 12510: 12506: 12496: 12494: 12489: 12488: 12484: 12474: 12472: 12468: 12464: 12463: 12456: 12446: 12444: 12440: 12433: 12429: 12428: 12421: 12411: 12409: 12401: 12397: 12396: 12392: 12384: 12380: 12379: 12375: 12363: 12359: 12358: 12354: 12344: 12342: 12338: 12331: 12327: 12326: 12322: 12312: 12310: 12302: 12298: 12297: 12293: 12283: 12281: 12277: 12266: 12262: 12261: 12257: 12247: 12245: 12236: 12235: 12231: 12221: 12219: 12214: 12213: 12209: 12199: 12197: 12188: 12187: 12183: 12173: 12171: 12166: 12165: 12161: 12151: 12149: 12140: 12139: 12135: 12125: 12123: 12114: 12113: 12109: 12097: 12093: 12092: 12088: 12080: 12076: 12075: 12071: 12062: 12061: 12057: 12047: 12045: 12036: 12035: 12031: 12021: 12019: 12010: 12009: 12005: 11996: 11995: 11991: 11982: 11981: 11977: 11968: 11967: 11963: 11953: 11951: 11946: 11945: 11941: 11931: 11929: 11924:. Curvert.com. 11920: 11919: 11915: 11905: 11903: 11894: 11893: 11889: 11879: 11877: 11874: 11870: 11869: 11865: 11855: 11853: 11844: 11843: 11839: 11830: 11829: 11825: 11816: 11815: 11811: 11803: 11799: 11798: 11789: 11780: 11779: 11775: 11766: 11765: 11761: 11752: 11751: 11747: 11737: 11735: 11731: 11720: 11716: 11715: 11711: 11702: 11701: 11697: 11689: 11685: 11684: 11680: 11671: 11670: 11666: 11658: 11654: 11653: 11646: 11636: 11634: 11630: 11626: 11625: 11621: 11613: 11609: 11608: 11604: 11595: 11594: 11590: 11580: 11578: 11574: 11570: 11569: 11562: 11552: 11550: 11539: 11538: 11531: 11521: 11519: 11518:. 31 March 2016 11510: 11509: 11502: 11492: 11490: 11486: 11475: 11471: 11470: 11466: 11456: 11454: 11450: 11443: 11439: 11438: 11434: 11424: 11422: 11417: 11416: 11412: 11402: 11400: 11396: 11392: 11391: 11387: 11377: 11375: 11370: 11369: 11365: 11355: 11353: 11348: 11347: 11343: 11333: 11331: 11326: 11325: 11321: 11311: 11309: 11305: 11301: 11300: 11296: 11288: 11284: 11283: 11276: 11266: 11264: 11262:Financial Times 11254: 11250: 11240: 11238: 11225: 11224: 11220: 11210: 11208: 11203: 11202: 11198: 11181: 11180: 11171: 11161: 11159: 11154: 11153: 11140: 11130: 11128: 11124: 11117: 11113: 11112: 11097: 11086: 11082: 11074: 11070: 11069: 11065: 11052: 11051: 11047: 11037: 11035: 11026: 11025: 11021: 11010: 11006: 10996: 10994: 10986: 10982: 10981: 10974: 10964: 10962: 10958: 10954: 10953: 10946: 10937: 10936: 10932: 10922: 10920: 10911: 10910: 10906: 10896: 10894: 10885: 10884: 10880: 10870: 10868: 10864: 10857: 10853: 10852: 10848: 10838: 10836: 10826: 10822: 10812: 10810: 10795: 10791: 10781: 10779: 10768: 10764: 10754: 10752: 10743: 10742: 10738: 10728: 10726: 10724:Financial Times 10716: 10712: 10702: 10700: 10695: 10694: 10690: 10680: 10678: 10673: 10672: 10668: 10658: 10656: 10647: 10646: 10642: 10632: 10630: 10628:Financial Times 10620: 10616: 10606: 10604: 10600: 10596: 10595: 10591: 10576: 10572: 10555: 10548: 10527: 10523: 10508: 10504: 10499:. 16 June 2012. 10491: 10490: 10486: 10476: 10474: 10469: 10468: 10464: 10449: 10445: 10435: 10433: 10429: 10428: 10424: 10414: 10412: 10397: 10396: 10392: 10380: 10378: 10369: 10368: 10361: 10359: 10354: 10353: 10349: 10334: 10327: 10314: 10310: 10300: 10298: 10281: 10277: 10262: 10258: 10248: 10246: 10235: 10231: 10220: 10216: 10206: 10204: 10199: 10198: 10194: 10184: 10182: 10170: 10166: 10155: 10151: 10138: 10137: 10133: 10123: 10121: 10116: 10115: 10111: 10096: 10092: 10082: 10080: 10072: 10071: 10064: 10051: 10050: 10046: 10035: 10031: 10021: 10019: 10016:Financial Times 10010: 10009: 10005: 9995: 9993: 9988: 9987: 9983: 9973: 9971: 9962: 9961: 9954: 9944: 9942: 9930: 9926: 9916: 9914: 9905: 9904: 9900: 9893: 9889: 9879:Wayback Machine 9869:(in Portuguese) 9868: 9867: 9863: 9853:Wayback Machine 9843:(in Portuguese) 9842: 9841: 9837: 9827: 9825: 9814: 9810: 9800: 9798: 9797:. 25 March 2004 9789: 9788: 9784: 9774: 9772: 9771:(in Portuguese) 9761: 9757: 9747: 9745: 9740: 9739: 9735: 9725: 9723: 9722:(in Portuguese) 9712: 9708: 9699: 9698: 9694: 9684: 9682: 9678: 9677: 9673: 9663: 9661: 9652: 9651: 9647: 9637: 9635: 9630: 9629: 9625: 9615: 9613: 9603: 9599: 9589: 9587: 9576: 9575: 9571: 9561: 9559: 9549: 9545: 9535: 9533: 9523: 9519: 9509: 9507: 9506:. 18 April 2011 9496: 9495: 9491: 9481: 9479: 9467: 9460: 9448: 9444: 9431:"The money pit" 9429: 9428: 9424: 9414: 9412: 9404: 9403: 9399: 9392: 9376: 9372: 9362: 9360: 9355: 9354: 9350: 9340: 9338: 9331: 9327: 9317: 9315: 9306: 9305: 9301: 9291: 9289: 9288:. 24 April 2018 9280: 9279: 9275: 9265: 9263: 9254: 9253: 9249: 9239: 9237: 9228: 9227: 9223: 9210: 9209: 9205: 9200:on 18 May 2015. 9197: 9190: 9186: 9185: 9181: 9168: 9167: 9163: 9155: 9151: 9150: 9139: 9129: 9127: 9122: 9121: 9114: 9106: 9102: 9101: 9094: 9086: 9079: 9075: 9074: 9067: 9054: 9053: 9049: 9040: 9039: 9035: 9023: 9019: 9018: 9014: 9002: 8998: 8997: 8993: 8988:. 11 June 2013. 8980: 8979: 8975: 8965: 8963: 8961:Financial Times 8953: 8928: 8918: 8916: 8907: 8906: 8902: 8887: 8883: 8873: 8871: 8860: 8859: 8855: 8845: 8843: 8830: 8829: 8825: 8815: 8813: 8808: 8807: 8803: 8793: 8791: 8788:Financial Times 8782: 8781: 8777: 8767: 8765: 8764:on 27 June 2013 8761: 8754: 8750: 8749: 8745: 8735: 8733: 8732:on 16 June 2012 8729: 8722: 8713: 8709: 8699: 8697: 8688: 8687: 8683: 8667: 8663: 8653: 8651: 8648:Financial Times 8639: 8635: 8625: 8623: 8614: 8613: 8609: 8604:. 18 June 2012. 8596: 8595: 8591: 8579: 8575: 8574: 8570: 8563: 8549: 8545: 8535: 8533: 8526: 8520: 8516: 8506: 8504: 8495: 8494: 8490: 8480: 8478: 8468: 8464: 8454: 8452: 8448: 8441: 8435: 8428: 8418: 8416: 8403: 8402: 8398: 8388: 8386: 8376: 8367: 8357: 8355: 8344: 8337: 8327: 8325: 8324:on 20 June 2012 8314: 8310: 8293: 8292: 8288: 8278: 8276: 8265: 8261: 8251: 8249: 8241: 8237: 8236: 8229: 8219: 8217: 8212: 8211: 8207: 8197: 8195: 8194:. 13 March 2012 8184: 8183: 8176: 8166: 8164: 8155: 8154: 8150: 8140: 8138: 8128: 8124: 8114: 8112: 8105: 8101: 8091: 8089: 8080: 8079: 8075: 8065: 8063: 8062:. 2 August 2012 8052: 8051: 8047: 8037: 8035: 8026: 8025: 8021: 8011: 8009: 7997: 7993: 7983: 7981: 7968: 7964: 7954: 7952: 7950:Financial Times 7942: 7935: 7926: 7919: 7912: 7896: 7892: 7882: 7880: 7869: 7865: 7855: 7853: 7849: 7838: 7834: 7833: 7829: 7824:. 26 June 2012. 7819: 7818: 7814: 7804: 7802: 7793: 7792: 7788: 7778: 7776: 7767: 7766: 7762: 7752: 7750: 7749:on 1 March 2012 7746: 7735: 7731: 7730: 7726: 7716: 7714: 7711:Google/Eurostat 7705: 7704: 7700: 7690: 7688: 7673: 7672: 7668: 7653: 7649: 7636: 7635: 7631: 7621: 7619: 7609: 7605: 7595: 7593: 7584: 7583: 7579: 7569: 7567: 7556: 7552: 7542: 7540: 7536: 7525: 7521: 7520: 7516: 7506: 7504: 7496: 7492: 7491: 7487: 7477: 7475: 7474:on 17 June 2012 7471: 7460: 7456: 7455: 7451: 7441: 7439: 7434: 7433: 7426: 7416: 7414: 7403: 7394: 7384: 7382: 7372: 7368: 7358: 7356: 7345: 7338: 7328: 7326: 7321: 7320: 7316: 7306: 7304: 7295: 7294: 7290: 7280: 7278: 7268: 7261: 7251: 7249: 7240: 7239: 7235: 7225: 7223: 7213: 7209: 7192: 7191: 7187: 7177: 7175: 7166: 7165: 7161: 7151: 7149: 7148:. 27 April 2010 7140: 7139: 7135: 7125: 7123: 7113: 7106: 7094: 7092: 7083: 7082: 7070: 7066: 7056: 7054: 7046: 7045: 7034: 7024: 7022: 7014: 7013: 7006: 6996: 6994: 6981: 6980: 6973: 6963: 6961: 6956: 6955: 6942: 6932: 6930: 6921: 6920: 6913: 6903: 6901: 6892: 6891: 6882: 6867: 6863: 6853: 6851: 6846: 6845: 6841: 6836:. 20 June 2011. 6828: 6827: 6823: 6808: 6807: 6803: 6793: 6791: 6776: 6775: 6771: 6761: 6759: 6747: 6746: 6739: 6729: 6727: 6715: 6711: 6701: 6699: 6697:Financial Times 6689: 6685: 6668: 6664: 6645: 6641: 6631: 6629: 6626:Financial Times 6620: 6619: 6612: 6599: 6598: 6594: 6581:(4): 975–1002. 6567: 6563: 6558:. January 2014. 6550: 6549: 6545: 6535: 6533: 6532:. 22 April 2009 6524: 6523: 6519: 6514: 6510: 6501: 6494: 6482: 6480: 6471: 6470: 6454: 6447: 6440: 6422: 6418: 6408: 6406: 6376: 6372: 6362: 6360: 6350: 6346: 6330: 6329: 6295: 6291: 6281: 6279: 6274:. 1 July 2013. 6266: 6265: 6261: 6249: 6238: 6228: 6226: 6213: 6209: 6164: 6145: 6102: 6075: 6065: 6063: 6052: 6048: 6038: 6036: 6027: 6026: 6022: 6017: 6012: 6011: 6006: 6002: 5997: 5959:Great Recession 5919: 5912: 5905: 5900: 5898: 5895: 5882:Nicolas Sarkozy 5839:Antonis Samaras 5788:had to concede 5779:Alenka Bratušek 5671: 5624: 5617: 5590: 5581:Siemens scandal 5553: 5547: 5485:Joaquín Almunia 5477:Nicolas Sarkozy 5456:fiscal stimulus 5426:chose the name 5376: 5370: 5350:Federal Reserve 5328: 5278: 5186:Christian Noyer 5108: 5088:government debt 5032: 5024: 5018: 4988: 4925:Carmen Reinhart 4882: 4848: 4842: 4810: 4804: 4784: 4778: 4758:Joseph Stiglitz 4753: 4745:Main articles: 4743: 4722: 4716: 4703: 4697: 4668: 4652: 4589:current account 4572: 4562: 4528: 4520: 4509:value added tax 4413: 4407: 4382:In April 2012, 4306:budget deficits 4268: 4260: 4210:Weimar Republic 4189:fiscal stimulus 4160: 4124:Bank of Ireland 4087: 4082: 4076: 4068:The Independent 4011: 4005: 3961: 3955: 3905: 3900: 3893: 3889: 3882: 3771:Federal Reserve 3756:Federal Reserve 3744: 3736: 3714: 3700: 3659:equity issuance 3614: 3606: 3594: 3571: 3554: 3548: 3524: 3517: 3513: 3509: 3504: 3500: 3485:government debt 3479:also fell. The 3462:short positions 3410: 3404: 3326:In Ireland the 3303: 3291: 3258: 3186:41.3 out of 100 3183: 3176: 3144: 3128: 3125: 3109:0.0 out of 2.0 3097:0.0 out of 2.0 3094: 3091: 3083: 3066: 3063: 3047:0.0 out of 1.4 3035:0.0 out of 3.6 3032: 3029: 3021: 3004: 2973: 2965: 2948: 2938: 2932: 2911: 2903: 2887: 2884: 2868:2.9 out of 3.1 2865:0.0 out of 2.2 2856:1.1 out of 1.7 2853: 2850: 2842: 2826: 2816: 2810: 2789: 2781: 2765: 2749:5.5 out of 6.5 2734: 2731: 2723: 2707: 2696: 2695: 2669: 2667: 2662: 2654: 2609: 2601: 2587:7.3 out of 10.0 2584: 2580:6.3 out of 9.0 2577: 2574: 2547: 2544: 2536: 2519: 2516: 2480: 2464: 2457: 2448: 2439: 2430: 2421: 2412: 2403: 2390: 2381: 2365: 2325: 2320: 2315: 2314: 2313: 2307: 2306: 2300: 2299: 2297: 2291: 2290: 2284: 2283: 2281: 2207:rating agencies 2191: 2185: 2167:Financial Times 2134:balanced budget 2108: 2102: 2077:Financial Times 2057:public finances 1965: 1959: 1934: 1917: 1913: 1909: 1905: 1886:property bubble 1855: 1849: 1764:Great Recession 1715:Financial Times 1706: 1702: 1654: 1650: 1638: 1565:primary deficit 1554:Lucas Papademos 1541: 1525: 1501: 1466: 1443:Great Recession 1383: 1377: 1335: 1300:government debt 1255:Great Recession 1239: 1211: 1210: 1209: 1203: 1202: 1200: 1194: 1193: 1187: 1186: 1184: 1178: 1177: 1171: 1170: 1164: 1163: 1161: 1152: 1142: 1101:European states 1055:Great Recession 1029: 1025: 1023: 1019: 1017: 1013: 1011: 1007: 1005: 1001: 991: 987: 985: 981: 979: 975: 973: 969: 956: 952: 950: 946: 944: 940: 938: 934: 920: 916: 914: 910: 908: 904: 902: 898: 896: 892: 876: 872: 870: 866: 864: 860: 858: 854: 852: 848: 846: 842: 840: 836: 826: 818: 816: 808: 806: 798: 796: 788: 786: 778: 776: 768: 766: 758: 744: 737: 735: 728: 726: 719: 717: 710: 708: 701: 699: 692: 690: 683: 663: 657: 599:government debt 581:member states ( 563:eurozone crisis 551: 515: 514: 513: 471: 463: 462: 461: 447:Lehman Brothers 411: 401: 400: 399: 314: 306: 305: 304: 295:(December 2008) 289:(November 2008) 283:(November 2008) 269: 267:Summit meetings 259: 258: 257: 232: 222: 221: 220: 175: 166:Great Recession 125: 119: 116: 97: 80: 76: 65: 41: 37: 28: 23: 22: 15: 12: 11: 5: 25593: 25583: 25582: 25577: 25572: 25567: 25562: 25557: 25552: 25550:2013 in Europe 25547: 25542: 25540:2012 in Europe 25537: 25532: 25530:2011 in Europe 25527: 25522: 25520:2010 in Europe 25517: 25512: 25507: 25502: 25497: 25492: 25487: 25482: 25477: 25472: 25467: 25462: 25445: 25444: 25442: 25441: 25436: 25429: 25428: 25420: 25419: 25416: 25415: 25413: 25412: 25407: 25402: 25397: 25392: 25387: 25382: 25376: 25374: 25368: 25367: 25364: 25363: 25361: 25360: 25355: 25350: 25345: 25340: 25335: 25330: 25328:Laissez-passer 25325: 25320: 25315: 25307: 25301: 25295: 25294: 25291: 25290: 25288: 25287: 25286: 25285: 25280: 25278:Current agenda 25270: 25265: 25260: 25255: 25250: 25245: 25240: 25235: 25230: 25225: 25220: 25215: 25210: 25209: 25208: 25198: 25193: 25188: 25183: 25178: 25177: 25176: 25166: 25160: 25158: 25150: 25149: 25147: 25146: 25145: 25144: 25139: 25137:Sport policies 25134: 25129: 25124: 25119: 25114: 25113: 25112: 25102: 25097: 25096: 25095: 25085: 25080: 25075: 25070: 25065: 25055: 25054: 25053: 25052: 25051: 25041: 25040: 25039: 25034: 25024: 25014: 25013: 25012: 25007: 25002: 24997: 24996: 24995: 24980: 24979: 24978: 24973: 24968: 24958: 24953: 24948: 24943: 24937: 24932: 24921: 24919: 24915: 24914: 24912: 24911: 24906: 24901: 24896: 24891: 24886: 24884:Federalisation 24881: 24876: 24874:Euroscepticism 24871: 24866: 24861: 24856: 24851: 24846: 24841: 24835: 24833: 24826: 24820: 24819: 24816: 24815: 24813: 24812: 24807: 24802: 24797: 24792: 24791: 24790: 24780: 24779: 24778: 24777: 24776: 24761: 24756: 24751: 24746: 24740: 24734: 24728: 24727: 24725: 24724: 24723: 24722: 24717: 24707: 24702: 24697: 24692: 24687: 24682: 24675: 24670: 24669: 24668: 24658: 24653: 24648: 24643: 24637: 24635: 24629: 24628: 24625: 24624: 24622: 24621: 24616: 24611: 24605: 24603: 24597: 24596: 24594: 24593: 24588: 24582: 24580: 24574: 24573: 24571: 24570: 24564: 24562: 24558: 24557: 24555: 24554: 24549: 24543: 24541: 24535: 24534: 24532: 24531: 24526: 24521: 24516: 24515: 24514: 24511: 24506: 24498: 24492: 24490: 24482: 24481: 24478: 24477: 24475: 24474: 24473: 24472: 24461: 24459: 24453: 24452: 24450: 24449: 24448: 24447: 24442: 24437: 24426: 24424: 24418: 24417: 24415: 24414: 24413: 24412: 24407: 24396: 24394: 24388: 24387: 24385: 24384: 24383: 24382: 24377: 24372: 24367: 24357: 24356: 24355: 24350: 24339: 24337: 24331: 24330: 24328: 24327: 24326: 24325: 24320: 24315: 24305: 24304: 24303: 24298: 24293: 24288: 24287: 24286: 24284:Constituencies 24276: 24271: 24266: 24261: 24250: 24248: 24239: 24230: 24224: 24223: 24220: 24219: 24217: 24216: 24211: 24206: 24198: 24193: 24188: 24183: 24178: 24176:Extreme points 24173: 24168: 24163: 24158: 24152: 24146: 24140: 24139: 24136: 24135: 24133: 24132: 24127: 24122: 24117: 24112: 24106: 24104: 24098: 24097: 24095: 24094: 24089: 24084: 24079: 24074: 24069: 24064: 24059: 24054: 24048: 24046: 24040: 24039: 24036: 24035: 24033: 24032: 24023: 24013: 24011: 24005: 24004: 24002: 24001: 23996: 23990: 23988: 23982: 23981: 23978: 23977: 23975: 23974: 23968: 23965: 23964: 23962: 23961: 23956: 23950: 23947: 23946: 23944: 23943: 23938: 23932: 23926: 23920: 23919: 23917: 23916: 23911: 23905: 23903: 23901:Defence policy 23894: 23890: 23889: 23887: 23886: 23881: 23876: 23871: 23866: 23861: 23856: 23850: 23848: 23839: 23833: 23832: 23830: articles 23828:European Union 23824: 23823: 23816: 23809: 23801: 23792: 23791: 23789: 23788: 23776: 23764: 23751: 23748: 23747: 23744: 23743: 23741: 23740: 23735: 23729: 23727: 23723: 23722: 23720: 23719: 23714: 23712:Spanish peseta 23709: 23704: 23699: 23694: 23689: 23684: 23679: 23674: 23669: 23664: 23659: 23654: 23649: 23644: 23639: 23637:Finnish markka 23634: 23632:Estonian kroon 23629: 23624: 23619: 23614: 23609: 23604: 23598: 23596: 23592: 23591: 23589: 23588: 23586:United Kingdom 23582: 23580: 23575: 23572: 23571: 23569: 23568: 23563: 23558: 23553: 23548: 23543: 23538: 23533: 23532: 23531: 23520: 23509: 23493: 23485: 23483: 23476: 23470: 23469: 23466: 23465: 23463: 23462: 23457: 23452: 23447: 23442: 23436: 23434: 23430: 23429: 23427: 23426: 23421: 23415: 23413: 23403: 23398: 23395: 23394: 23392: 23391: 23386: 23380: 23378: 23371: 23368: 23367: 23365: 23364: 23359: 23354: 23349: 23344: 23339: 23337:Czech Republic 23334: 23328: 23326: 23321: 23318: 23317: 23315: 23314: 23309: 23304: 23299: 23293: 23291: 23282: 23279: 23278: 23275: 23274: 23272: 23271: 23266: 23261: 23256: 23250: 23248: 23242: 23241: 23239: 23238: 23233: 23228: 23223: 23218: 23213: 23208: 23203: 23198: 23193: 23188: 23183: 23178: 23173: 23168: 23163: 23158: 23153: 23148: 23143: 23137: 23135: 23126: 23122: 23121: 23118: 23117: 23115: 23114: 23109: 23104: 23099: 23094: 23089: 23084: 23078: 23076: 23070: 23069: 23067: 23066: 23061: 23056: 23051: 23046: 23041: 23036: 23031: 23026: 23021: 23016: 23011: 23006: 23001: 22995: 22993: 22984: 22980: 22979: 22977: 22976: 22974:World currency 22971: 22966: 22961: 22955: 22953: 22947: 22946: 22944: 22943: 22938: 22937: 22936: 22926: 22921: 22916: 22911: 22906: 22900: 22898: 22894: 22893: 22891: 22890: 22885: 22880: 22878:Euro Plus Pact 22875: 22870: 22864: 22862: 22858: 22857: 22855: 22854: 22849: 22844: 22839: 22834: 22829: 22824: 22818: 22816: 22815:Administration 22812: 22811: 22809: 22808: 22801: 22796: 22791: 22786: 22781: 22776: 22770: 22768: 22764: 22763: 22755: 22754: 22747: 22740: 22732: 22723: 22722: 22720: 22719: 22712: 22705: 22698: 22690: 22687: 22686: 22684: 22683: 22676: 22669: 22662: 22660:(2022–present) 22654: 22647: 22640: 22638:(2020–present) 22632: 22631: 22630: 22623: 22616: 22602: 22600:(2019–present) 22594: 22592:(2019–present) 22586: 22584:(2018–present) 22578: 22570: 22563: 22555: 22547: 22540: 22533: 22526: 22519: 22511: 22504: 22502:(2013–present) 22496: 22489: 22482: 22475: 22468: 22466:(2011–present) 22460: 22458:(2010–present) 22452: 22445: 22438: 22430: 22428: 22427:(2009–present) 22420: 22419: 22417: 22416: 22415: 22414: 22407: 22400: 22393: 22386: 22379: 22372: 22365: 22358: 22351: 22344: 22337: 22330: 22323: 22316: 22309: 22302: 22295: 22292:September 2008 22280: 22278: 22270: 22269: 22267: 22266: 22264:(2007–present) 22258: 22251: 22244: 22236: 22229: 22222: 22215: 22208: 22201: 22193: 22185: 22177: 22170: 22163: 22156: 22149: 22142: 22134: 22127: 22120: 22112: 22105: 22097: 22090: 22083: 22076: 22069: 22061: 22053: 22046: 22039: 22031: 22023: 22016: 22009: 22002: 21994: 21985: 21983: 21970: 21969: 21967: 21966: 21958: 21951: 21944: 21936: 21928: 21921: 21914: 21907: 21898: 21896: 21888: 21887: 21885: 21884: 21877: 21869: 21867: 21859: 21858: 21856: 21855: 21848: 21841: 21833: 21825: 21816: 21814: 21806: 21805: 21803: 21802: 21795: 21788: 21780: 21773: 21766: 21759: 21751: 21744: 21737: 21729: 21721: 21713: 21706: 21699: 21691: 21689: 21681: 21680: 21678: 21677: 21669: 21662: 21655: 21648: 21647: 21646: 21639: 21623: 21621: 21617: 21616: 21614: 21613: 21606: 21599: 21592: 21584: 21577: 21570: 21563: 21556: 21554:(c. 1780–1795) 21548: 21541: 21533: 21525: 21523: 21515: 21514: 21512: 21511: 21503: 21495: 21487: 21477: 21475:(c. 1600–1760) 21469: 21461: 21452: 21450: 21442: 21441: 21439: 21438: 21429: 21427: 21420: 21419: 21417: 21416: 21409: 21402: 21395: 21394: 21393: 21386: 21379: 21372: 21358: 21355:Hyperinflation 21351: 21344: 21343: 21342: 21328: 21321: 21314: 21307: 21300: 21293: 21286: 21278: 21275: 21274: 21267: 21266: 21259: 21252: 21244: 21235: 21234: 21232: 21231: 21224: 21221: 21220: 21218: 21217: 21212: 21207: 21201: 21199: 21195: 21194: 21192: 21191: 21186: 21181: 21176: 21171: 21170: 21169: 21164: 21159: 21149: 21144: 21139: 21133: 21131: 21127: 21126: 21123: 21122: 21120: 21119: 21113: 21107: 21104:Irish students 21101: 21095: 21089: 21082: 21080: 21076: 21075: 21073: 21072: 21070:United Kingdom 21067: 21062: 21057: 21052: 21046: 21044: 21037: 21033: 21032: 21030: 21029: 21024: 21019: 21014: 21009: 21004: 20999: 20994: 20989: 20984: 20978: 20976: 20972: 20971: 20960: 20959: 20952: 20945: 20937: 20931: 20930: 20920: 20919:, January 2013 20911: 20906: 20901: 20895: 20889: 20880: 20866: 20860: 20851: 20848:New York Times 20842: 20833: 20827: 20815: 20814:External links 20812: 20811: 20810: 20805: 20799: 20779: 20745: 20727:(2): 196–216. 20721:Policy Studies 20706: 20695: 20664: 20655: 20652: 20649: 20648: 20620: 20607:"Poll Feb2012" 20598: 20572: 20546: 20524: 20502: 20469: 20443: 20424:(in Finnish). 20406: 20380: 20352: 20325: 20314:. Iltalehti.fi 20302: 20266: 20256:Marsh, David, 20249: 20236:European Voice 20223: 20196: 20162: 20126: 20095: 20063: 20037: 20006: 19978: 19952: 19926: 19900: 19873: 19844: 19814: 19786: 19775:on 15 May 2013 19754: 19724: 19696: 19670: 19630: 19621:|journal= 19570: 19538: 19531: 19513: 19481: 19470:. 11 June 2011 19455: 19424: 19391: 19358: 19331: 19309: 19276: 19243: 19213: 19204: 19171: 19143: 19116: 19088: 19062: 19036: 19002: 18983: 18952: 18933: 18903: 18880: 18864: 18838: 18810: 18797: 18764: 18736: 18725:on 6 July 2012 18703: 18676: 18646: 18613: 18587: 18558: 18532: 18521:on 16 May 2013 18499: 18473: 18446: 18416: 18369: 18343: 18308: 18276: 18250: 18222: 18195: 18164: 18138: 18112: 18086: 18058: 18031: 18005: 17962: 17937: 17911: 17900:. 9 March 2010 17885: 17855: 17829: 17818:on 5 July 2011 17798: 17768: 17738: 17712: 17699: 17673: 17643: 17621: 17599: 17577: 17551: 17529: 17511: 17480: 17466: 17436: 17409: 17373: 17347: 17321: 17295: 17267: 17242: 17209: 17183: 17157: 17130: 17099: 17065: 17039: 17017: 16991: 16964: 16935: 16928: 16895: 16871: 16844: 16818: 16789: 16760: 16720: 16694: 16666: 16638: 16587: 16561: 16535: 16513: 16488: 16458: 16432: 16406: 16395:on 9 June 2012 16371: 16341: 16315: 16288: 16269:(7): 889–907. 16253: 16239: 16192: 16183:|journal= 16156: 16130: 16112:whitehouse.gov 16098: 16072: 16054: 16036: 16016: 15994: 15966: 15940: 15925: 15914:. 8 March 2013 15903: 15882: 15853: 15835: 15816: 15794: 15772: 15753: 15730: 15697: 15668: 15643: 15603: 15566: 15537:Emmanuel Farhi 15524: 15517: 15491: 15478: 15450: 15422: 15391: 15369: 15344: 15318: 15299: 15282:CNN World News 15274:Fareed Zakaria 15265: 15243: 15230:Spiegel Online 15211: 15181: 15169: 15143: 15117: 15088: 15070: 15053: 15025: 14997: 14966: 14939: 14927:Peter Bofinger 14911: 14889: 14863: 14837: 14817: 14792: 14765: 14748: 14728:Richard Layard 14715: 14689: 14658: 14632: 14621:on 5 June 2011 14601: 14574: 14548: 14519: 14493: 14480: 14468: 14445: 14419: 14392: 14360: 14334: 14305: 14275: 14251: 14232: 14208: 14197:on 19 May 2011 14182: 14170: 14158: 14146:Spiegel Online 14132: 14104: 14093:. 16 July 2012 14090:Spiegel Online 14076: 14050: 14031: 14009: 13982: 13954: 13927: 13913: 13883: 13869: 13841: 13804: 13771: 13743: 13717: 13690: 13668: 13638: 13612: 13586: 13558: 13536: 13526:Blas, Javier, 13519: 13502: 13480: 13454: 13428: 13401: 13375: 13349: 13330: 13304: 13278: 13248: 13232: 13222:Gibson, Kate, 13212: 13184: 13173:. 28 July 2012 13155: 13123: 13096: 13069: 13042: 13020: 12993: 12966: 12939: 12912: 12886: 12867: 12840: 12813: 12787: 12761: 12738: 12726: 12699: 12688: 12662: 12645:"Spain's exit" 12636: 12610: 12578: 12552: 12526: 12504: 12482: 12454: 12419: 12390: 12373: 12352: 12320: 12291: 12255: 12229: 12218:. Coinmill.com 12207: 12181: 12170:. Coinmill.com 12159: 12133: 12107: 12086: 12069: 12055: 12029: 12003: 11989: 11975: 11961: 11939: 11913: 11887: 11863: 11837: 11823: 11809: 11787: 11773: 11759: 11745: 11709: 11695: 11678: 11664: 11644: 11619: 11602: 11588: 11560: 11529: 11514:. Luxembourg: 11500: 11464: 11432: 11410: 11385: 11363: 11341: 11319: 11294: 11274: 11248: 11218: 11196: 11169: 11138: 11095: 11080: 11063: 11045: 11019: 11004: 10972: 10944: 10930: 10904: 10878: 10846: 10820: 10809:on 18 May 2015 10789: 10762: 10751:. 25 June 2012 10736: 10710: 10688: 10666: 10640: 10614: 10589: 10570: 10546: 10521: 10502: 10484: 10462: 10443: 10422: 10411:on 13 May 2010 10390: 10381:|journal= 10347: 10325: 10308: 10297:on 15 May 2012 10275: 10256: 10229: 10214: 10192: 10164: 10149: 10131: 10109: 10090: 10062: 10044: 10029: 10003: 9981: 9952: 9924: 9913:. 13 July 2010 9898: 9887: 9885:(2 March 2012) 9861: 9859:(2 March 2011) 9835: 9808: 9782: 9755: 9733: 9706: 9692: 9671: 9645: 9623: 9597: 9569: 9543: 9517: 9489: 9458: 9442: 9422: 9397: 9390: 9370: 9348: 9325: 9299: 9273: 9262:. 20 July 2015 9247: 9236:. 20 July 2015 9221: 9203: 9179: 9161: 9137: 9112: 9092: 9065: 9047: 9033: 9012: 8991: 8973: 8926: 8900: 8881: 8853: 8823: 8801: 8775: 8743: 8716:Buiter, Willem 8707: 8696:on 19 May 2012 8681: 8661: 8633: 8607: 8589: 8586:. 10 May 2010. 8568: 8561: 8555:. OUP Oxford. 8543: 8514: 8488: 8462: 8426: 8396: 8365: 8335: 8308: 8286: 8259: 8227: 8205: 8174: 8148: 8122: 8099: 8073: 8045: 8019: 7991: 7962: 7933: 7917: 7910: 7890: 7863: 7827: 7812: 7786: 7760: 7724: 7698: 7666: 7647: 7644:. 18 May 2014. 7629: 7603: 7577: 7550: 7514: 7485: 7449: 7424: 7392: 7366: 7336: 7314: 7288: 7259: 7233: 7207: 7185: 7159: 7133: 7104: 7095:|journal= 7064: 7032: 7004: 6993:on 25 May 2010 6971: 6960:. Academia.edu 6940: 6911: 6880: 6861: 6839: 6821: 6818:. 3 June 2011. 6801: 6783:Bloomberg News 6769: 6758:. 17 July 2012 6737: 6709: 6683: 6662: 6639: 6610: 6592: 6561: 6543: 6517: 6508: 6492: 6483:|journal= 6445: 6438: 6416: 6370: 6344: 6309:(2): 192–207. 6289: 6259: 6236: 6207: 6178:(1): 371–390. 6143: 6116:(7): 811–840. 6073: 6046: 6035:. 12 July 2011 6019: 6018: 6016: 6013: 6010: 6009: 5999: 5998: 5996: 5993: 5992: 5991: 5986: 5981: 5976: 5971: 5966: 5961: 5956: 5951: 5946: 5941: 5936: 5931: 5925: 5924: 5910: 5894: 5891: 5890: 5889: 5874: 5851: 5822: 5808:prime minister 5797: 5786:Iveta Radičová 5782: 5754: 5739: 5732: 5721: 5670: 5667: 5641:EFSF expansion 5616: 5613: 5589: 5586: 5563:Jean Quatremer 5561:correspondent 5549:Main article: 5546: 5543: 5514:federalisation 5481:European Union 5468: 5467: 5448:interest rates 5439:currency union 5384:post-Keynesian 5369: 5366: 5327: 5324: 5277: 5274: 5241: 5240: 5209: 5208: 5136:housing bubble 5107: 5104: 5072: 5071: 5037: 5036: 5031: 5028: 5020:Main article: 5017: 5014: 4987: 4984: 4946:Thomas Piketty 4921:Kenneth Rogoff 4917: 4916: 4913:household debt 4909: 4906: 4881: 4878: 4844:Main article: 4841: 4838: 4808:Securitization 4806:Main article: 4803: 4800: 4780:Main article: 4777: 4774: 4766:banking crisis 4742: 4739: 4718:Main article: 4715: 4712: 4699:Main article: 4696: 4693: 4667: 4664: 4651: 4648: 4635: 4634: 4561: 4558: 4537: 4536: 4478: 4477: 4441: 4440: 4421:Fareed Zakaria 4417:terms of trade 4411:Euro Plus Pact 4406: 4403: 4372: 4371: 4318:Fiscal Compact 4314:Euro Plus Pact 4253:Peter Bofinger 4235:fiscal deficit 4159: 4156: 4153: 4152: 4149: 4145: 4144: 4131: 4127: 4126: 4113: 4109: 4108: 4105: 4101: 4100: 4097: 4086: 4083: 4078:Main article: 4075: 4072: 4048:City of London 4007:Main article: 4004: 4001: 3957:Main article: 3954: 3951: 3927: 3926: 3918: 3917: 3906:€529.5 billion 3876: 3875: 3840: 3839: 3799:currency swaps 3764: 3763: 3759: 3748: 3737:€219.5 billion 3699: 3696: 3679: 3678: 3663:debt-to-equity 3637:New York Times 3605: 3602: 3568:European Union 3550:Main article: 3547: 3544: 3497: 3496: 3457: 3456: 3444:bond markets. 3406:Main article: 3403: 3400: 3397: 3396: 3384: 3383: 3371: 3370: 3362: 3361: 3354: 3353: 3345: 3344: 3337: 3336: 3320: 3319: 3311: 3310: 3295: 3294: 3278: 3277: 3255:Bank of Cyprus 3242: 3241: 3229: 3228: 3225: 3222: 3219: 3216: 3213: 3210: 3207: 3204: 3201: 3198: 3193: 3192:Total payment 3189: 3188: 3180: 3174: 3171: 3168: 3165: 3162: 3159: 3156: 3153: 3150: 3142: 3134: 3133: 3131:2.5 out of 6.5 3122: 3119: 3116: 3113: 3110: 3107: 3104: 3101: 3098: 3089: 3081: 3072: 3071: 3060: 3057: 3054: 3051: 3048: 3045: 3042: 3039: 3036: 3027: 3019: 3010: 3009: 3001: 2998: 2995: 2992: 2989: 2986: 2983: 2980: 2977: 2971: 2963: 2954: 2953: 2945: 2942: 2936: 2930: 2927: 2924: 2921: 2918: 2915: 2909: 2901: 2893: 2892: 2890:4.5 out of 7.5 2881: 2878: 2875: 2872: 2869: 2866: 2863: 2860: 2857: 2848: 2840: 2832: 2831: 2823: 2820: 2814: 2808: 2805: 2802: 2799: 2796: 2793: 2787: 2779: 2771: 2770: 2762: 2759: 2756: 2753: 2750: 2747: 2744: 2741: 2738: 2729: 2721: 2713: 2712: 2704: 2693: 2690: 2687: 2684: 2681: 2678: 2675: 2672: 2660: 2652: 2643: 2642: 2637: 2634: 2631: 2628: 2625: 2622: 2619: 2616: 2613: 2607: 2599: 2590: 2589: 2581: 2572: 2569: 2566: 2563: 2560: 2557: 2554: 2551: 2542: 2534: 2525: 2524: 2513: 2510: 2507: 2504: 2501: 2498: 2495: 2492: 2489: 2486: 2478: 2469: 2468: 2461: 2452: 2443: 2434: 2425: 2416: 2407: 2394: 2385: 2376: 2373: 2364: 2363: 2356: 2349: 2341: 2324: 2321: 2319: 2316: 2275: 2274: 2273: 2265: 2264: 2261: 2258: 2255: 2248: 2187:Main article: 2184: 2181: 2161:in 2022/2027. 2159:Fiscal Compact 2101: 2098: 2082:European Union 2053:sovereign bond 1961:Main article: 1958: 1955: 1851:Main article: 1848: 1845: 1775: 1774: 1768: 1758: 1616:military coups 1608:hyperinflation 1496:measures (the 1379:Main article: 1376: 1373: 1155: 1154: 1153: 1141: 1138: 1086:and turned to 1024: 1018: 1012: 1006: 1000: 986: 980: 974: 968: 951: 945: 939: 933: 915: 909: 903: 897: 891: 871: 865: 859: 853: 847: 841: 835: 817: 807: 797: 787: 777: 767: 757: 736: 727: 718: 709: 700: 691: 682: 659:Main article: 656: 653: 640:interest rates 605:(ECB), or the 575:European Union 553: 552: 550: 549: 542: 535: 527: 524: 523: 517: 516: 512: 511: 506: 501: 496: 495: 494: 489: 479: 473: 472: 469: 468: 465: 464: 460: 459: 454: 449: 444: 442:General Motors 439: 434: 429: 424: 419: 413: 412: 407: 406: 403: 402: 398: 397: 392: 387: 382: 377: 372: 367: 365:Green New Deal 362: 357: 352: 347: 342: 337: 332: 327: 322: 316: 315: 312: 311: 308: 307: 303: 302: 296: 290: 284: 278: 275:34th G8 summit 271: 270: 265: 264: 261: 260: 256: 255: 250: 245: 240: 234: 233: 228: 227: 224: 223: 219: 218: 213: 208: 203: 198: 193: 188: 183: 177: 176: 173: 172: 169: 168: 162: 161: 127: 126: 106:it, or adding 83: 81: 74: 67: 66: 44: 42: 35: 26: 9: 6: 4: 3: 2: 25592: 25581: 25578: 25576: 25573: 25571: 25568: 25566: 25563: 25561: 25558: 25556: 25553: 25551: 25548: 25546: 25543: 25541: 25538: 25536: 25533: 25531: 25528: 25526: 25523: 25521: 25518: 25516: 25513: 25511: 25508: 25506: 25503: 25501: 25498: 25496: 25493: 25491: 25488: 25486: 25483: 25481: 25478: 25476: 25473: 25471: 25468: 25466: 25463: 25461: 25458: 25457: 25455: 25440: 25437: 25435: 25432: 25431: 25426: 25422: 25421: 25417: 25411: 25408: 25406: 25403: 25401: 25398: 25396: 25393: 25391: 25388: 25386: 25383: 25381: 25378: 25377: 25375: 25373: 25369: 25359: 25356: 25354: 25351: 25349: 25346: 25344: 25341: 25339: 25338:Media freedom 25336: 25334: 25331: 25329: 25326: 25324: 25321: 25319: 25316: 25314: 25313: 25309: 25308: 25305: 25302: 25300: 25296: 25284: 25281: 25279: 25276: 25275: 25274: 25271: 25269: 25266: 25264: 25261: 25259: 25256: 25254: 25251: 25249: 25246: 25244: 25241: 25239: 25236: 25234: 25231: 25229: 25226: 25224: 25221: 25219: 25216: 25214: 25211: 25207: 25204: 25203: 25202: 25199: 25197: 25194: 25192: 25189: 25187: 25184: 25182: 25179: 25175: 25172: 25171: 25170: 25167: 25165: 25162: 25161: 25159: 25157: 25151: 25143: 25140: 25138: 25135: 25133: 25130: 25128: 25125: 25123: 25120: 25118: 25115: 25111: 25108: 25107: 25106: 25103: 25101: 25098: 25094: 25091: 25090: 25089: 25086: 25084: 25083:Energy policy 25081: 25079: 25076: 25074: 25073:Customs Union 25071: 25069: 25066: 25064: 25061: 25060: 25059: 25058:Single market 25056: 25050: 25047: 25046: 25045: 25042: 25038: 25035: 25033: 25030: 25029: 25028: 25025: 25023: 25020: 25019: 25018: 25015: 25011: 25008: 25006: 25003: 25001: 24998: 24994: 24991: 24990: 24989: 24986: 24985: 24984: 24981: 24977: 24974: 24972: 24969: 24966: 24962: 24961:identity card 24959: 24957: 24954: 24952: 24949: 24947: 24944: 24941: 24938: 24936: 24935:Schengen Area 24933: 24931: 24928: 24927: 24926: 24923: 24922: 24920: 24916: 24910: 24907: 24905: 24902: 24900: 24897: 24895: 24892: 24890: 24887: 24885: 24882: 24880: 24877: 24875: 24872: 24870: 24867: 24865: 24862: 24860: 24857: 24855: 24852: 24850: 24847: 24845: 24842: 24840: 24837: 24836: 24834: 24830: 24827: 24825: 24821: 24811: 24808: 24806: 24803: 24801: 24798: 24796: 24793: 24789: 24786: 24785: 24784: 24781: 24775: 24772: 24771: 24770: 24767: 24766: 24765: 24762: 24760: 24757: 24755: 24752: 24750: 24747: 24745: 24742: 24741: 24738: 24735: 24733: 24729: 24721: 24718: 24716: 24713: 24712: 24711: 24708: 24706: 24703: 24701: 24698: 24696: 24693: 24691: 24688: 24686: 24683: 24681: 24680: 24676: 24674: 24671: 24667: 24664: 24663: 24662: 24659: 24657: 24656:Copyright law 24654: 24652: 24649: 24647: 24644: 24642: 24639: 24638: 24636: 24634: 24630: 24620: 24617: 24615: 24612: 24610: 24607: 24606: 24604: 24598: 24592: 24589: 24587: 24584: 24583: 24581: 24575: 24569: 24566: 24565: 24563: 24559: 24553: 24550: 24548: 24545: 24544: 24542: 24536: 24530: 24527: 24525: 24522: 24520: 24517: 24513:EIB Institute 24512: 24510: 24507: 24505: 24502: 24501: 24499: 24497: 24494: 24493: 24491: 24483: 24471: 24468: 24467: 24466: 24463: 24462: 24460: 24458: 24454: 24446: 24443: 24441: 24438: 24436: 24433: 24432: 24431: 24428: 24427: 24425: 24423: 24419: 24411: 24410:General Court 24408: 24406: 24403: 24402: 24401: 24398: 24397: 24395: 24393: 24389: 24381: 24378: 24376: 24375:Commissioners 24373: 24371: 24368: 24366: 24363: 24362: 24361: 24358: 24354: 24351: 24349: 24346: 24345: 24344: 24341: 24340: 24338: 24336: 24332: 24324: 24321: 24319: 24316: 24314: 24311: 24310: 24309: 24306: 24302: 24299: 24297: 24294: 24292: 24289: 24285: 24282: 24281: 24280: 24277: 24275: 24272: 24270: 24267: 24265: 24262: 24260: 24257: 24256: 24255: 24252: 24251: 24249: 24247: 24243: 24240: 24238: 24234: 24231: 24229: 24225: 24215: 24212: 24210: 24207: 24205: 24199: 24197: 24194: 24192: 24191:Member states 24189: 24187: 24184: 24182: 24179: 24177: 24174: 24172: 24169: 24167: 24164: 24162: 24159: 24157: 24154: 24153: 24150: 24147: 24145: 24141: 24131: 24128: 24126: 24123: 24121: 24118: 24116: 24113: 24111: 24108: 24107: 24105: 24103: 24099: 24093: 24090: 24088: 24085: 24083: 24080: 24078: 24075: 24073: 24070: 24068: 24065: 24063: 24060: 24058: 24055: 24053: 24050: 24049: 24047: 24045: 24041: 24031: 24029: 24024: 24022: 24020: 24015: 24014: 24012: 24010: 24006: 24000: 23997: 23995: 23992: 23991: 23989: 23987: 23983: 23973: 23970: 23969: 23966: 23960: 23957: 23955: 23952: 23951: 23948: 23942: 23939: 23937: 23934: 23933: 23930: 23927: 23925: 23921: 23915: 23912: 23910: 23907: 23906: 23904: 23902: 23898: 23895: 23891: 23885: 23882: 23880: 23877: 23875: 23872: 23870: 23867: 23865: 23862: 23860: 23857: 23855: 23852: 23851: 23849: 23847: 23843: 23840: 23838: 23834: 23829: 23822: 23817: 23815: 23810: 23808: 23803: 23802: 23799: 23787: 23786: 23782: 23777: 23775: 23774: 23770: 23765: 23763: 23762: 23758: 23753: 23752: 23749: 23739: 23736: 23734: 23731: 23730: 23728: 23724: 23718: 23715: 23713: 23710: 23708: 23705: 23703: 23702:Slovak koruna 23700: 23698: 23695: 23693: 23690: 23688: 23685: 23683: 23680: 23678: 23675: 23673: 23670: 23668: 23665: 23663: 23660: 23658: 23655: 23653: 23652:Greek drachma 23650: 23648: 23645: 23643: 23640: 23638: 23635: 23633: 23630: 23628: 23627:Dutch guilder 23625: 23623: 23622:Cypriot pound 23620: 23618: 23617:Croatian kuna 23615: 23613: 23612:Belgian franc 23610: 23608: 23605: 23603: 23600: 23599: 23597: 23593: 23587: 23584: 23583: 23581: 23573: 23567: 23564: 23562: 23559: 23557: 23554: 23552: 23549: 23547: 23544: 23542: 23539: 23537: 23534: 23529: 23521: 23518: 23510: 23507: 23499: 23498: 23497: 23494: 23491: 23487: 23486: 23484: 23480: 23477: 23475: 23471: 23461: 23460:Swedish krona 23458: 23456: 23453: 23451: 23448: 23446: 23443: 23441: 23438: 23437: 23435: 23431: 23425: 23422: 23420: 23419:Bulgarian lev 23417: 23416: 23414: 23407: 23404: 23401: 23396: 23390: 23387: 23385: 23382: 23381: 23379: 23376: 23369: 23363: 23360: 23358: 23355: 23353: 23350: 23348: 23345: 23343: 23340: 23338: 23335: 23333: 23330: 23329: 23327: 23319: 23313: 23310: 23308: 23305: 23303: 23300: 23298: 23295: 23294: 23292: 23289: 23280: 23270: 23267: 23265: 23262: 23260: 23257: 23255: 23252: 23251: 23249: 23247: 23243: 23237: 23234: 23232: 23229: 23227: 23224: 23222: 23219: 23217: 23214: 23212: 23209: 23207: 23204: 23202: 23199: 23197: 23194: 23192: 23189: 23187: 23184: 23182: 23179: 23177: 23174: 23172: 23169: 23167: 23164: 23162: 23159: 23157: 23154: 23152: 23149: 23147: 23144: 23142: 23139: 23138: 23136: 23134: 23130: 23127: 23123: 23113: 23110: 23108: 23105: 23103: 23100: 23098: 23095: 23093: 23090: 23088: 23085: 23083: 23080: 23079: 23077: 23075: 23071: 23065: 23062: 23060: 23057: 23055: 23052: 23050: 23047: 23045: 23042: 23040: 23037: 23035: 23032: 23030: 23027: 23025: 23022: 23020: 23017: 23015: 23012: 23010: 23007: 23005: 23002: 23000: 22997: 22996: 22994: 22992: 22988: 22985: 22983:Denominations 22981: 22975: 22972: 22970: 22967: 22965: 22962: 22960: 22957: 22956: 22954: 22952: 22948: 22942: 22939: 22935: 22932: 22931: 22930: 22927: 22925: 22922: 22920: 22917: 22915: 22912: 22910: 22907: 22905: 22902: 22901: 22899: 22895: 22889: 22886: 22884: 22881: 22879: 22876: 22874: 22871: 22869: 22866: 22865: 22863: 22859: 22853: 22850: 22848: 22845: 22843: 22840: 22838: 22835: 22833: 22830: 22828: 22827:ECB president 22825: 22823: 22820: 22819: 22817: 22813: 22807: 22806: 22805:Euro-Skulptur 22802: 22800: 22797: 22795: 22792: 22790: 22787: 22785: 22782: 22780: 22777: 22775: 22772: 22771: 22769: 22765: 22760: 22753: 22748: 22746: 22741: 22739: 22734: 22733: 22730: 22717: 22713: 22710: 22706: 22703: 22699: 22696: 22692: 22691: 22688: 22681: 22677: 22674: 22670: 22667: 22663: 22659: 22655: 22652: 22648: 22645: 22641: 22637: 22633: 22628: 22624: 22621: 22617: 22614: 22610: 22609: 22607: 22603: 22599: 22595: 22591: 22587: 22583: 22579: 22575: 22571: 22568: 22564: 22560: 22556: 22552: 22548: 22545: 22541: 22538: 22534: 22531: 22527: 22524: 22520: 22516: 22512: 22509: 22505: 22501: 22497: 22494: 22490: 22487: 22483: 22480: 22476: 22473: 22469: 22465: 22461: 22457: 22453: 22450: 22446: 22443: 22439: 22436: 22432: 22431: 22429: 22425: 22421: 22412: 22408: 22405: 22401: 22398: 22394: 22391: 22387: 22384: 22380: 22377: 22373: 22370: 22366: 22363: 22359: 22356: 22352: 22349: 22345: 22342: 22338: 22335: 22331: 22328: 22324: 22321: 22317: 22314: 22313:December 2008 22310: 22307: 22306:November 2008 22303: 22300: 22296: 22293: 22289: 22288: 22286: 22282: 22281: 22279: 22275: 22271: 22263: 22259: 22256: 22252: 22249: 22245: 22241: 22237: 22234: 22230: 22227: 22223: 22220: 22216: 22213: 22209: 22206: 22202: 22198: 22194: 22190: 22186: 22182: 22178: 22175: 22171: 22168: 22164: 22161: 22157: 22154: 22150: 22147: 22143: 22139: 22135: 22132: 22128: 22125: 22121: 22117: 22113: 22110: 22106: 22102: 22098: 22095: 22091: 22088: 22084: 22081: 22077: 22074: 22070: 22066: 22062: 22058: 22054: 22051: 22047: 22044: 22040: 22036: 22032: 22028: 22024: 22021: 22017: 22014: 22010: 22007: 22003: 21999: 21995: 21991: 21987: 21986: 21984: 21980: 21975: 21971: 21963: 21959: 21956: 21952: 21949: 21945: 21941: 21937: 21933: 21929: 21926: 21922: 21919: 21915: 21912: 21908: 21904: 21900: 21899: 21897: 21893: 21889: 21882: 21878: 21875: 21871: 21870: 21868: 21864: 21860: 21853: 21852:Panic of 1930 21849: 21846: 21842: 21838: 21834: 21830: 21826: 21822: 21818: 21817: 21815: 21811: 21807: 21800: 21796: 21793: 21789: 21785: 21781: 21778: 21777:Panic of 1907 21774: 21771: 21770:Panic of 1901 21767: 21764: 21763:Panic of 1896 21760: 21756: 21752: 21749: 21745: 21742: 21741:Panic of 1893 21738: 21734: 21730: 21726: 21725:Baring crisis 21722: 21718: 21717:Arendal crash 21714: 21711: 21710:Panic of 1884 21707: 21704: 21700: 21697: 21696:Panic of 1873 21693: 21692: 21690: 21686: 21682: 21674: 21670: 21667: 21666:Panic of 1866 21663: 21660: 21659:Panic of 1857 21656: 21653: 21652:Panic of 1847 21649: 21644: 21640: 21637: 21633: 21632: 21629: 21625: 21624: 21622: 21618: 21611: 21610:Panic of 1837 21607: 21604: 21603:Panic of 1825 21600: 21597: 21596:Panic of 1819 21593: 21589: 21585: 21582: 21578: 21575: 21571: 21568: 21567:Panic of 1792 21564: 21561: 21557: 21553: 21549: 21546: 21542: 21538: 21534: 21531: 21527: 21526: 21524: 21520: 21516: 21508: 21504: 21500: 21496: 21492: 21488: 21484: 21483: 21478: 21474: 21470: 21466: 21462: 21458: 21454: 21453: 21451: 21447: 21443: 21435: 21431: 21430: 21428: 21426: 21421: 21414: 21410: 21407: 21406:Social crisis 21403: 21400: 21399:Minsky moment 21396: 21391: 21387: 21384: 21380: 21377: 21373: 21370: 21366: 21365: 21363: 21359: 21356: 21352: 21349: 21345: 21340: 21336: 21335: 21333: 21329: 21326: 21325:Energy crisis 21322: 21319: 21315: 21312: 21308: 21305: 21301: 21298: 21297:Credit crunch 21294: 21291: 21287: 21284: 21280: 21279: 21276: 21272: 21265: 21260: 21258: 21253: 21251: 21246: 21245: 21242: 21230: 21226: 21225: 21222: 21216: 21213: 21211: 21208: 21206: 21203: 21202: 21200: 21196: 21190: 21187: 21185: 21182: 21180: 21177: 21175: 21172: 21168: 21165: 21163: 21160: 21158: 21155: 21154: 21153: 21150: 21148: 21145: 21143: 21140: 21138: 21135: 21134: 21132: 21128: 21117: 21114: 21111: 21108: 21105: 21102: 21099: 21096: 21093: 21090: 21087: 21084: 21083: 21081: 21077: 21071: 21068: 21066: 21063: 21061: 21058: 21056: 21053: 21051: 21048: 21047: 21045: 21041: 21038: 21034: 21028: 21025: 21023: 21020: 21018: 21015: 21013: 21010: 21008: 21005: 21003: 21000: 20998: 20995: 20993: 20990: 20988: 20985: 20983: 20980: 20979: 20977: 20973: 20969: 20965: 20958: 20953: 20951: 20946: 20944: 20939: 20938: 20935: 20928: 20924: 20921: 20918: 20915: 20912: 20910: 20907: 20905: 20902: 20899: 20896: 20893: 20890: 20887: 20884: 20881: 20878: 20874: 20870: 20867: 20864: 20861: 20859:30 March 2011 20858: 20855: 20852: 20849: 20846: 20843: 20840: 20837: 20834: 20831: 20828: 20825: 20821: 20818: 20817: 20809: 20806: 20802: 20800:9780670024933 20796: 20792: 20788: 20784: 20780: 20776: 20772: 20768: 20764: 20760: 20756: 20755: 20750: 20746: 20742: 20738: 20734: 20730: 20726: 20722: 20715: 20711: 20707: 20704: 20700: 20696: 20692: 20688: 20684: 20680: 20676: 20675: 20670: 20665: 20662: 20658: 20657: 20636: 20635: 20630: 20624: 20608: 20602: 20586: 20582: 20576: 20561: 20557: 20550: 20534: 20528: 20512: 20506: 20490: 20486: 20485: 20480: 20473: 20458: 20454: 20447: 20431: 20427: 20423: 20422: 20417: 20410: 20394: 20390: 20384: 20369: 20368: 20363: 20356: 20340: 20336: 20329: 20313: 20306: 20287: 20283: 20276: 20270: 20263: 20259: 20253: 20237: 20233: 20227: 20211: 20207: 20200: 20185:on 8 May 2012 20184: 20180: 20176: 20169: 20167: 20150: 20146: 20145: 20141: 20136: 20130: 20114: 20110: 20109:Bloomberg L.P 20106: 20099: 20083: 20079: 20078: 20073: 20067: 20051: 20047: 20041: 20025: 20021: 20020:Bloomberg L.P 20017: 20010: 19994: 19993: 19988: 19982: 19967:. 16 May 2011 19966: 19962: 19956: 19940: 19936: 19930: 19915: 19911: 19904: 19888: 19884: 19877: 19861: 19860: 19855: 19848: 19832: 19828: 19824: 19818: 19802: 19801: 19796: 19790: 19774: 19770: 19769: 19764: 19758: 19742: 19738: 19734: 19728: 19712: 19711: 19706: 19700: 19684: 19680: 19674: 19666: 19653: 19645: 19641: 19634: 19626: 19613: 19605: 19601: 19597: 19593: 19589: 19585: 19581: 19574: 19566: 19562: 19558: 19554: 19553: 19545: 19543: 19534: 19528: 19524: 19517: 19501: 19497: 19493: 19492: 19485: 19469: 19465: 19459: 19443: 19442: 19437: 19431: 19429: 19421: 19409: 19405: 19398: 19396: 19380:. 26 May 2012 19379: 19378:The Economist 19375: 19369: 19367: 19365: 19363: 19346: 19342: 19335: 19319: 19313: 19297: 19293: 19292: 19287: 19280: 19264: 19260: 19259: 19254: 19247: 19240: 19228: 19224: 19217: 19208: 19192: 19188: 19187:The Telegraph 19183: 19175: 19160: 19159: 19154: 19147: 19131: 19127: 19120: 19105: 19104: 19099: 19092: 19077: 19073: 19066: 19051: 19047: 19040: 19025: 19021: 19017: 19013: 19006: 18998: 18994: 18987: 18971: 18967: 18963: 18956: 18948: 18944: 18937: 18931:, 25 May 2011 18930: 18926: 18923: 18919: 18915: 18912: 18907: 18891: 18884: 18878:, 29 May 2011 18877: 18876:Bill Mitchell 18873: 18868: 18852: 18848: 18842: 18826: 18825: 18820: 18814: 18807: 18801: 18785: 18781: 18780: 18775: 18768: 18760: 18756: 18755: 18750: 18746: 18740: 18724: 18720: 18719: 18714: 18707: 18691: 18687: 18680: 18664: 18660: 18653: 18651: 18635:on 1 May 2010 18634: 18630: 18629: 18624: 18617: 18602: 18601:FT Alphaville 18598: 18591: 18575: 18574: 18569: 18562: 18546: 18542: 18536: 18517: 18510: 18503: 18487: 18483: 18477: 18461: 18457: 18450: 18434: 18427: 18420: 18412: 18406: 18390: 18386: 18385: 18380: 18373: 18357: 18356:Seeking Alpha 18353: 18347: 18331: 18327: 18323: 18319: 18312: 18296: 18292: 18291: 18286: 18280: 18264: 18260: 18254: 18238: 18237: 18236:The Economist 18232: 18226: 18210: 18206: 18199: 18183: 18179: 18175: 18168: 18153: 18149: 18142: 18126: 18122: 18116: 18101: 18097: 18090: 18075: 18074: 18069: 18062: 18046: 18042: 18035: 18019: 18018:The Economist 18015: 18009: 18001: 17995: 17987: 17983: 17979: 17978: 17973: 17966: 17951: 17947: 17941: 17926: 17922: 17915: 17899: 17898:The Economist 17895: 17889: 17873: 17869: 17865: 17859: 17843: 17839: 17833: 17817: 17813: 17809: 17802: 17786: 17782: 17778: 17772: 17756: 17752: 17748: 17742: 17726: 17722: 17716: 17709: 17703: 17688: 17684: 17677: 17661: 17657: 17650: 17648: 17631: 17625: 17609: 17603: 17587: 17581: 17566:. 8 July 2011 17565: 17561: 17555: 17547: 17543: 17536: 17534: 17525: 17521: 17515: 17499: 17495: 17491: 17484: 17476: 17470: 17454: 17450: 17446: 17440: 17424: 17420: 17413: 17397: 17393: 17388: 17380: 17378: 17361: 17357: 17351: 17335: 17331: 17325: 17310: 17306: 17299: 17284: 17283: 17278: 17271: 17252: 17246: 17227: 17220: 17213: 17197: 17193: 17187: 17172: 17168: 17161: 17145: 17141: 17134: 17118: 17114: 17110: 17103: 17087: 17083: 17079: 17075: 17069: 17053: 17049: 17043: 17035: 17031: 17027: 17021: 17005: 17001: 16995: 16979: 16975: 16968: 16953: 16949: 16947: 16939: 16931: 16929:9780674430006 16925: 16921: 16917: 16912: 16911: 16905: 16899: 16891: 16884: 16878: 16876: 16859: 16855: 16848: 16833: 16829: 16822: 16807: 16803: 16799: 16793: 16778: 16771: 16764: 16745: 16741: 16734: 16727: 16725: 16709:. 24 May 2018 16708: 16704: 16698: 16682: 16681: 16676: 16670: 16654: 16653: 16648: 16642: 16623: 16619: 16615: 16611: 16607: 16606: 16598: 16591: 16575: 16571: 16565: 16549: 16545: 16539: 16523: 16517: 16501: 16495: 16493: 16484: 16480: 16476: 16472: 16468: 16462: 16447:. 6 June 2012 16446: 16442: 16436: 16420: 16416: 16410: 16394: 16390: 16389: 16384: 16378: 16376: 16368: 16356: 16352: 16345: 16330: 16326: 16319: 16303: 16299: 16292: 16284: 16280: 16276: 16272: 16268: 16264: 16257: 16249: 16243: 16235: 16231: 16227: 16223: 16219: 16215: 16211: 16207: 16203: 16196: 16188: 16175: 16167: 16160: 16145:. 9 June 2012 16144: 16143:The Economist 16140: 16134: 16126: 16114: 16113: 16108: 16102: 16087: 16083: 16076: 16068: 16064: 16058: 16050: 16046: 16040: 16033:. 5 May 2012. 16032: 16031: 16026: 16020: 16004: 15998: 15983: 15982: 15977: 15970: 15954: 15950: 15944: 15936: 15929: 15913: 15907: 15899: 15898: 15893: 15886: 15871: 15867: 15863: 15857: 15849: 15842: 15840: 15831: 15827: 15820: 15804: 15798: 15782: 15776: 15768: 15764: 15757: 15741: 15734: 15718: 15714: 15710: 15704: 15702: 15685: 15681: 15675: 15673: 15664: 15660: 15659: 15654: 15647: 15628: 15624: 15617: 15610: 15608: 15592: 15585: 15581: 15580:Oleg Itskhoki 15577: 15576:Gita Gopinath 15570: 15562: 15556: 15548: 15547: 15542: 15538: 15534: 15528: 15520: 15514: 15510: 15506: 15502: 15495: 15488: 15482: 15466: 15465: 15460: 15454: 15438: 15437: 15432: 15426: 15419: 15407: 15406: 15401: 15395: 15379: 15373: 15358: 15357:Eurostat Wiki 15354: 15348: 15332: 15328: 15322: 15314: 15310: 15303: 15287: 15283: 15279: 15275: 15269: 15253: 15247: 15231: 15227: 15220: 15218: 15216: 15199: 15195: 15191: 15185: 15178: 15173: 15157: 15153: 15147: 15131: 15127: 15121: 15105: 15101: 15095: 15093: 15084: 15080: 15074: 15067: 15063: 15057: 15041: 15040: 15035: 15029: 15013: 15012: 15007: 15001: 14985: 14981: 14975: 14973: 14971: 14954: 14950: 14943: 14936: 14932: 14928: 14922: 14920: 14918: 14916: 14899: 14893: 14877: 14873: 14867: 14851: 14847: 14841: 14833: 14832: 14827: 14821: 14815: 14812: 14808: 14805: 14799: 14797: 14780: 14776: 14769: 14762: 14758: 14752: 14737: 14733: 14729: 14725: 14719: 14704: 14700: 14693: 14677: 14673: 14669: 14662: 14646: 14642: 14641:"Signatories" 14636: 14620: 14616: 14612: 14605: 14589: 14585: 14578: 14563: 14559: 14552: 14545: 14529: 14523: 14508: 14504: 14497: 14490: 14484: 14477: 14472: 14456: 14449: 14434: 14430: 14423: 14407: 14403: 14396: 14380: 14376: 14375: 14370: 14364: 14349: 14345: 14338: 14322: 14318: 14312: 14310: 14293: 14289: 14282: 14280: 14261: 14255: 14248: 14244: 14241: 14236: 14218: 14212: 14196: 14192: 14186: 14179: 14174: 14167: 14162: 14147: 14143: 14136: 14121: 14120: 14115: 14108: 14092: 14091: 14086: 14080: 14065: 14061: 14054: 14046: 14042: 14035: 14019: 14013: 13997: 13993: 13986: 13971: 13970: 13965: 13958: 13942: 13938: 13931: 13923: 13917: 13902:on 2 May 2013 13901: 13897: 13896:Business Week 13893: 13887: 13879: 13873: 13857: 13856: 13851: 13845: 13830: 13829: 13824: 13817: 13815: 13813: 13811: 13809: 13792: 13786: 13784: 13782: 13780: 13778: 13776: 13759: 13758: 13753: 13747: 13732: 13728: 13721: 13705: 13701: 13694: 13679:. 10 May 2010 13678: 13672: 13656: 13652: 13648: 13642: 13626: 13622: 13616: 13600: 13596: 13590: 13574: 13573: 13568: 13562: 13546: 13540: 13533: 13529: 13523: 13516: 13512: 13506: 13490: 13484: 13469: 13465: 13458: 13442: 13438: 13432: 13416: 13410: 13408: 13406: 13389: 13385: 13379: 13364: 13360: 13353: 13345: 13341: 13334: 13319: 13315: 13308: 13292: 13288: 13282: 13266: 13262: 13258: 13252: 13245: 13236: 13229: 13225: 13219: 13217: 13200: 13199: 13194: 13188: 13172: 13168: 13162: 13160: 13140: 13133: 13127: 13111: 13107: 13100: 13084: 13080: 13073: 13057: 13053: 13046: 13030: 13024: 13008: 13004: 12997: 12981: 12977: 12970: 12954: 12950: 12943: 12927: 12923: 12916: 12901: 12897: 12890: 12882: 12878: 12871: 12855: 12851: 12844: 12828: 12824: 12817: 12802: 12798: 12791: 12775: 12771: 12765: 12749: 12742: 12735: 12730: 12714: 12710: 12703: 12696: 12692: 12676: 12672: 12666: 12650: 12646: 12640: 12624: 12620: 12614: 12595: 12588: 12582: 12566: 12562: 12556: 12540: 12536: 12530: 12514: 12508: 12492: 12486: 12467: 12461: 12459: 12439: 12432: 12426: 12424: 12407: 12400: 12394: 12383: 12377: 12369: 12362: 12356: 12337: 12330: 12324: 12308: 12301: 12295: 12276: 12272: 12265: 12259: 12243: 12239: 12233: 12217: 12211: 12195: 12191: 12185: 12169: 12163: 12147: 12143: 12137: 12121: 12117: 12111: 12103: 12096: 12090: 12079: 12073: 12065: 12059: 12043: 12039: 12033: 12017: 12013: 12007: 11999: 11993: 11985: 11979: 11971: 11965: 11949: 11943: 11927: 11923: 11917: 11901: 11897: 11891: 11873: 11867: 11851: 11847: 11841: 11833: 11827: 11819: 11813: 11802: 11796: 11794: 11792: 11783: 11777: 11769: 11763: 11755: 11749: 11730: 11726: 11719: 11713: 11705: 11699: 11688: 11682: 11674: 11668: 11657: 11651: 11649: 11629: 11623: 11612: 11606: 11598: 11592: 11573: 11567: 11565: 11548: 11547: 11542: 11536: 11534: 11517: 11513: 11507: 11505: 11485: 11481: 11474: 11468: 11449: 11442: 11436: 11420: 11414: 11395: 11389: 11373: 11367: 11351: 11345: 11329: 11323: 11304: 11298: 11287: 11281: 11279: 11263: 11259: 11252: 11236: 11232: 11228: 11222: 11206: 11200: 11192: 11188: 11184: 11178: 11176: 11174: 11157: 11151: 11149: 11147: 11145: 11143: 11123: 11116: 11110: 11108: 11106: 11104: 11102: 11100: 11091: 11084: 11073: 11067: 11059: 11055: 11049: 11033: 11029: 11023: 11015: 11008: 10992: 10985: 10979: 10977: 10957: 10951: 10949: 10940: 10934: 10918: 10914: 10908: 10892: 10888: 10882: 10863: 10856: 10850: 10835: 10831: 10824: 10808: 10804: 10803:PRDLC, Mumbai 10800: 10793: 10777: 10773: 10766: 10750: 10746: 10740: 10725: 10721: 10714: 10698: 10692: 10676: 10670: 10654: 10650: 10644: 10629: 10625: 10618: 10599: 10593: 10585: 10581: 10574: 10566: 10565: 10560: 10553: 10551: 10542: 10538: 10533: 10525: 10517: 10513: 10506: 10498: 10497:The Economist 10494: 10488: 10472: 10466: 10458: 10454: 10447: 10432: 10426: 10410: 10406: 10405: 10400: 10394: 10386: 10373: 10357: 10351: 10343: 10339: 10332: 10330: 10322: 10318: 10312: 10296: 10292: 10291: 10286: 10279: 10271: 10267: 10260: 10244: 10240: 10233: 10225: 10218: 10202: 10196: 10181: 10180: 10175: 10168: 10160: 10153: 10145: 10144:The Economist 10141: 10135: 10119: 10113: 10105: 10101: 10094: 10079: 10075: 10069: 10067: 10059:. 7 May 2013. 10058: 10054: 10048: 10040: 10033: 10017: 10013: 10007: 9991: 9985: 9969: 9965: 9959: 9957: 9941: 9940: 9935: 9928: 9912: 9908: 9902: 9896: 9891: 9884: 9880: 9876: 9873: 9865: 9858: 9854: 9850: 9847: 9839: 9823: 9819: 9812: 9796: 9795:The Economist 9792: 9786: 9770: 9766: 9759: 9743: 9737: 9721: 9717: 9710: 9702: 9696: 9681: 9675: 9659: 9655: 9649: 9633: 9627: 9612: 9608: 9601: 9585: 9584: 9579: 9573: 9558: 9554: 9547: 9532: 9528: 9521: 9505: 9504: 9499: 9493: 9478: 9477: 9472: 9465: 9463: 9455: 9451: 9446: 9438: 9437: 9436:The Economist 9432: 9426: 9411: 9407: 9401: 9393: 9387: 9383: 9382: 9374: 9358: 9352: 9336: 9329: 9313: 9309: 9303: 9287: 9283: 9277: 9261: 9257: 9251: 9235: 9231: 9225: 9217: 9213: 9207: 9196: 9189: 9183: 9175: 9171: 9165: 9154: 9148: 9146: 9144: 9142: 9125: 9119: 9117: 9105: 9099: 9097: 9085: 9078: 9072: 9070: 9061: 9057: 9051: 9043: 9037: 9029: 9022: 9016: 9008: 9001: 8995: 8987: 8983: 8977: 8962: 8958: 8951: 8949: 8947: 8945: 8943: 8941: 8939: 8937: 8935: 8933: 8931: 8914: 8910: 8904: 8896: 8892: 8885: 8869: 8868: 8863: 8857: 8841: 8837: 8833: 8827: 8811: 8805: 8789: 8785: 8779: 8760: 8753: 8747: 8728: 8721: 8717: 8711: 8695: 8691: 8685: 8679: 8675: 8671: 8665: 8650: 8649: 8644: 8637: 8622:. 14 May 2012 8621: 8617: 8611: 8603: 8599: 8593: 8585: 8578: 8572: 8564: 8558: 8554: 8547: 8532: 8525: 8518: 8502: 8498: 8492: 8477: 8473: 8466: 8447: 8440: 8433: 8431: 8414: 8410: 8406: 8400: 8385: 8381: 8374: 8372: 8370: 8353: 8349: 8342: 8340: 8323: 8319: 8312: 8304: 8300: 8296: 8290: 8274: 8270: 8263: 8247: 8240: 8234: 8232: 8215: 8209: 8193: 8192: 8187: 8181: 8179: 8162: 8158: 8152: 8137: 8133: 8126: 8110: 8103: 8087: 8083: 8077: 8061: 8060: 8055: 8049: 8033: 8029: 8023: 8008: 8007: 8002: 7995: 7979: 7978: 7973: 7966: 7951: 7947: 7940: 7938: 7930: 7924: 7922: 7913: 7911:9781137474865 7907: 7903: 7902: 7894: 7878: 7874: 7867: 7848: 7844: 7837: 7831: 7823: 7816: 7800: 7796: 7790: 7774: 7770: 7764: 7745: 7741: 7734: 7728: 7712: 7708: 7702: 7686: 7685: 7681: 7676: 7670: 7662: 7658: 7651: 7643: 7639: 7633: 7618: 7614: 7607: 7591: 7587: 7581: 7565: 7561: 7554: 7535: 7531: 7524: 7518: 7502: 7495: 7489: 7470: 7466: 7459: 7453: 7437: 7431: 7429: 7412: 7408: 7401: 7399: 7397: 7381: 7377: 7370: 7354: 7350: 7343: 7341: 7324: 7318: 7302: 7298: 7292: 7277: 7273: 7266: 7264: 7247: 7243: 7237: 7222: 7218: 7211: 7203: 7199: 7195: 7189: 7174:on 5 May 2010 7173: 7169: 7163: 7147: 7143: 7137: 7122: 7118: 7111: 7109: 7100: 7087: 7079: 7075: 7068: 7053: 7049: 7043: 7041: 7039: 7037: 7021: 7017: 7011: 7009: 6992: 6988: 6984: 6978: 6976: 6959: 6953: 6951: 6949: 6947: 6945: 6929:. 18 May 2014 6928: 6924: 6918: 6916: 6899: 6895: 6889: 6887: 6885: 6876: 6872: 6865: 6849: 6843: 6835: 6831: 6825: 6817: 6816: 6811: 6805: 6789: 6785: 6784: 6779: 6773: 6757: 6755: 6750: 6744: 6742: 6726: 6725: 6720: 6713: 6698: 6694: 6687: 6680: 6676: 6672: 6666: 6658: 6654: 6650: 6643: 6627: 6623: 6617: 6615: 6606: 6602: 6596: 6588: 6584: 6580: 6576: 6572: 6565: 6557: 6553: 6547: 6531: 6527: 6521: 6512: 6505: 6499: 6497: 6488: 6475: 6467: 6463: 6459: 6452: 6450: 6441: 6435: 6432:. p. 2. 6431: 6427: 6420: 6405: 6401: 6397: 6393: 6389: 6385: 6381: 6374: 6359: 6355: 6348: 6340: 6334: 6325: 6324:11311/1034637 6320: 6316: 6312: 6308: 6304: 6300: 6293: 6277: 6273: 6269: 6263: 6256: 6252: 6247: 6245: 6243: 6241: 6224: 6223: 6218: 6211: 6203: 6199: 6195: 6191: 6186: 6181: 6177: 6173: 6169: 6162: 6160: 6158: 6156: 6154: 6152: 6150: 6148: 6139: 6135: 6131: 6127: 6123: 6119: 6115: 6111: 6107: 6100: 6098: 6096: 6094: 6092: 6090: 6088: 6086: 6084: 6082: 6080: 6078: 6061: 6057: 6050: 6034: 6030: 6024: 6020: 6004: 6000: 5990: 5987: 5985: 5982: 5980: 5977: 5975: 5972: 5970: 5967: 5965: 5962: 5960: 5957: 5955: 5952: 5950: 5947: 5945: 5942: 5940: 5937: 5935: 5932: 5930: 5927: 5926: 5922: 5916: 5911: 5908: 5897: 5887: 5883: 5879: 5875: 5872: 5868: 5867:Rutte cabinet 5864: 5860: 5856: 5852: 5849: 5844: 5840: 5835: 5831: 5827: 5823: 5820: 5816: 5812: 5809: 5805: 5802: 5798: 5795: 5791: 5787: 5783: 5780: 5775: 5771: 5767: 5763: 5759: 5755: 5752: 5751:Mariano Rajoy 5748: 5744: 5740: 5737: 5733: 5730: 5726: 5725:José Sócrates 5722: 5720:as Taoiseach. 5719: 5715: 5711: 5707: 5704: 5700: 5696: 5692: 5688: 5684: 5683: 5682: 5675: 5666: 5664: 5660: 5656: 5651: 5648: 5647:in exchange. 5646: 5642: 5637: 5635: 5629: 5622: 5612: 5608: 5606: 5601: 5600:debt crisis. 5597: 5595: 5585: 5582: 5578: 5577: 5572: 5568: 5564: 5560: 5559: 5552: 5542: 5539: 5534: 5532: 5531:Angela Merkel 5527: 5523: 5519: 5515: 5511: 5510: 5509:The Economist 5505: 5503: 5499: 5493: 5491: 5486: 5482: 5478: 5474: 5473:Angela Merkel 5465: 5464: 5463: 5461: 5457: 5453: 5449: 5445: 5440: 5436: 5435: 5429: 5425: 5420: 5416: 5414: 5413:Deutsche Mark 5410: 5406: 5400: 5398: 5394: 5390: 5385: 5381: 5375: 5365: 5363: 5358: 5355: 5351: 5347: 5346:Goldman Sachs 5343: 5341: 5340:short selling 5337: 5333: 5323: 5321: 5317: 5312: 5310: 5306: 5302: 5297: 5292: 5289: 5288: 5287:The Economist 5283: 5273: 5270: 5265: 5262: 5258: 5257:Roland Berger 5252: 5250: 5246: 5238: 5237: 5236: 5234: 5230: 5226: 5222: 5218: 5214: 5206: 5205: 5204: 5200: 5198: 5194: 5193:Michael Fuchs 5189: 5187: 5182: 5180: 5176: 5172: 5168: 5164: 5160: 5155: 5153: 5148: 5143: 5141: 5137: 5133: 5129: 5125: 5121: 5112: 5103: 5101: 5097: 5093: 5089: 5085: 5081: 5077: 5069: 5068: 5067: 5064: 5059: 5057: 5053: 5048: 5046: 5042: 5034: 5033: 5027: 5023: 5016:Controversies 5013: 5011: 5009: 5008: 5001: 4997: 4993: 4983: 4981: 4977: 4972: 4967: 4965: 4961: 4957: 4953: 4952: 4947: 4943: 4940: 4935: 4933: 4928: 4926: 4922: 4914: 4910: 4907: 4904: 4903: 4902: 4899: 4895: 4886: 4877: 4874: 4868: 4865: 4861: 4857: 4853: 4847: 4837: 4834: 4830: 4826: 4821: 4819: 4815: 4809: 4799: 4796: 4794: 4789: 4783: 4773: 4769: 4767: 4763: 4759: 4752: 4748: 4738: 4736: 4732: 4728: 4727:Jens Weidmann 4721: 4711: 4707: 4702: 4692: 4690: 4686: 4682: 4681: 4680:The Economist 4676: 4673: 4670:US President 4663: 4661: 4657: 4647: 4643: 4641: 4632: 4631: 4630: 4628: 4623: 4618: 4614: 4610: 4607: 4601: 4599: 4595: 4590: 4566: 4557: 4553: 4549: 4541: 4534: 4533: 4532: 4526: 4518: 4514: 4510: 4505: 4503: 4499: 4495: 4491: 4490:neo-Keynesian 4487: 4483: 4475: 4474: 4473: 4469: 4467: 4462: 4458: 4454: 4445: 4438: 4437: 4436: 4434: 4430: 4425: 4422: 4418: 4412: 4402: 4399: 4394: 4391: 4390: 4385: 4376: 4369: 4368: 4367: 4365: 4361: 4357: 4352: 4347: 4345: 4339: 4337: 4333: 4328: 4323: 4319: 4315: 4311: 4307: 4303: 4299: 4295: 4290: 4286: 4284: 4280: 4275: 4266: 4258: 4254: 4251: 4247: 4242: 4240: 4236: 4232: 4227: 4217: 4213: 4211: 4207: 4203: 4199: 4194: 4190: 4186: 4181: 4177: 4173: 4169: 4165: 4150: 4147: 4146: 4143: 4139: 4135: 4132: 4129: 4128: 4125: 4121: 4117: 4114: 4111: 4110: 4106: 4103: 4102: 4098: 4095: 4094: 4091: 4081: 4071: 4069: 4065: 4064:Lisbon Treaty 4061: 4060:David Cameron 4057: 4053: 4049: 4045: 4044:David Cameron 4040: 4038: 4033: 4029: 4024: 4015: 4010: 4000: 3998: 3992: 3990: 3986: 3982: 3981:Lisbon Treaty 3977: 3974: 3970: 3966: 3960: 3950: 3948: 3944: 3940: 3936: 3932: 3924: 3923: 3922: 3915: 3914: 3913: 3910: 3897: 3887: 3881: 3873: 3872: 3871: 3869: 3865: 3864:Jens Weidmann 3861: 3857: 3853: 3849: 3848:Axel A. Weber 3845: 3837: 3836: 3835: 3833: 3828: 3823: 3818: 3816: 3810: 3807: 3802: 3800: 3796: 3792: 3788: 3784: 3780: 3776: 3775:central banks 3772: 3767: 3760: 3757: 3753: 3749: 3742: 3734: 3730: 3729: 3728: 3725: 3723: 3719: 3713: 3704: 3695: 3693: 3689: 3684: 3676: 3675: 3674: 3672: 3671:trade finance 3669: 3664: 3660: 3654: 3649: 3648:, as saying: 3647: 3643: 3638: 3633: 3630: 3625: 3623: 3620: 3612: 3601: 3598: 3591: 3589: 3585: 3581: 3577: 3574:and is rated 3569: 3564: 3560: 3553: 3543: 3541: 3536: 3534: 3530: 3521: 3505:€67.5 billion 3503:of the total 3501:€17.7 billion 3494: 3493: 3492: 3490: 3486: 3482: 3478: 3474: 3469: 3467: 3463: 3454: 3453: 3452: 3450: 3445: 3441: 3439: 3433: 3431: 3427: 3423: 3419: 3414: 3409: 3394: 3389: 3386: 3385: 3381: 3376: 3373: 3372: 3367: 3364: 3363: 3359: 3356: 3355: 3350: 3347: 3346: 3342: 3339: 3338: 3333: 3329: 3325: 3322: 3321: 3316: 3313: 3312: 3308: 3300: 3297: 3296: 3288: 3283: 3280: 3279: 3275: 3271: 3266: 3262: 3256: 3252: 3247: 3244: 3243: 3238: 3235: 3234: 3226: 3223: 3220: 3217: 3214: 3211: 3208: 3205: 3202: 3199: 3194: 3191: 3190: 3187: 3181: 3175: 3172: 3169: 3166: 3163: 3160: 3157: 3154: 3151: 3143: 3141: 3140: 3136: 3135: 3132: 3123: 3120: 3117: 3114: 3111: 3108: 3105: 3102: 3099: 3090: 3082: 3080: 3078: 3074: 3073: 3070: 3061: 3058: 3055: 3052: 3049: 3046: 3043: 3040: 3037: 3028: 3020: 3018: 3016: 3012: 3011: 3008: 3002: 2999: 2996: 2993: 2990: 2987: 2984: 2981: 2978: 2972: 2964: 2962: 2960: 2956: 2955: 2952: 2946: 2943: 2937: 2931: 2928: 2925: 2922: 2919: 2916: 2910: 2902: 2900: 2899: 2895: 2894: 2891: 2882: 2879: 2876: 2873: 2870: 2867: 2864: 2861: 2858: 2849: 2841: 2839: 2838: 2834: 2833: 2830: 2824: 2821: 2815: 2809: 2806: 2803: 2800: 2797: 2794: 2788: 2780: 2778: 2777: 2773: 2772: 2769: 2763: 2760: 2757: 2754: 2751: 2748: 2745: 2742: 2739: 2730: 2722: 2720: 2719: 2715: 2714: 2711: 2705: 2694: 2691: 2688: 2685: 2682: 2679: 2676: 2673: 2668:to be decided 2661: 2653: 2651: 2649: 2645: 2644: 2641: 2638: 2635: 2632: 2629: 2626: 2623: 2620: 2617: 2614: 2608: 2600: 2598: 2596: 2592: 2591: 2588: 2582: 2573: 2570: 2567: 2564: 2561: 2558: 2555: 2552: 2543: 2535: 2533: 2531: 2527: 2526: 2523: 2514: 2511: 2508: 2505: 2502: 2499: 2496: 2493: 2490: 2487: 2479: 2477: 2475: 2471: 2470: 2462: 2456: 2453: 2447: 2444: 2438: 2435: 2429: 2426: 2420: 2417: 2411: 2408: 2402: 2398: 2395: 2389: 2386: 2380: 2377: 2374: 2372: 2369: 2368: 2362: 2357: 2355: 2350: 2348: 2343: 2342: 2340: 2338: 2334: 2330: 2279: 2272: 2268: 2262: 2259: 2256: 2253: 2249: 2246: 2245: 2244: 2242: 2238: 2234: 2229: 2227: 2221: 2219: 2215: 2210: 2208: 2204: 2195: 2190: 2180: 2176: 2174: 2169: 2168: 2162: 2160: 2156: 2152: 2146: 2143: 2138: 2135: 2132:to require a 2131: 2125: 2122: 2112: 2107: 2097: 2095: 2091: 2085: 2083: 2079: 2078: 2072: 2070: 2064: 2060: 2058: 2054: 2050: 2045: 2043: 2039: 2035: 2031: 2027: 2023: 2019: 2015: 2014: 2008: 2006: 2002: 1998: 1990: 1986: 1982: 1977: 1969: 1964: 1954: 1950: 1946: 1944: 1938: 1935:€22.5 billion 1930: 1928: 1924: 1910:€17.5 billion 1906:€67.5 billion 1901: 1897: 1895: 1891: 1887: 1879: 1875: 1871: 1867: 1859: 1854: 1844: 1841: 1839: 1833: 1830: 1824: 1820: 1818: 1814: 1810: 1804: 1802: 1798: 1793: 1789: 1783: 1781: 1769: 1765: 1759: 1753: 1752: 1751: 1749: 1744: 1741: 1737: 1733: 1727: 1725: 1720: 1717: 1716: 1710: 1700: 1699:debt-buy-back 1694: 1691: 1686: 1682: 1679: 1673: 1671: 1662: 1658: 1648: 1642: 1635: 1633: 1629: 1625: 1621: 1617: 1613: 1609: 1605: 1601: 1597: 1593: 1589: 1584: 1580: 1578: 1574: 1570: 1566: 1561: 1559: 1555: 1551: 1547: 1539: 1535: 1531: 1523: 1519: 1515: 1511: 1507: 1499: 1495: 1490: 1488: 1487:Stock markets 1484: 1480: 1476: 1472: 1462: 1460: 1459:media reports 1456: 1450: 1448: 1444: 1439: 1437: 1433: 1429: 1425: 1415: 1408: 1404: 1400: 1395: 1387: 1382: 1372: 1370: 1365: 1360: 1358: 1352: 1349: 1345: 1341: 1333: 1329: 1328:yield spreads 1323: 1321: 1317: 1313: 1309: 1303: 1301: 1297: 1293: 1288: 1286: 1282: 1278: 1274: 1269: 1265: 1260: 1256: 1233: 1224: 1215: 1159: 1151: 1147: 1137: 1135: 1131: 1126: 1121: 1119: 1115: 1111: 1107: 1102: 1098: 1094: 1089: 1085: 1081: 1077: 1071: 1068: 1063: 1059: 1056: 1052: 1048: 1044: 1040: 1036: 1004: 10 year 999:Cyprus bonds 997: 967: 962: 931: 926: 890: 887:bonds during 886: 882: 875: 1 month 869: 3 month 851: 10 year 845: 15 year 839: 20 year 832: 824: 814: 804: 794: 784: 774: 764: 755: 750: 743: 734: 725: 716: 707: 698: 689: 679: 673:by IMF (2012) 672: 667: 662: 652: 648: 646: 641: 637: 633: 627: 624: 620: 616: 610: 608: 604: 600: 596: 592: 588: 584: 580: 576: 572: 568: 564: 560: 548: 543: 541: 536: 534: 529: 528: 526: 525: 522: 519: 518: 510: 507: 505: 502: 500: 497: 493: 492:United States 490: 488: 487:South America 485: 484: 483: 480: 478: 475: 474: 467: 466: 458: 455: 453: 450: 448: 445: 443: 440: 438: 435: 433: 430: 428: 425: 423: 420: 418: 415: 414: 410: 405: 404: 396: 393: 391: 388: 386: 383: 381: 378: 376: 373: 371: 368: 366: 363: 361: 358: 356: 353: 351: 348: 346: 343: 341: 338: 336: 333: 331: 328: 326: 323: 321: 318: 317: 310: 309: 300: 297: 294: 291: 288: 285: 282: 279: 276: 273: 272: 268: 263: 262: 254: 251: 249: 246: 244: 241: 239: 236: 235: 231: 226: 225: 217: 214: 212: 209: 207: 204: 202: 199: 197: 194: 192: 189: 187: 184: 182: 179: 178: 174:Major aspects 171: 170: 167: 164: 163: 159: 158: 152: 148: 144: 140: 135: 131: 123: 113: 109: 105: 101: 95: 91: 89: 84:This article 82: 73: 72: 63: 58: 54: 50: 49: 43: 34: 33: 30: 19: 25310: 25132:Space policy 24800:Average wage 24795:Minimum wage 24678: 24422:Central bank 24237:Institutions 24161:Demographics 24044:Enlargements 24027: 24018: 23986:Central bank 23893:Predecessors 23778: 23766: 23761:Money portal 23754: 23717:Vatican lira 23682:Maltese lira 23667:Latvian lats 23662:Italian lira 23642:French franc 23560: 23455:Romanian leu 23450:Polish złoty 23440:Czech koruna 23424:Danish krone 23269:Vatican City 23054:Starter kits 22803: 22403: 22299:October 2008 22181:Samba effect 22037:(1987–2000s) 21932:Steel crisis 21755:Black Monday 21733:Encilhamento 21673:Black Friday 21480: 21436:(235–284 CE) 21304:Credit cycle 21228: 21162:Hidden loans 20929:, March 2015 20876: 20869:Wolf, Martin 20856: 20847: 20838: 20789:. 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