European debt crisis

3268:

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.

3941:(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 4667:

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".

5533:

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.

2145:

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. 3285:

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.

3387:) 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 7698: 5666: 7666: 4006: 5588:, 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. 4350:(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: 3277:

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

4926:(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. 4764:

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.

2224:

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

3294:

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.

2063:

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.

4557: 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 4208: 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

4565: 3344:

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.

4877: 3805:

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: 4378:, 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". 3282:

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: 4532: 5103: 2194: 2111: 5134:—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. 4367: 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: 5463:

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

4812:(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.“ 5488:

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

15083: 678: 3695: 1414: 4436: 4609:

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.

18472: 925: 1949:

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.

5004:). 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. 3370:

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

4683:(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?" 4702:

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: 23713: 23701: 23689: 3301:), 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: 5893: 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: 4544:

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".

1866: 1244: 1697:

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

996: 1976: 1394: 5907: 831: 1719:

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. 5411:

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. 15057: 4893:

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:

4570: 4569: 4566: 4571: 5251:, 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 4592:. 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. 5191:, 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". 4605:

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.

4568: 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 14803: 4729:, 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%.

5094:, 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 5083: 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 (

2137:

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.

5620:

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.

4850:(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 4046:. 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 4393:

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.

1676:

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

1128:

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

13176:

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.

1062:

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.

3937:. 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 19170:

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

5828:

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

5422:

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

5348:

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

4637:

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

4595:

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

4463:

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

4455:

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

4280:

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

4174:

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

4081:

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

3895:

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

3326:

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

14475:

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

5602:

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

5591:

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

5194:

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

5047: 5036: 4933:

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

4892:

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

4858:

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

4701:

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,

4697:

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,

4543:

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

4333:

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

3369:

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

3293:

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

2123:

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,

1090:

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

5619:

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

5394:

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

4782:

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

4345:

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

3804:

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

3686:. 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. 3644:

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

3382:

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

1103:

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

13175:

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

5410:

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

5141:

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

5057:

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

4547:

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

4316:

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

4215:

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

3986:

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

3451:

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

3435:

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

5520:

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

5246:

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

4763:

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

4392:

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

3360:

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

3281:

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

5487:

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

5462:

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

5282:

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.

4666:

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

4629:

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

3657:

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

5837:

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

4827:

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

4608:

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

4017:

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

3404:

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

3284:

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

3276:

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

2170:

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

2136:

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

5263:

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

4539:

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

4026:

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

3816:

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

3343:

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

3267:

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,

1742:

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

4862:

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

4604:

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

4384:

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

1680:

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

16298:

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

5532:

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

4415:

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

4321:

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

3912:

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

9013:"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" 3499:

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"). 4747:

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

5623:

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

5433:

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

5521:

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

5512:. 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 3677:

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

3296:

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

15584: 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 5290:

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 4263:

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

4220:

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: 3800:

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.

5378:

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,

4716:

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

3967:

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.

5039:) 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. 11650:"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" 4783:

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

4187:

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

3504:(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 3309:

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. 10532: 4175:

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. 4600:

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.

4867:

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.

3821:

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

24877: 5314:, 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. 3557:

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

4567: 4330:. 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. 17327: 5575:

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.

15594: 3427:

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.

4183:, 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, 4965:

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

4616:

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

4281:

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.

17451: 12668:"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". 3623:

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.

3753:

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.

4225:, "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 3600:

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

5479:

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

4268:

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

3631:

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.

18440: 17903: 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,

3900:

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.

14122: 4621:, 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

5255:

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.

5243:(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. 14109: 4540:

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).

14599: 19351:

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

16979: 10523: 3548:

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 13218: 5768:

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

4583:

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

18216: 17376: 16229: 10276: 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

17040: 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

14738: 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. 20347: 3884:

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

14476:

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.

21812: 3975:

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

20137: 19272: 19122: 14181:

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

7065: 4385:

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".

6769: 5999:

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.

5387:

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

12313: 17261: 5180:

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

17708: 5142:

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

4790:

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.

20320: 9179: 9068: 7449: 3405:

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: 19184: 10879:"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" 5635:, 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 3793:

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.

3374:, 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. 25321: 20066: 14360: 4071: 17318: 17739: 20410: 14300: 5276:

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.

5018:

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.

25326: 20036: 18554: 12640: 10230: 6507:

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.

6371: 4919:

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.

3904:

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.

3412:. 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 17455: 5157:

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

4229:". 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

25036: 16931: 7760: 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

17877: 13578: 12551:"European Economy Occasional Papers 130: Financial Assistance Programme for the Recapitalisation of Financial Institutions in Spain — Second Review of the Programme Spring 2013" 10390: 24741: 19947: 12606: 12337: 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

20840: 20645: 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.

18893: 15417:

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,

3323: 1446: 10763: 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

16553: 14489: 12369: 5861:

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

5508:

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

3854:, 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 3758:

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.

3620: 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: 16664: 15640: 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

13823: 4233:

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.

4216:

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

3605:, 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 17917: 4958:

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.

4354:, 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: 17908: 17561: 4236:

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

3534:

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+.

25331: 24140: 17539: 16905: 11699: 6267: 5349:

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.

3475:

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

14607: 19057: 18649: 18190: 17071: 6974: 5749: 5741:. "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, 4179:

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

359: 20106: 20003: 18778: 17491: 15258: 14126: 11781: 3483:, 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 25009: 15956: 13346: 4515:

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

12525: 12206: 11475: 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

24736: 18447: 16957: 15209: 14542: 11063: 9518: 8681: 7827: 7724: 7514: 5842:. 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. 3491:

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. 25214: 24249: 20886: 19029: 17652: 11174: 9809: 4154:

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

17517: 16983: 16785: 16501: 13222: 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

19421: 18226: 14016: 12554: 5399:

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

4679:

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. 17384: 16233: 11439: 10286: 8177: 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: 17048: 12267: 9221: 9047: 3439:

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

25048: 24896: 24046: 16634: 14735: 12238: 4809: 2427: 2344: 8309: 5628:

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.

4654:

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

4612:

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

24726: 22047: 17421: 12629:

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".

12444: 11929: 5965: 4692: 4473: 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: 20141: 19276: 19113: 18249: 15157: 9866: 9840: 7069: 5816:

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

5677:

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

5247:

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

4579:

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

24577: 24401: 24112: 23805: 23800: 23795: 20538: 18644: 17795: 16453: 8100: 7233: 6779: 5562: 3383:

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. 20293: 20206: 15547: 5471:

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

22582: 18315: 14073: 11528: 9299: 7427: 5975: 20776: 20361: 18845: 17265: 17005: 14829: 9955: 8823: 8396: 8205: 8019: 5334:

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

24948: 24907: 24861: 23459: 22705: 22567: 21068: 19510:

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

19427: 18821: 17716: 15907: 12314:"PROGRAM DOCUMENT ON A PROPOSED LOAN IN THE AMOUNT OF €750 MILLION TO ROMANIA: FOR THE FIRST FISCAL EFFECTIVENESS AND GROWTH DEVELOPMENT POLICY LOAN" 10422: 9671: 9462: 5940: 5380: 4929:

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

4851: 292: 20324: 19217: 16314: 15994: 15108: 11947: 9756: 9707: 9273: 9186: 9075: 8339: 7460: 7039: 22544: 20683:; Snaith, Holly (September 2015). "'As I drifted on a river I could not control': the unintended ordoliberal consequences of the Eurozone crisis". 20080: 19726: 19194: 18342: 17931: 15492: 13188: 9598: 8522: 8286: 7551: 5642:

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

5554: 4698:

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

2400: 544: 354: 242: 15331: 13683: 9925: 4082:

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.

24244: 23750: 17747: 13586: 11749: 10794: 10400: 9033: 7485: 6330: 5611:

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).

20420: 16935: 4259:(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.

20858: 20044: 15585:"Man braucht keine eigene Währung, um abzuwerten. Die Finanzpolitik kann es auch. Aus aktuellem Anlass: Das Konzept der fiskalischen Abwertung" 13991: 13442: 12644: 10234: 10030: 9544: 8743: 5980: 5673:

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

4962: 1505: 329: 247: 17: 18564: 11277: 10846: 3876:

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

3384: 24306: 23810: 22647: 22529: 22468: 22431: 22265: 21001: 16729: 15121: 10003: 5960: 5235:

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

5013: 1145: 195: 47: 18499: 17852: 14174: 13037: 5838:

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

4022:

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

3408:

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 24690: 24159: 23998: 23993: 23988: 22589: 22128: 21110: 20879: 19955: 19154: 18105: 15309: 14310: 13498: 11973: 11045: 8492: 7648: 5307: 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: 13754: 12602: 12330: 10109: 4341:

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

4308:, consisting of political reforms to improve fiscal strength and competitiveness; 25 out of 27 EU countries also decided to implement the 4166:

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

4027:

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

25209: 24825: 24222: 19636: 14407: 12125: 12077: 11831: 10192: 4317:

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: 19570:"Michael Simkovic, Paving the Way for the Next Financial Crisis, Banking & Financial Services Policy Report". SSRN. 1 January 2010. 18901: 18617: 15823: 15648: 10767: 7314: 5791:

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

5306:

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

25019: 24731: 24705: 24604: 24102: 23669: 22882: 22513: 22373: 22272: 21193: 15880: 12496: 11019: 10462: 7629: 7007: 5053:

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

4519:

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

3960: 3703: 3543: 3523:(ESM), which will start operating as soon as member states representing 90% of the capital commitments have ratified it. (see section: 3429: 3413: 2436: 1942: 389: 16528: 13895: 12362: 11660: 4986:, called for a debt relief for Greece. In addition, economists from London School of Economics suggested a debt relief similar to the 25341: 24301: 24195: 22380: 22223: 21856: 21093: 20943: 16847: 16675: 16193:

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

14880: 10790: 9371: 5833:

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

5685:(parliament) collapsed the following year, which led to a subsequent general election, collapse of the preceding government parties, 5240: 4987: 4184: 3352:

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: 25137: 25132: 17350: 15284: 13831: 12470: 12051: 10215: 4460:

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

3335:

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

25058: 24980: 23815: 22975: 22537: 22454: 22424: 22307: 22300: 22244: 22237: 22105: 21794: 21017: 20958: 20928: 14572: 12173: 8589: 8371: 7577: 7159: 6914: 6495: 6208: 4424: 205: 16013: 13124: 9326: 8634: 7185: 4634:

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

4300:

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

25230: 25085: 24999: 22611: 22230: 21483: 21404: 21115: 20872: 20848: 20817: 20189: 20163: 17999: 16671: 12580: 12423:"State aid: Commission approves restructuring plans of Spanish banks BFA/Bankia, NCG Banco, Catalunya Banc and Banco de Valencia" 11995: 6663:

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

5058:

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.

4843: 4507:

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

3964: 1808: 1739: 1363: 15472: 13923: 13658: 11005: 5259:

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

25411: 24609: 24522: 24366: 24331: 24200: 24132: 24023: 24018: 24013: 24008: 23957: 23790: 22773: 22758: 22417: 22321: 22286: 22143: 21981: 21476: 20953: 20913: 20761: 19367: 19335: 19061: 18283: 17098: 14333: 13868: 11803: 8045: 5839: 5131: 5050:). The creation of further leverage in EFSF with access to ECB lending would also appear to violate the terms of this article. 4407:

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: 20114: 18782: 18310: 18194: 17182: 17075: 16965: 13949: 13781: 13290: 13063: 11113: 7963: 7263: 6982: 3731:

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". 25303: 25274: 25159: 25053: 24856: 24205: 24127: 24097: 23948: 23664: 22681: 22098: 22011: 21760: 21752: 21098: 20013: 19462: 18874: 18856: 17150: 15448: 14937: 13631: 13010: 12983: 12934: 12907: 12880: 12853: 12754: 12665: 11777: 9381: 8669: 8552: 7992: 6670: 6429: 5761: 5170: 5046:'s purchase of distressed country bonds can be viewed as violating the prohibition of monetary financing of budget deficits ( 4580: 3956: 3871: 3602: 3399: 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: 20560: 19694: 18027: 17587: 12232:"2013/531/EU: Council Decision of 22 October 2013 providing precautionary Union medium-term financial assistance to Romania" 11635: 10445:"Spain calls for new tax pact to save euro: Madrid calls for Europe-wide plan but resists 'humiliation' of national bailout" 7515:"Eurostat Newsrelease 24/2012: Industrial production down by 1.1% in euro area in December 2011 compared with November 2011" 3443:, structural reforms, privatization of public assets and setting up funds for further bank recapitalization and resolution. 25426: 25421: 25199: 25154: 25068: 24616: 24296: 24210: 24190: 24107: 23867: 21120: 21047: 20918: 14757: 12518: 12292: 12195: 12026: 12009: 11764:"Council implementing decision (EU) 2015/1181 of 17 July 2015: on granting short-term Union financial assistance to Greece" 11559: 11464: 10975: 10589: 8991: 8775: 6740: 5720: 5296: 5188: 4285: 3610: 1082:

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

537: 491: 20804: 20443:"Foto: Poslanci izrekli nezaupnico vladi Boruta Pahorja :: Prvi interaktivni multimedijski portal, MMC RTV Slovenija" 19892: 19664: 16606: 15217: 14993: 14663: 14630: 14550: 13395: 12467:"State aid: Commission approves restructuring plans of Spanish banks Liberbank, Caja3, Banco Mare Nostrum and Banco CEISS" 11503: 10615: 8948: 8685: 7838: 7786: 7735: 7525: 3592:

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: 25506: 25501: 25496: 25491: 25486: 25311: 25269: 25014: 24714: 24587: 24483: 23785: 23743: 23238: 22446: 21715: 20991: 20614: 20605: 20442: 18705: 15390: 14706: 11713: 9144: 8430: 7340: 5834: 5727: 5295:

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

5264:

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

4983: 4942: 4680: 3796:

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

3319: 1454: 20384: 18590: 15694: 15240: 14097: 13155: 12679: 11857: 11182: 10257: 4484:

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

25416: 25406: 25401: 25179: 24919: 24914: 24651: 24168: 24122: 24092: 24033: 23925: 23832: 23777: 23467: 22475: 21029: 20986: 19431: 17406: 16789: 16763: 16708: 15934: 14219: 12196:"Occasional Papers 156: Overall assessment of the two balance-of-payments assistance programmes for Romania, 2009-2013" 8568: 6592: 6047: 5970: 5781: 5636: 5517: 5365: 5248: 5150: 4885: 4646:

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

4241: 3674: 3619:

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

3589:

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: 16475: 15779: 15363:"Do some countries in the eurozone need an internal devaluation? A reassessment of what unit labour costs really mean" 12550: 11604: 8973: 4638:

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

25476: 25466: 25456: 25446: 25396: 25316: 25204: 24931: 24882: 24631: 24545: 24517: 24279: 23975: 23872: 22604: 22410: 22062: 21929: 21679: 20981: 20933: 20730: 20630: 19003: 16859: 16038: 15797: 14191: 14045: 11432: 11385: 11294: 10947: 7937: 7901: 6613: 5869: 5734: 5715:

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

5292: 2240: 2028:

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

2000: 1852: 1796: 339: 319: 18977: 18136: 16431: 14777: 13271: 10444: 10308: 10091: 8260: 4748:

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 24924: 24680: 24621: 24540: 24427: 24371: 24215: 23903: 23448: 23331: 22763: 21849: 21461: 21136: 20996: 20685: 19754: 13553:"Summary of ad hoc communication: Related to monetary policy implementation issued by the ECB since 1 January 2007" 12260: 11147: 10044: 5733:

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

5650: 5158: 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: 20815:

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

18528: 18162: 17209:"Moody's – Credit Rating – Mortgages – Investments – Subprime Mortgages – New York Times" 16578: 13635: 13315: 13014: 12987: 12938: 12911: 12884: 12857: 12808: 12758: 12231: 11226: 5599:" and manipulation of statistics by several nations came into focus, potentially undermining investor confidence. 4427:

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

4273:, 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. 25264: 25169: 25149: 24887: 24087: 24075: 23983: 22980: 22251: 22025: 21512: 19483: 18943: 17825: 17614: 17473: 17017: 14862: 14832:[One Year after the Memorandum: Disapproval, Anger, Disdain, Insecurity] (in Greek). skai.gr. 18 May 2011 14459: 14248: 14148: 13684:"Grosse Notenbanken versorgen Banken mit Liquidität – Kursfeuerwerk an den Börsen – auch SNB beteiligt" 11901: 9692: 8831: 8404: 8313: 8230: 4014: 2328: 1427: 1113: 1046: 530: 520: 481: 24051: 20835: 19305: 17429: 15866: 14434: 12781: 12701: 11410: 10550: 9863: 9837: 9733: 9441: 8711: 8123: 7398: 25279: 25194: 25127: 25073: 25063: 25041: 24941: 24755: 24646: 24641: 24582: 24499: 24341: 23736: 22439: 22403: 22314: 22216: 21186: 21083: 21035: 18654: 18387: 18364: 18261: 18257: 16611: 15976: 15589: 15522: 11618: 10524:"Debt crisis: Germany caves in over bond buying, bank aid after Italy and Spain threaten to block 'everything'" 9348: 8900: 7604: 7456: 5825: 5236: 5212: 5071: 4334:

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

3980: 3926: 2068: 1356: 1149: 644: 200: 17972: 17803: 16346: 15881:"Greenlaw, Hamilton, Hooper, Mishkin Crunch Time: Fiscal Crises and the Role of Monetary Policy-February 2013" 15734: 10878: 7237: 5166: 3432:(EFSM), a separate European Union funding vehicle, with a €5 billion issue in the first week of January 2011. 25441: 25356: 25289: 25259: 25122: 25095: 24936: 24663: 24597: 24550: 24450: 24239: 24232: 23768: 22840: 22640: 22575: 22279: 22150: 22091: 21944: 20938: 20646:"'We the People' versus 'We the Heads of States': the debate on the democratic deficit of the European Union" 20217: 19814: 15558: 10930: 10904: 10065: 9930: 5945: 5930: 5805:, lost its majority: Berlusconi resigned on 12 November and four days later was replaced by the technocratic 5738: 5665: 4880:

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: 20823: 20266: 16733: 16256: 11763: 11249: 10711: 8882: 6259: 4265: 4034:

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

4005: 3712:(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 25117: 25004: 24963: 24675: 24455: 23940: 23497: 22865: 22814: 22804: 22342: 22186: 22179: 22136: 22084: 22018: 21616: 21105: 20923: 20464: 19918: 19841: 19372: 19084: 18924: 18842: 17495: 15421:, vol. 20 (London: Macmillan and Cambridge: Cambridge Press for the Royal Economic Society, 1981), 283–309. 13972: 13245: 12728: 11915: 11363: 10571: 10503: 10329: 10165: 9959: 9203: 9161: 8853: 8801: 6862: 5625: 5311: 5260: 5204: 4837: 4738: 4355: 4043: 3950: 3934: 3851: 3785:

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

3554: 3520: 3298: 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: 24840: 19227: 16324: 15611: 14911: 9422: 7864: 7828:"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: 25511: 25284: 25189: 24968: 24626: 23930: 23885: 23517: 23482: 23477: 23268: 22498: 22490: 22164: 22157: 22077: 22004: 21996: 21988: 21966: 21365: 20854: 20600: 20512: 18413: 16527:

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

16282: 15998: 15843: 13552: 13526: 11552: 9095: 8148: 5925: 5850: 5776:

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

5678: 5035:

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

4742: 4347: 3938: 3421: 3322:

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

3260: 2378: 1470: 1307: 606: 446: 280: 19977: 17945: 17678: 13196: 13041: 8294: 5496:, with a Germanic elite presiding uneasily over a polyglot imperium and its restive local populations". 5173:

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

4503:(VAT) by three percentage points in 2007, and using part of the additional revenues to lower employer's 4009:

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

3955:

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

24994: 24830: 24592: 24396: 22970: 22482: 22387: 22193: 21871: 21634: 20767: 18750: 17769: 17236: 16875: 15735:"Ben Bernanke-U.S. Federal Reserve-The Global Savings Glut and U.S. Current Account Balance-March 2005" 15440: 13459: 10736: 10640: 10131: 8992:"Occasional Papers 192: The Second Economic Adjustment Programme for Greece. Fourth Review, April 2014" 7208: 6684: 5184: 4618: 4170:

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

3278: 1669: 1034: 508: 23215: 12827: 11341: 3327:€0.7bn more, so that the total amount of funds had been marginally increased from €67.5bn to €68.2bn. 25249: 24871: 24685: 24388: 24336: 24145: 24056: 23233: 22860: 22799: 22674: 22597: 22521: 22293: 21776: 21179: 20948: 20899: 18807: 16133: 15031: 6290: 5955: 5091: 5075: 4335: 4313: 4301: 2133: 2004: 1557: 753: 503: 476: 111: 56: 21768: 21023: 20845: 19556: 18680: 16118: 15156:

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

12148:"Convert Euros (EUR) and Special Drawing Rights (SDR): Currency Exchange Rate Conversion Calculator" 12100:"Convert Euros (EUR) and Special Drawing Rights (SDR): Currency Exchange Rate Conversion Calculator" 11854:"Convert Euros (EUR) and Special Drawing Rights (SDR): Currency Exchange Rate Conversion Calculator" 11587: 10376: 8750: 7108: 7090: 6478: 5299:

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

5239:

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. 25436: 25391: 24902: 24440: 24435: 24227: 23840: 23427: 23177: 23137: 22258: 21921: 21893: 21730: 19978:"Botox and beancounting Do official statistics cosmetically enhance America's economic appearance?" 18052: 17123: 10853: 9981: 6821: 6662: 5726:

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

5383:

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

4351: 4256: 4189: 3925:

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

23190: 19143:

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

16372: 15129: 13853: 9116:"Press conference (4 October 2012): Introductory statement to the press conference (with Q&A)" 9069:"Quarterly National Accounts: 3rd Quarter 2014 (Flash Estimates) and revised data 1995 Q1-2014 Q2" 4304:. To further restore the confidence in Europe, 23 out of 27 EU countries also agreed to adopt the 3896:

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

25481: 25471: 25461: 25451: 25365: 25144: 25031: 23320: 22819: 22633: 22551: 22055: 21958: 21559: 20841:"Leaving the Euro: A Practical Guide" by Roger Bootle, winner of the 2012 Wolfson Economics Prize 20755: 20487: 19923: 19089: 14275: 14171: 13896:"Banks in the euro zone must raise more than 200 billion euros in the first three months of 2012" 10170: 9874: 9848: 5799: 5646: 5493: 5425: 5400: 5119: 4923: 4711: 4129: 4000: 3579: 3531: 2012: 1747: 1509: 1474: 1291: 1280: 498: 298: 103: 20829: 20814: 20751: 18113: 17904:"Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective" 13809: 11049: 10150: 9115: 6242: 5516:

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

4954:(only affects cash but neither real estates nor business capital). According to his analysis, a 3850:

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

2093: 25254: 25100: 24989: 24958: 24892: 24835: 24266: 23845: 23533: 23437: 23195: 22715: 22626: 22328: 21723: 21574: 21567: 21519: 21505: 21221: 21041: 19189: 18685: 14515: 11943: 11685: 10395: 8516:"The Political Economy of the Greek Debt Crisis: A Tale of Two Bailouts - Special Paper No. 25" 6801: 5920: 5705: 5371: 5303:

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

5207:

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

5111: 4855: 4847: 4585: 4504: 3724: 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: 20622: 19785: 19596: 19575: 19535: 19496: 17208: 16786:"Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff" 16414: 13608: 13476: 12121: 12073: 11827: 11700:"ESM Board of Governors approves decision to grant, in principle, stability support to Greece" 9467: 4934:

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

3809:, devaluing the euro to make exportation more viable, and at increasing "real world" lending. 3613: 1681:

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

25370: 24975: 24795: 24361: 23917: 23704: 23263: 23243: 23152: 23132: 22990: 22753: 22730: 22710: 22558: 21951: 21805: 21468: 21450: 21377: 21356: 21073: 19543: 18417: 17925: 17492:"Moody's downgrades ANA-Aeroportos de Portugal to Baa3 from A3, review for further downgrade" 17044: 16105: 15463: 12519:"European Economy Occasional Papers 118: The Financial Sector Adjustment Programme for Spain" 11732: 11081: 10590:"European Economy Occasional Papers 118: The Financial Sector Adjustment Programme for Spain" 10363: 9569: 9012: 7891: 7193: 7077: 6465: 6324: 6246: 5935: 5898: 5795: 5690: 5631:

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

5492:"This would effectively turn the European Union into a kind of postmodern version of the old 5388: 5216: 5215:(CRD), effective since 2008. In essence, this forced European banks and more importantly the 5149:

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

5043: 4816: 4493: 3922: 3709: 3637: 3636:, an economist based in Japan, an expert on that country's banking crisis, and specialist in 3452:

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

3409: 3264: 2251: 1816: 1521: 1334:, most importantly Germany. By the end of 2011, Germany was estimated to have made more than 1315: 602: 18053:"A Media Plot against Madrid?: Spanish Intelligence Reportedly Probing 'Attacks' on Economy" 15884: 15757: 15712: 14692: 12492: 11023: 9397: 9196: 5403:

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

5352:

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

4994:’s outstanding debt; this was followed by the beginning of Germany's "economic miracle" (or 4863:

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

4854:

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,

25174: 24780: 24770: 24636: 24572: 24460: 24003: 23855: 23288: 23278: 23273: 23185: 23162: 22667: 22505: 21879: 21491: 21396: 21388: 21300: 20592: 15350:

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

11649: 9247: 5757: 5612: 5572: 5565:(CADTM) allege that the debt should be characterised as odious debt. The Greek documentary 5438:

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

5323: 5252: 5162: 5138: 5067: 4990:. In 1953, private sector lenders as well as governments agreed to write off about half of 4805: 4444: 4420: 4323: 2129: 2025: 1326:

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

1124: 929: 20740:

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

19866: 17041:"Follow the Money: Behind Europe's Debt Crisis Lurks Another Giant Bailout of Wall Street" 16851: 16840: 16097: 12397: 11969: 11542: 11319: 10798: 10791:"Euro-zone crisis Scope or Scoop for Healthcare Professionals and Health Tourism in India" 10231:"Bloomberg-Ben Sills-Spain to Borrow $ 267B of Debt Amidst Rescue Pressure-September 2012" 6176: 5877: 4631: 4508: 8: 25336: 25164: 25105: 25024: 24815: 24800: 24311: 24291: 24185: 23421: 23405: 23315: 23293: 23283: 23092: 23082: 23072: 22890: 22872: 22461: 22171: 22069: 21974: 21834: 21686: 21604: 21438: 21263: 21078: 20846:

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

19395: 18221: 17151:"The Reform of European Economic Governance : Towards a Sustainable Monetary Union?" 16376: 15515: 15395: 14305: 12466: 12422: 12047: 11944:"Statement by Vice-President Siim Kallas on Portugal's decision regarding programme exit" 11879: 10822:"Eurozone crisis and its impact on Healthcare Professionals seeking employment in Europe" 9489: 8904: 8515: 7492: 6839: 6544:"Media Coverage of the 2010 Greek Debt Crisis: Inaccuracies and Evidence of Manipulation" 6020: 5858: 5777: 5596: 5513: 5481: 5451: 5443: 5353: 5273: 4820: 4779: 4773: 4726: 4722: 4647: 4589: 4477: 4270: 4207: 4159: 3988: 3976: 3847: 3843: 3823: 3782: 3654: 3550: 3417: 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: 23618: 23228: 19610: 18414:"Euro area balance of payments (December 2009 and preliminary overall results for 2009)" 18079: 14576: 12169: 11657:

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

10004:"Data archive for bonds and rates (Ten-year government bond spreads on 30 January 2012)" 8488: 7163: 6950:"2010-2018 Greek Debt Crisis and Greece's Past: Myths, Popular Notions and Implications" 6639:

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

4488:, while offsetting the loss of government revenues through higher taxes on consumption ( 4197: 3259:

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

25184: 24785: 24564: 24478: 23890: 23716: 23538: 23200: 23167: 23142: 23127: 23122: 23097: 23087: 23077: 22995: 21344: 20702: 20668: 20270: 19523: 19034: 18336: 17653:"EUROPA – Press Releases – A turning point for the European financial sector" 17213: 16210: 16161: 15486: 13900: 13759: 12027:"Occasional Papers 191: The Economic Adjustment Programme for Portugal Eleventh Review" 10740: 10555: 9886: 7997: 7552:"Eurozone debt crisis live: UK credit rating under threat amid Moody's downgrade blitz" 6644: 6421: 6391: 6213: 6189: 6125: 5752:

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

5716: 5509: 5504:

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

5223:

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

5143: 4971: 4485: 4318: 3979:, rather than EU states, would play 'a central role' in running the ESM. The ESM is an 3673:

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

3567: 2277: 2154: 2017: 1735: 1646: 1572: 1423: 1050: 107: 93: 17319:"European Commission's angry warning to credit rating agencies as debt crisis deepens" 12576: 9139: 9137: 9135: 9133: 6159: 6097: 5872:

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

5770: 5476: 5429:

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

4535:

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

4419:

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

748: 133: 25431: 24117: 23712: 23700: 23688: 23623: 23157: 23107: 23102: 22985: 22955: 22950: 22945: 22835: 21430: 21413: 21314: 20726: 20706: 20672: 20618: 20352: 20243: 19583: 19571: 19531: 19527: 19492: 19458: 18951: 16855: 16410: 16214: 16153: 15554: 15444: 12293:"Occasional Papers 165 - Romania: Balance-of-Payments Assistance Programme 2013-2015" 11922: 11342:"Speech: Statement on Cyprus in the European Parliament (SPEECH/13/325 by Olli Rehn)" 11196: 10821: 9623: 9377: 8665: 8548: 7897: 6806: 6666: 6425: 6395: 6181: 6117: 5854: 5821: 5802: 5585: 5287: 5032: 4998: 4859:

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

4556: 4366: 4193: 4107: 2150: 2089: 1889: 1587: 1533: 1482: 1435: 1272: 1231: 1109: 1096: 1075: 1066: 52: 18388:"London School of Economics' Sir Howard Davies tells of need for painful correction" 16760:"The Future of Public Debt: Prospects and Implications" (BIS Working Paper No. 300)" 16165: 15183: 12363:"Financial Assistance Facility Agreement between ESM, Spain, Bank of Spain and FROB" 8590:"A Greek Reprieve: The Germans might have preferred a victory by the left in Athens" 8545:

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

7725:"Eurostat Newsrelease 31/2012: Euro area unemployment rate at 10.7% in January 2012" 6193: 6129: 4756:

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

3616:

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

3609:

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

25112: 24790: 24274: 23628: 23608: 23603: 23472: 23376: 23304: 23147: 23117: 23112: 22940: 22935: 22930: 22895: 22395: 21910: 21905: 21321: 21293: 21270: 21202: 21146: 21088: 20794: 20694: 20680: 20660: 20641: 19790: 19515: 16545: 16402: 16202: 16145: 15671: 15010: 14386: 13368: 13173:"S&P cuts EFSF bail-out fund rating: statement in full". BBC. 16 January 2012. 13070: 12960: 11880:"Dáil Éireann Debate (Vol.733 No.1): Written Answers — National Cash Reserves" 11588:"Frequently Asked Questions on the EFSF: Section E – The programme for Greece" 11498: 11496: 11295:"Eurogroup statement on a possible macro-financial assistance programme for Cyprus" 11106: 10942: 10940: 10281: 9898: 9574: 9130: 7288: 6574: 6453: 6383: 6310: 6302: 6171: 6109: 5912: 5384: 4967: 4864: 4523:

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

4516: 4457: 4452: 4448: 4327: 4289: 4237: 4111: 4023: 3713: 3480: 3440: 2370: 1828: 1568: 1331: 1276: 1079: 1042: 138: 24041: 20664: 19368:"Does the Euro Have a Future? by George Soros | The New York Review of Books" 18853: 18320: 17540:"Moody's downgrades REN's rating to Baa3; keeps rating under review for downgrade" 17287: 17157: 16149: 13443:"Banks Retrench in Europe While Keeping Up Appearances" (limited no-charge access) 11686:"Greece: An Update of IMF Staff's Preliminary Public Debt Sustainability Analysis" 10163: 7133: 6517: 6306: 5211:

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

3658:

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

24820: 23638: 23487: 22850: 22355: 22205: 22040: 21886: 21842: 21741: 21242: 21141: 20895: 20565: 20346:

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

19704: 19699: 18860: 18849: 18803: 18755: 18710: 18504: 17638:

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

16536: 16206: 15464: 14742: 14178: 14050: 12162: 9870: 9844: 9736:[Portugal ended 2008 in recession] (in Portuguese). RTP. 13 February 2009 8639: 5950: 5873: 5830: 5468: 5447: 5341: 5177: 5079: 4916: 4749: 4500: 4297: 4201: 4180: 4115: 3929:), for all eurozone countries involved in a sovereign state bailout program from 3778: 3762: 3747: 3515:

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

3476: 3453: 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: 23381: 20244:"Yle: Suomalaisvirkamiehet salaa neuvomaan Italiaa talousasioissa | Talous" 17377:"Greek crisis: the world would be a better place without credit rating agencies" 14361:"23 European Union leaders agree to fiscal curbs, but Britain blocks broad deal" 11493: 10937: 6457: 3835: 2257:

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

24805: 23759: 23643: 23583: 23568: 23563: 23005: 22905: 22809: 22120: 22032: 21937: 21307: 21286: 20167: 20110: 18355: 16835: 16757: 16699: 16043: 15548:"Fiscal Devaluation (Economic Bulletin and Financial Stability Report Articles" 15468: 15213: 15205: 14965: 14858: 14659: 14021: 13420: 9645: 8463: 8073: 6885: 6774: 6578: 6449: 6387: 5505: 5472: 5430: 5396: 5375: 5127: 4937: 4912: 4904: 4876: 4799: 4757: 4499:

Germany has successfully pushed its economic competitiveness by increasing the

4412: 4408: 4402: 4309: 4305: 4244: 4226: 4163: 4039: 3971:

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

3770: 3559: 3468: 3254: 2158: 2081: 2052: 1623: 1607: 1087: 677: 639: 574: 441: 364: 286: 274: 19672: 18751:"FT.com / Comment / Opinion – A euro exit is the only way out for Greece" 13609:"ECB: ECB decides on measures to address severe tensions in financial markets" 12147: 12099: 11678: 11560:"The Second Economic Adjustment Programme for Greece (Third review July 2013)" 9020:

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

8437: 5765: 5686: 5669:

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

4162:" 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

25385: 24866: 23633: 23578: 23558: 23553: 23548: 23543: 23391: 23350: 23043: 23038: 23033: 22900: 22736: 21783: 21708: 21701: 21694: 21672: 21656: 21648: 21641: 21627: 21597: 21590: 21583: 21541: 21534: 21527: 21498: 21337: 21330: 21256: 21228: 20824:

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

18955: 18532: 18441:"European Policy Brief: The US Deficit, the EU Surplus and the World Economy" 18287: 18167: 17973:"No EU bailout for Greece as Papandreou promises to "put our house in order"" 17826:"European indecision: Why is Germany talking about a European Monetary Fund?" 17188:. European Commission, Directorate-General for Economic and Financial Affairs 16157: 15511: 15507: 15362: 13722: 11970:"Statement by the EC, ECB, and IMF on the Twelfth Review Mission to Portugal" 11853: 11218: 11069:. Cypriot Ministry of Finance (Public Debt Management Office). 28 April 2015. 9427: 8707: 6562: 6185: 6121: 6113: 5806: 5742: 5708:

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

5595:

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

5522: 5500: 5464: 5439: 5404: 5337: 5331: 5278: 5123: 5102: 4718: 4676: 4671: 4481: 4055: 4051: 4035: 3972: 3855: 3839: 3790: 3774: 3743: 3662: 3650: 1615: 638:(ESM) in late 2010. The ECB also contributed to solve the crisis by lowering 451: 20864: 20795:

Stefan Collignon: Democratic requirements for a European Economic Government

20138:"Finns Set Greek Collateral Trend as Austria, Dutch, Slovaks Follow Demands" 16814: 16549: 15332:"Wachsende Verarmung der Italiener wurde im gehässigen Wahlkampf ausgespart" 15084:"Current account balance (%) and Current account balance (US$ ) (animation)" 10970: 10968: 5549: 4531: 4447:, a painful economic adjustment process, where a country aims to reduce its 1857: 1385: 24353: 23692: 23648: 23613: 23598: 23593: 23573: 23386: 23371: 23355: 23028: 23023: 23018: 22112: 21863: 21664: 21235: 20800: 19481:

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

18676: 18559: 17615:"David Cameron threatens veto if EU treaty fails to protect City of London" 17156:. Egmont – Royal Institute for International Relations. Archived from 15961: 15912: 15828: 15516:"Fiscal Devaluations (Federal Reserve Bank Boston Working Paper No. 12-10)" 15336: 14942: 14762: 14655: 13129: 9074:. Hellenic Statistical Authority (ELSTAT). 14 November 2014. Archived from 8858: 8182: 8050: 7968: 7066:"Greek Bailout Talks Could Take Three Weeks as Bond Repayment Looms in May" 6745: 5529: 5489: 5176:

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

5054: 4991: 4784: 4753: 4663: 4613: 4597: 4217: 4155: 4133: 4019: 3891:

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

3818: 3786: 3766: 3698:

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

3679: 3457: 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: 23728: 19273:"Trichet Loses His Cool at Prospect of Deutsche Mark's Revival in Germany" 18618:"European debt crisis: Markets fall as Germany bans 'naked short-selling'" 18357: 16665:"The European Monetary Fund: A systemic problem needs a systemic solution" 16398: 13810:"ECB announces measures to support bank lending and money market activity" 12641:"European Rescue Fund May Buy Bonds, Recapitalize Banks, ECB's Stark Says" 12331:"World Bank launched Romania's Country Partnership Strategy for 2014-2017" 12048:"Portugal: Final disbursement made from EU financial assistance programme" 10258:"Zapatero y Rajoy pactan reformar la Constitución para limitar el déficit" 8662:

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

6206: 5682: 4443:

As a workaround many policy makers try to restore competitiveness through

4312:

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 24284: 24177: 23588: 23013: 22965: 22960: 22783: 22366: 21823: 21422: 21279: 21249: 20323:(in Finnish). Finnish Broadcasting Company. 13 April 2011. Archived from 20213: 20071: 19519: 19222: 18004: 16406: 16319: 16070: 15793: 14830:"Μνημόνιο ένα χρόνο μετά: Αποδοκιμασία, αγανάκτηση, απαξίωση, ανασφάλεια" 14781: 14192:"Council reaches agreement on measures to strengthen economic governance" 13786: 13477:"ECB decides on measures to address severe tensions in financial markets" 13098: 10965: 10688: 10484: 8794: 6315: 5810: 5785: 5753: 5697: 5542: 5300: 5224: 4824: 4651: 4380: 4222: 3859: 3694: 3659: 3633: 3571: 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: 19762: 15505: 11107:"FAQ about European Financial Stability Facility (EFSF) and the new ESM" 10423:""General government deficit/surplus", Eurostat, retrieved 4 June, 2014" 9782: 8101:"Greek rescue package is no long-term solution, says HSBC's Willem Sels" 6648: 5584:

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

5078:

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

4675:

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

3862:

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

3460:

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

1070:

construction to react effectively exacerbated macroeconomic divergence.

24775: 24376: 22922: 22768: 20714: 20698: 20008: 18356:

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

17013: 16526: 16179: 15158:"Austerity Backlash: What Merkel's Isolation Means For the Euro Crisis" 14691:(Washington, D.C.: International Monetary Fund, 2003); see for example 13688: 13503: 13319: 11529:"EFSF Head: Fund to contribute 109.1b euros to Greece's second bailout" 10819: 10463:"Comunicado íntegro del Eurogrupo sobre el rescate a la banca española" 9759:[Austerity measures may avoid fines due to excessive deficit]. 9624:"No penalty on early repayment of bailout loan, Ireland assured by IMF" 8768: 8400: 6715: 5817: 5792: 5709: 5567: 5327: 5154: 5153:

of bias towards European assets and fuelling speculation. Particularly

5115: 4930: 4548:

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

4248: 4125: 3575: 3250: 2387: 2232: 2048: 1922: 1489:

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

1413: 924: 431: 19453:

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

18822:"Euro May Have to Coexist With a German-Led Uber Euro: Business Class" 16980:"Ifo President Sinn Calls For International Debt Conference on Greece" 16783: 16759: 16701: 16700:

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

15908:"The Atlantic-No, the United States Will Never, Ever Turn Into Greece" 12170:"Press release: IMF Approves Three-Month Extension of SBA for Romania" 10164:

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

9090: 9088: 9048:"Greece plans new bond sales and confirms growth target for next year" 7865:"I fear for a social explosion: Greeks can't take any more punishment" 6096:

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

5571:, and a book of the same title and content examine whether the recent 4042:

be excluded from future financial regulations, including the proposed

1843:

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

1660: 665: 25243: 24323: 24254: 22778: 22720: 20739: 20415: 20037:"Germany Has 5 Trillion Euros of Hidden Debt, Handelsblatt Says" 19731: 19171:

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

18944:"Poundland to open 4 stores in Ireland – just don't mention the euro" 18779:"Greece's Debt Crisis, interview with L. Randall Wray, 13 March 2010" 15436: 13460:"Commodities trade finance crisis deepens" (limited no-charge access) 12680:"International banking finance and capital markets news and analysis" 10666: 8718: 8372:"A new idea steals across Europe – should Greece's debt be forgiven?" 8237: 7478: 5701: 5694: 5415: 4389: 4375: 4342: 4293: 4274: 4230: 4176: 4171: 4072:

Economic reforms and recovery proposals regarding the Eurozone crisis

4028: 3806: 3797: 3585:

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: 19919:"Cox and Archer: Why $ 16 Trillion Only Hints at the True U.S. Debt" 17588:"Eurozone in new crisis as ratings agency downgrades nine countries" 17562:"Moody's downgrades BCR to Baa3, under review for further downgrade" 16315:"EU Commission unveils proposals on bondholder 'bail-ins' for banks" 9710:[Portugal entered recession in the fourth quarter of 2002]. 9519:"Ireland gets more time for bailout repayment and interest rate cut" 8881:

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

7507: 6949: 6563:"Can players avoid the tragedy of the commons in a joint debt game?" 6345: 5106:

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

4062:

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

3842:

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

3537: 1705:

in debt that Athens owes private creditors, thereby shaving roughly

960: 24953: 24810: 24695: 23064: 22725: 21214: 21171: 20516: 20294:"Portuguese Parliament Rejects Austerity Plan, PM Socrates Resigns" 20075: 19641: 18894:"The Hayek Effect: The Political Consequences of Planned Austerity" 18737: 15477: 15076: 14970: 9757:"Medidas de austeridade poderão evitar multas por défice excessivo" 9693:"Ireland sells first 10-year government bonds since before bailout" 9672:""General government gross debt", Eurostat, retrieved 4 June, 2014" 9085: 8802:"Samaras raises alarm about lack of liquidity, threat to democracy" 8607: 7675: 6543: 5857:

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

5654: 5220: 5208: 5183:

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

5087: 5074:. As regards government finance, the states agreed that the annual 4955: 4435: 3732: 3420:

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

2897: 2332: 1865: 1611: 884: 772: 714: 586: 578: 421: 20762:

Eurostat – Statistics Explained: Structure of government debt

19249: 17740:"ESMA Chief Says Rating Companies Subject to EU Laws, FTD Reports" 16758:

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

12702:"TEXT-Euro zone finance ministers approve extending EFSF capacity" 12114: 11750:"Angela Merkel sees IMF joining Greek bailout, floats debt relief" 11378: 10327: 9812:[Budget, taxes, reforms: Portugal's lesson of austerity]. 9810:"Budget, impôts, retraite : la leçon d'austérité du Portugal" 9180:"Quarterly National Accounts – 1st Quarter 2015 (Flash Estimates)" 9172: 8816: 7820: 7367: 6710: 6207:

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

5558: 5272:

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

4977: 4911:

The first condition, suggested by an influential paper written by

4732: 3704:

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: 24719: 22855: 20855:

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

19185:"Merkel makes Euro Indispensable Turning Crisis into Opportunity" 18589:

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

18358:"CRS Report for Congress: Is China a Threat to the U.S. Economy?" 15635: 15633: 15050: 12984:"Stocks, Commodities, Greek Bonds Rally on European Loan Package" 12392: 12390: 12140: 12092: 10277:"Here Are The Details From Spain's New Balanced Budget Amendment" 6614:"FT: "Banks ask for crisis funds for eastern Europe" 22 Jan 2009" 5484:

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

5359: 4277:

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

3683: 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: 20067:"Finger-wagging Germany secretly accumulating trillions in debt" 16815:"Back to Mesopotamia?: The Looming Threat of Debt Restructuring" 13579:"ECB May Hit Bond Sterilization Limit in January, Rabobank Says" 12935:"VIX Plunges by Record 36% as Stocks Soar on European Loan Plan" 12755:"European Shares Jump Most in 17 Months as EU Pledges Loan Fund" 12627: 12261:"WORLD BANK GROUP Romania Partnership: COUNTRY PROGRAM SNAPSHOT" 11770: 11521: 11312: 10347: 9063: 9061: 7919:

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

7570: 6711:"Germany estimated to have made €9 billion profit out of crisis" 5370:

Some economists, mostly from outside Europe and associated with

4846:

published an article that suggests transforming the EFSF into a

4823:

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

4511:

announced plans to reduce tax burden of the corporate sector by

3812:

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

1618:

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

995: 24061: 20722: 20357: 20298: 19452: 17234: 16583: 16579:"ESBies: A realistic reform of Europe's financial architecture" 16373:"New crisis management measures to avoid future bank bail-outs" 15541: 15539: 15367: 14654: 14408:

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

13192: 13038:"Euro-Area Ministers Seal Rescue-Fund Deal to Stem Debt Crisis" 12854:"Oil, Copper, Nickel Jump on European Bailout Plan; Gold Drops" 11846: 11582: 11580: 11543:"FAQ – New disbursement of financial assistance to Greece" 10931:"Cyprus lawmakers reject bank tax; bailout in disarray Reuters" 10616:"Hint of southern comfort shows need to bolster reform process" 9958:. Kathimerini (English Edition). 3 October 2012. Archived from 8949:"Hint of southern comfort shows need to bolster reform process" 7964:"How Greece could leave the eurozone – in five difficult steps" 7671: 7341:"Lucas Papademos to lead Greece's interim coalition government" 6643:. Brookings Papers on Economic Activity, Spring 2012: 157–231. 5906: 5773:

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

5748:

Slovenia – September 2011 – Following the failure of

4192:

no austerity program has ever worked. Schui particularly notes

4076: 3393: 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

22659: 20785: 20196:, 3 October 2011, 12:00 am EDT. Retrieved 3 October 2011. 18875:"In European Crisis, Iceland Emerges as an Island of Recovery" 17422:"Tougher euro debt ratings stoke downward spiral – study" 15980: 15630: 14736:"IMF: Austerity is much worse for the economy than we thought" 14334:"European leaders resume Brussels summit talks: live coverage" 14110:

Parliament approves Treaty change to allow stability mechanism

13992:"European Leaders to Present Plan to Quell the Crisis Quickly" 13162:, 16 January 2012 2:37 pm EST. Retrieved 16 January 2012. 13011:"Asian Bond Risk Tumbles Most in 18 Months on EU Loan Package" 12782:"Euro strikes back with biggest gamble in its 11-year history" 12387: 12357: 12355: 11908: 10788: 9494: 8287:"Greece extends buyback offer to reach 30 billion euro target" 7691: 7261: 5865:

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

1132:

problem. The Eurozone can incentivize overborrowing through a

22845: 20758:

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

20345: 19399: 18163:"Spain and the Anglo-Saxon press: Spain shoots the messenger" 16751: 16098:"The Eurozone Debt Crisis: Causes and Policy Recommendations" 15391:"How Austerity Economics Turned Europe Into the Hunger Games" 14994:"Italian debt: Austerity economics? That's dead wrong for us" 14220:"Angela Merkel vows to create 'fiscal union' across eurozone" 13824:"ECB Lends 489 Billion Euros for 3 Years, Exceeding Forecast" 13219:"AFP: First EU bond for Ireland attracts strong demand: HSBC" 12908:"Default Swaps Tumble After EU Goes 'All In': Credit Markets" 12603:"Spain successfully exits ESM financial assistance programme" 10905:"Euro zone wants no Cypriot deposit levy up to 100,000 euros" 9599:"Ireland borrows over €5bn on first day back in bond markets" 9545:"European Commission reduces margin on Irish bailout to zero" 9058: 7450:"Quarterly National Accounts: 4th quarter 2011 (Provisional)" 6561:

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

6450:"The Eurozone Debt Crisis: Causes and Policy Recommendations" 5845:

Netherlands – April 2012 – After talks between the

5645:

Finland's recommendation to the crisis countries is to issue

5615:

from Greece, enabling it to participate in the potential new

5419: 4054:

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

3983:

under public international law. It is located in Luxembourg.

3464: 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: 17946:"Euro zone rumours: There is no conspiracy to kill the euro" 17686: 16784:

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

15536: 14687:

International Monetary Fund: Independent Evaluation Office,

14276:"WRAPUP 5-Europe moves ahead with fiscal union, UK isolated" 13924:"Eurozone crisis live: ECB to launch massive cash injection" 13869:"Eurozone crisis live: ECB to launch massive cash injection" 11636:"Greece: Financial Position in the Fund as of June 30, 2015" 11577: 10826:

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

10110:""General government gross debt", Eurostat table, 2003–2010" 10031:"Portugal Sells Five-Year Bonds for First Time in Two Years" 8340:"Are the European banks saving Greece or saving themselves?" 6915:"Portugal kehrt ohne Sicherheitsnetz an Finanzmärkte zurück" 6160:"Understanding the Political Economy of the Eurozone Crisis" 5395:

their fiscal sovereignty, and re-adopt national currencies.

5227:

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

3872:

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

24700: 22690: 20719:

Crashed: How a Decade of Financial Crises Changed the World

20467:. Newsinfo.inquirer.net. Associated Press. 28 February 2013 20385:"Spanish Voters Deal a Blow to Socialists over the Economy" 19511: 18438: 17518:"Moody's downgrades EDP's rating to Baa3; outlook negative" 17474:"UPDATE 2-EU attacks credit rating agencies, suggests bias" 17467: 17465: 16056: 14432: 13970: 12445:"Spain requests €39.5bn bank bail-out, but no state rescue" 12352: 12237:. Official Journal of the European Union. 29 October 2013. 12122:"IMF Financial Activities — Update September 27, 2012" 11828:"IMF Financial Activities — Update September 30, 2010" 11692: 11472:

Occasional Papers 149 (yield spreads displayed by graph 19)

10983:

Occasional Papers 149 (yield spreads displayed by graph 19)

10641:"Spain formally exits bank bailout program in better shape" 10045:"Portugal sells 10-year bonds for first time since bailout" 8824:"Unsustainable debt, restructuring or new stimulus package" 8736: 8611: 8225: 8223: 8178:"Griechenland spart sich auf Schwellenland-Niveau herunter" 7649:"Europe is being torn apart – but the torture will be slow" 6975:"Crisis in Euro-zone—Next Phase of Global Economic Turmoil" 6632: 6370:

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

6209:"It's All Connected: A Spectators Guide to the Euro Crisis" 5649:

to cover the immediate need, a tactic successfully used in

5407:

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

4889: 3930: 3877: 3424:(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

20631:

Understanding the Political Economy of the Eurozone Crisis

20561:"Wilders wil nieuwe verkiezingen- 'hoe eerder, hoe beter'" 18106:"Conspiracists Blame Anglo-Saxons, Others for Euro Crisis" 17585: 15606: 15604: 15499: 15424: 14906: 14904: 14902: 14172:

TREATY ESTABLISHING THE EUROPEAN STABILITY MECHANISM (ESM)

12809:"Euro hits four-year low on fears debt crisis will spread" 12010:"The Economic Adjustment Programme for Portugal 2011-2014" 11101: 11099: 11097: 11095: 11093: 11091: 10764:"Cyprus, Troika Agree Bailout Terms, ECB Demetriades Says" 10569: 10548: 9248:"IMF: Greece makes overdue payments, no longer in default" 9222:"IMF: Greece makes overdue payments, no longer in default" 7931: 7929: 7812:"Youth employment is bad – but not as bad as we're told". 7034: 7032: 7030: 7028: 6498:," Mark Brown and Alex Chambers, Euromoney, September 2005 5579: 4065: 3361:

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 24878:

European Judicial Network in civil and commercial matters

20465:"Dusan Stojanovic: Slovenia's troubled government ousted" 19250:"Spanish commissioner lashes out at core eurozone states" 19155:"Greek Crisis Poses Unwanted Choices for Western Leaders" 18284:"When Will The Bond Vigilantes Attack The U.S. And U.K.?" 16932:"DIE LINKE: Vermögensabgabe ist die beste Schuldenbremse" 15883:. Research.chicagobooth.edu. 29 July 2013. Archived from 15184:"Draghi slashes interest rates, unveils bond buying plan" 13755:"European Central Bank Breaks New Ground to Press Growth" 13369:"Leaders agree eurozone debt deal after late-night talks" 10066:"Portugal beschließt sauberes Aus für den Rettungsschirm" 9956:"Portugal seeks market access with $ 5 bln bond exchange" 9708:"Portugal entrou em recessão no quarto trimestre de 2002" 9445: 9401: 7856: 7289:"Greek cabinet backs George Papandreou's referendum plan" 6840:"Long-term interest rate statistics for EU Member States" 6021:"Long-term interest rate statistics for EU Member States" 5846: 5450:

in support of a job-targeting economic policy instead of

4946:

regards taxes on capital as a more favorable option than

4489: 4416:

manufacturing and services to locate across the world)".

3888:

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

3813: 3472: 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

20411:"Spain's embattled prime minister calls early elections" 19695:"'Creative accounting' masks EU budget deficit problems" 18191:"Spanish Intelligence Investigating "Anglo-Saxon" Media" 17612: 17462: 17351:"Greece debt crisis: the role of credit rating agencies" 17072:"The Mystery Tour of Restructuring Greek Sovereign Debt" 16934:(in German). Die-linke.de. 9 August 2011. Archived from 16454:"Europe Agrees to Basics of Plan to Resolve Euro Crisis" 15109:

Booming budget surplus puts pressure on Germany to spend

14072:

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

13272:"Irish Bailout Begins as Europe Sells Billions in Bonds" 13093: 13091: 12543: 10442: 9240: 9214: 9034:"Greek economy to grow by 2.9 pct in 2015, draft budget" 8436:. Lancaster University Management School. Archived from 8220: 8206:"EU drängt auf drastische Lohnsenkungen in Griechenland" 7659: 6095: 5322:

Both the Spanish and Greek Prime Ministers have accused

4871: 4423:, as in the case of Iceland, which suffered the largest 4388:

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

3963:

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

3846:

president, was once thought to be a likely successor to

3735:

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

3727:

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 20591:

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

19948:"Bill Gross says US is Out-Greeking the Greeks on Debt" 17581: 17579: 16734:"Global economy is stuck in a vicious cycle, warns BIS" 15601: 15155: 14899: 14125:. Monstersandcritics.com. 23 March 2011. Archived from 13499:"Bundesbank: "EZB darf nicht Staatsfinanzierer werden"" 12485: 12336:. ACTMedia — Romanian Business News. 29 May 2014. 12074:"IMF Financial Activities — Update March 24, 2011" 12066: 11820: 11642: 11593:. European Financial Stability Facility. 19 March 2015. 11197:"Cyprus Gets Second 1.32 Bln Euro Russian Loan Tranche" 11088: 9950: 9948: 8749:. European Commission. 11 November 2012. Archived from 7926: 7630:"Greek voters spell out their disapproval of austerity" 7596: 7550:

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

7025: 6560: 6291:"The Political Economy of Austerity in Southern Europe" 4575:

Animated graph of current account imbalances since 1999

4370:

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

4143:

Banco de Valencia, Bankia, CatalunyaCaixa, Novagalicia

3789:. The central banks agreed to lower the cost of dollar 3524: 3372:

Fiscal Effectiveness and Growth Development Policy Loan

1861:

Debt of Ireland compared to eurozone average since 1999

23868:

International Authority for the Ruhr (1949–1951)

18781:. Neweconomicperspectives.blogspot.com. Archived from 18555:"Merkel Slams Euro Speculation, Warns of 'Resentment'" 18311:"Euro crisis and deconstruction of the European Union" 16702:"The real effects of debt (BIS Working Paper No. 352)" 16230:"Everything flows? The future role of monetary policy" 15310:"Griechenland: "Mittelstand vom Verschwinden bedroht"" 15026: 15024: 14419:

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

14359:

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

13632:"Fed Restarts Currency Swaps as EU Debt Crisis Flares" 13421:"Greece debt crisis: Markets dive on Greek referendum" 13189:"EU bonds for Ireland bailout well-received on market" 12881:"Dollar Libor Holds Near Nine-Month High After EU Aid" 11756: 11727: 11725: 11723: 11248:

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

11142: 11140: 11138: 11136: 11134: 11006:"Cyprus Sells Bonds, Bailed-Out Nations' Market Exile" 10391:"Spain Lowers Public Wages After EU Seeks Deeper Cuts" 9461:

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

9398:"CIA World Factbook-Ireland-Retrieved 2 December 2011" 9005: 8984: 8365: 8363: 8361: 7334: 7332: 6243:"Technical features of Outright Monetary Transactions" 4940:, 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

21520:

Post-Napoleonic Irish grain price and land use shocks

20488:"Italy pushes through austerity, US applies pressure" 20321:"Eurokriisi kuumensi jälleen puoluejohtajien tenttiä" 19727:"How Europe's governments have enronized their debts" 19085:"Germany's Interest Rates Have Become a Special Case" 18978:"To Save the Euro, Germany has to Quit the Euro Zone" 17853:"Bonitätswächter wehren sich gegen Staatseinmischung" 16607:"ESBies: Wie die EZB Anleihen wieder los werden kann" 16134:"Varieties of capitalism in light of the euro crisis" 15957:"Schäuble findet deutliche Lohnerhöhungen berechtigt" 13088: 12300:

ANNEX 1: Financial Assistance Programmes in 2009-2013

12203:

ANNEX 1: Financial Assistance Programmes in 2009-2013

11930:"International Loan Programme: Questions and Answers" 11904:. National Treasury Management Agency. 31 March 2014. 11714:"Eurogroup statement on the ESM programme for Greece" 11504:"The Second Economic Adjustment Programme for Greece" 10789:

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

10328:

Charles Forell; Gabriele Steinhauser (11 June 2012).

8431:"Eurosystem debts, Greece, and the role of banknotes" 7717: 6741:"Immer mehr Länder bekommen Geld fürs Schuldenmachen" 6372:"Official sector lending during the euro area crisis" 5603:

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

5344:

over their derivatives arrangements with Greece. The

4900:

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

4551: 4346:

had returned. In October 2012, a report published by

3944: 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

23926:

European Monetary Cooperation Fund (1973–1994)

20797:

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

20640: 20207:"The second Greek bailout: Ten unanswered questions" 20190:"German OK only small step in averting Greek crisis" 19611:"Greece not alone in exploiting EU accounting flaws" 18000:"Spanish secret service said to probe market swings" 17576: 16502:"German Resistance to Pooling Debt May Be Shrinking" 16426: 16424: 16399:"Anatomy of a Bail-In by Thomas Conlon, John Cotter" 16039:"President Obama-Remarks by the President-June 2012" 15545: 14758:"Spaniens Aufschwung geht an der Bevölkerung vorbei" 14243: 14241: 13922:

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

13867:

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

13752: 13069:. European Commission. 15 March 2012. Archived from 10216:"The EU Smiled While Spain's Banks Cooked the Books" 9945: 9864:"O estado a que o Estado chegou" no 2.º lugar do top 9838:"O estado a que o Estado chegou" no 2.º lugar do top 8974:"MSCI reclassifies Greece to emerging market status" 7955: 7359: 7262:

Rachel Donadio; Niki Kitsantonis (3 November 2011).

5966:

List of acronyms associated with the eurozone crisis

5888: 4693:

Proposed long-term solutions for the Eurozone crisis

4099:

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

23958:

European Financial Stability Mechanism (2010–

23873:

European Coal and Steel Community (1951–2002)

20479: 18843:"To Save the Euro, Germany Must Quit the Euro Zone" 18591:"Goldman Sachs faces Fed inquiry over Greek crisis" 18217:"Britain's deficit third worst in the world, table" 16809: 16807: 15927: 15151: 15149: 15147: 15122:"Eleven euro states back financial transaction tax" 15021: 14966:"'Tax havens: Super-rich 'hiding' at least $ 21tn'" 14853: 14851: 14849: 14847: 13782:"Belgium's Praet to serve as ECB's chief economist" 12828:"Euro surges in short-covering rally, Aussie soars" 11778:"EFSM: Council approves €7bn bridge loan to Greece" 11720: 11272: 11270: 11131: 10551:"Bond Plan Lowers Debt Costs, but Germany Grumbles" 10348:"Obama calls for 'resolute' spending cuts in Spain" 10148: 9266: 9204:"IMF suspends aid to Greece ahead of new elections" 9096:"European Economic Forecast Autumn 2014 – 8.Greece" 8893: 8684:. Gogreece.about.com. 10 April 2012. Archived from 8654: 8358: 8308:Science, London School of Economics and Political. 7329: 7264:"Greek Leader Calls Off Referendum on Bailout Plan" 7134:"Greek bonds rated 'junk' by Standard & Poor's" 7002: 7000: 6496:

How Europe's Governments have Enronized their debts

6091: 6089: 5563:

Committee for the Abolition of the Third World Debt

3595: 1112:) to 12.7%, almost immediately after PASOK won the 23949:European Financial Stability Facility (2010– 20644:; Bang, Henrik; Jensen, Mads Dagnis (March 2015). 20348:"Pääministeritentissä kiivailtiin taas eurotuista" 19112: 18080:"Spanish intelligence probing debt attacks-report" 17452:"Netherlands loses S&P triple-A credit rating" 17317: 16839: 16788:. PERI Policial Research Institute. Archived from 16476:"EU's Barroso: Will present options on euro bonds" 16192: 16180:"The Nordic model: A recipe for European success?" 16011: 15905: 15582: 14435:"Europeans Agree to Use Bailout Fund to Aid Banks" 13341: 13339: 13337: 13125:"Welches Land gehört zu den großen Sorgenkindern?" 12469:. Europa (European Commission). 20 December 2012. 11022:. Financial Mirror. 7 January 2015. Archived from 10820:Ramakrishnan KS; Vidyalaxmi Venkataramani (2013). 10570:Emese Bartha; Jonathan House (18 September 2012). 10522: 10477: 10309:"Spain changes constitution to cap budget deficit" 10207: 8846: 8514:Ardagna, Silvia; Caselli, Francesco (March 2012). 8461: 8337: 8333: 8331: 8172: 8170: 7646: 7399:"IMF official admits: austerity is harming Greece" 7064:Ziotis, Christos; Weeks, Natalie (20 April 2010). 6832: 6087: 6085: 6083: 6081: 6079: 6077: 6075: 6073: 6071: 6069: 5976:List of people associated with the eurozone crisis 5730:debate and formation of the subsequent government. 4961:Instead of a one-time write-off, German economist 4149: 1512:, riots, and social unrest throughout Greece. The 1477:slashed Greece's sovereign debt rating to BB+ or " 22706:Economic and Monetary Union of the European Union 21069:Economic and Monetary Union of the European Union 19300: 19298: 19296: 19294: 17997: 17262:"Iceland row puts rating agencies in firing line" 16906:"Wie die Grünen 100 Milliarden einsammeln wollen" 16421: 15695:"Forget Greece: Europe's real problem is Germany" 14325: 14238: 14123:"Retrieved 22 March 2011 Published 22 March 2011" 13171:Standard & Poor's Ratings Services quoted at 13165: 13156:"S&P takes Europe's rescue fund down a notch" 12773: 11752:. National Post (Financial Post). 17 August 2015. 11733:"FAQ on ESM/EFSF financial assistance for Greece" 11366:. Kathimerini (English edition). 12 December 2012 10549:Stephen Castle; Melissa Eddy (7 September 2012). 9150:. European Stability Mechanism (ESM). 5 May 2014. 8880: 7442: 7257: 7255: 7236:. PrimePair.com. 30 December 2014. Archived from 6418:The government and politics of the European Union 6158:Frieden, Jeffry; Walter, Stefanie (11 May 2017). 6048:"EU debt crisis: Italy hit with rating downgrade" 5941:Crisis situations and unrest in Europe since 2000 4778:A growing number of investors and economists say 4456:been cut to a level last seen in the late 1990s. 3538:European Financial Stabilisation Mechanism (EFSM) 1732:€5.6bn in 2014, €12.3bn in 2015, and €0bn in 2016 25383: 20679: 20598: 20595:. Comparative Political Studies, 49(7), 811–840. 18588: 18497: 18209: 17770:"Europe – Rethink on rating agencies urged" 17586:Larry Elliott; Phillip Inman (14 January 2012). 16804: 16658: 16656: 16014:"Economic Thinkers Try to Solve the Euro Puzzle" 15241:"Myths and truths of the Baltic austerity model" 15144: 15011:"European cities hit by anti-austerity protests" 14881:"Does austerity lower deficits in the eurozone?" 14844: 14410:Politics.co.uk, Ian Dunt, Friday, 6 January 2012 14213: 14211: 14098:EUROPEAN COUNCIL 16–17 December 2010 CONCLUSIONS 14074:"Euro Zone Changing ESM to Satisfy German Court" 13950:"€529 billion LTRO 2 tapped by record 800 banks" 12961:"Shares and oil prices surge after EU loan deal" 12425:. Europa (European Commission). 28 November 2012 11804:"Third supplemental memorandum of understanding" 11716:. Council of the European Union. 14 August 2015. 11267: 11148:"Balance of Payments — European Commission" 10669:. Instituto Nacional de Estadística. 18 May 2018 10520: 10193:"Spain's Bankia Seeking $ 19B in Government Aid" 10060: 10058: 9456: 9454: 8744:"Troika report (Draft version 11 November 2012)" 7543: 7200: 6997: 6735: 6733: 6661:P.E. Petrakis, P.C. Kostis, D. Valsamis (2013) « 6638: 6490: 6488: 6443: 6441: 6350: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 25322:Largest cities by population within city limits 20513:"Greece passes new austerity deal amid rioting" 20267:"Portugal PM quits after losing austerity vote" 19362: 19360: 19152: 19110: 18935: 18872: 18552: 17099:"Greece's Private Creditors Are the Lucky Ones" 17096: 16309: 16307: 15977:"Euro zone current account surplus grows – ECB" 15935:"European economic forecast – spring 2012" 15672:"Foreign Policy in Focus, Portfolio Investment" 14597: 14543:"'Greek tragedy won't end in the euro's death'" 14149:"EUROPEAN COUNCIL 24/25 March 2011 CONCLUSIONS" 13921: 13866: 13659:"ECB suspends rating threshold for Greece debt" 13466:, 16 December 2011. Retrieved 21 December 2011. 13449:, 22 December 2011. Retrieved 22 December 2011. 13396:"EU leaders reach a deal to tackle debt crisis" 13334: 12807:Wearden, Graeme; Kollewe, Julia (17 May 2010). 12034:ANNEX 3: Indicative Financing Needs and Sources 11902:"Ireland's EU/IMF Programme: Programme Summary" 11364:"Cyprus could lower debt post-bailout with ESM" 10607: 10544: 10542: 10323: 10321: 9982:"Unemployment by sex and age - monthly average" 9754: 8942: 8901:"European economic forecast – autumn 2012" 8854:"One step forward, two back for Greece on debt" 8635:"Grexit and the euro: an exercise in guesswork" 8608:"Huge Sense of Doom Among 'Grexit' Predictions" 8455: 8369: 8328: 8167: 8149:"Insight: How the Greek debt puzzle was solved" 8122:Forelle, Charles; Burne, Katy (19 March 2012). 7935: 7422: 7420: 6683:Oakley, David; Hope, Kevin (18 February 2010). 6066: 5704:party, which formed a government alongside the 5126:—which have already been under fire during the 4978:Debt write-off based on international agreement 4897:government debt is more than 80 to 100% of GDP; 4733:European bank recovery and resolution authority 4686: 4439:Relative change in unit labour costs, 2000–2017 3253:and a forced bail-in recapitalisation plan for 20402: 20107:"IMF Said to Oppose Push for Greek Collateral" 20100: 20098: 19291: 19004:"It is Germany that should leave the eurozone" 18526: 18137:"Anglo-Saxon media out to sink us, says Spain" 17613:Nicholas Watt; Ian Traynor (7 December 2011). 17419: 15204: 14938:"Bis zu 26 Billionen in Steueroasen gebunkert" 14704: 14490:"More questions than answers after the summit" 14433:Steven Erlanger; Paul Geitner (29 June 2012). 14358: 13971:Charles Forelle; David Enrich (13 July 2012). 13894:Ewing, Jack; Jolly, David (21 December 2011). 13846: 13291:"EU's Bailout Bond Three Times Oversubscribed" 13064:"European Financial Stability Facility (EFSF)" 12806: 11996:"Portugal to do without final bailout payment" 11465:"The Economic Adjustment Programme for Cyprus" 11247: 11064:"29/04/2015 Announcement – New EMTN Termsheet" 10976:"The Economic Adjustment Programme for Cyprus" 10222: 9510: 9300:"Greece exits final bailout successfully: ESM" 8940: 8938: 8936: 8934: 8932: 8930: 8928: 8926: 8924: 8922: 8513: 8261:"Greece bailout: six key elements of the deal" 8198: 8124:"Payouts on Greek CDS Will Be 78.5¢ on Dollar" 8066: 7549: 7365: 7307: 7281: 7252: 7102: 7100: 6860: 6822:"How the Euro Became Europe's Greatest Threat" 6593:"[image] public debt as % of GDP" 6536: 6369: 6200: 6153: 6151: 6149: 6147: 6145: 6143: 6141: 6139: 5981:The Intervention of ECB in the Eurozone Crisis 5360:Speculation about the break-up of the eurozone 4982: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 23931:European Monetary Institute (1994–1998) 23886:European Economic Community (1958–1993) 23744: 22675: 22648:List of stock market crashes and bear markets 21187: 20894: 20880: 20505: 18925:"The Swedish Reform Model, Believe It or Not" 18500:"Soros hedge fund bets on demise of the euro" 18247: 17311: 17309: 17069: 16653: 16339: 15937:. European Commission. 1 May 2012. p. 38 15433:The Collected Writings of John Maynard Keynes 15419:The Collected Writings of John Maynard Keynes 14822: 14730: 14728: 14707:"Europe is in dire need of lazy spendthrifts" 14628: 14249:"European fiscal union: what the experts say" 14208: 14071: 13748: 13746: 13744: 13742: 13740: 13316:"il bond è stato piazzato al tasso del 2,59%" 13117: 10501: 10213: 10142: 10055: 9596: 9490:"Moody's cuts all Irish banks to junk status" 9460: 9451: 9292: 8424: 8422: 7915: 7913: 7889: 7699:"Seasonally adjusted youth unemployment rate" 7602: 7486:"EU interim economic forecast -February 2012" 7162:(in Greek). In.gr. 2 May 2010. Archived from 6969: 6967: 6730: 6708: 6485: 6438: 6260:"Eurozone unemployment at record high in May" 6157: 5961:List of stock market crashes and bear markets 5195:so many downgrades in the weeks of summits". 5014:Controversies surrounding the Eurozone crisis 4888:, the combined private and public debt of 18 3987:single default can be managed while limiting 3908:Reorganization of the European banking system 3669: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 23904:European Atomic Energy Community (est. 1958) 20629:Frieden, Jeffry and Stefanie Walter. 2017. " 20531: 20291: 19457:. Ekdotikos organismōs livanē. p. 239. 19357: 19333: 18675: 18439:Irvin, George; Izurieta, Alex (March 2006). 18385: 18341:: CS1 maint: multiple names: authors list ( 18193:. The Washington Independent. Archived from 18025: 17970: 17930:: CS1 maint: multiple names: authors list ( 17038: 16662: 16304: 16280: 16254: 15491:: CS1 maint: multiple names: authors list ( 15411: 15238: 14778:"Austerität: Eine Geschichte des Scheiterns" 14600:"Europe must realize austerity doesn't work" 14487: 14384: 14065: 14037: 14017:"Court to Rule on Euro Measures on Sept. 12" 12953: 12720: 12511: 10709: 10539: 10330:"Latest Europe Rescue Aims to Prop Up Spain" 10318: 10274: 9327:"Remember how Ireland was ruined by bankers" 9162:"Analysis: Markets keep government in check" 8121: 7938:"Greece's best option is an orderly default" 7893:International Business and Political Economy 7417: 7338: 7206: 7109:"Cuts to Debt Rating Stir Anxiety in Europe" 6944: 6942: 6940: 6938: 6936: 6702: 6288: 5719:and his government resigned, bringing about 4996: 4464:process and may not bring immediate relief. 4077:Direct loans to banks and banking regulation 3394: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 23758: 20135: 20095: 19786:"Hidden debt is the country's real monster" 19503: 19329: 19327: 19242: 19001: 18669: 17878:"Non-profit credit rating agency challenge" 16728: 16248: 15792: 15232: 14689:Fiscal Adjustment in IMF-supported Programs 13983: 13717: 13715: 13713: 13711: 13709: 13707: 13361: 12752: 12677: 12398:"FAQ — Financial Assistance for Spain" 11766:. Official Journal of the EU. 18 July 2015. 11283:. Cypriot Ministry of Finance. 22 May 2014. 11278:"Public Debt Management Annual Report 2013" 10572:"Spain Debt Sells Despite Bailout Pressure" 10485:"The Spanish bail-out: Going to extra time" 9923: 9616: 9363: 9145:"The European Stability Mechanism May 2014" 8919: 8252: 8098: 7603:Hatzinikolaou, Prokopis (7 February 2012). 7428:"Der ganze Staat soll neu gegründet werden" 7392: 7390: 7388: 7097: 7063: 6909: 6907: 6770:"Swiss Pledge Unlimited Currency Purchases" 6346:"Bail in -la gestione delle crisi bancarie" 6343: 6329:: CS1 maint: numeric names: authors list ( 6136: 4828:facilitate these securities in April 2019. 4476:, based on an idea originally developed by 4396: 4296:measures, with the purpose of lowering the 3719:In May 2010 it took the following actions: 380:Regulatory responses to the subprime crisis 24605:Mechanism for Cooperation and Verification 23751: 23737: 23670:European Financial Stabilisation Mechanism 22682: 22668: 21194: 21180: 20887: 20873: 20805:"Creditors can huff but they need debtors" 19839: 19476: 19474: 19218:"EU risks being split apart, says Sarkozy" 19215: 19058:"The Largest Creditor Nations Are in Asia" 18922: 18891: 18225:. London. 19 February 2010. Archived from 18103: 17315: 17306: 17237:"Moody's chief admits failure over crisis" 17206: 15692: 14946:(in German). Vienna: Reuters. 22 July 2012 14725: 13989: 13893: 13854:"Markets live transcript 29 February 2012" 13737: 12851: 11916:"Balance-of-payments assistance to Latvia" 11048:. In Cyprus. 28 April 2015. Archived from 10613: 10443:Ian Traynor; Nicholas Watt (6 June 2012). 10436: 8999:Table 11. Greece Financing Needs 2012–2016 8946: 8830:(in Greek). 4 October 2012. Archived from 8706: 8419: 7984: 7910: 7107:Ewing, Jack; Healy, Jack (27 April 2010). 7106: 6964: 6682: 6098:"The Political Economy of the Euro Crisis" 5820:on the austerity and bailout measures, PM 5632: 5146:, (i.e. Germany, Finland and Luxembourg.) 3994: 3961:European Financial Stabilisation Mechanism 3562:members, has the authority to raise up to 3544:European Financial Stabilisation Mechanism 3430:European Financial Stabilisation Mechanism 3414: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 22469:2015–2016 Chinese stock market turbulence 20599:Foremny, Dirk; von Hagen, Jürgen (2012). 19840:Wheatcroft, Patience (16 February 2010). 19114:"A modest proposal for eurozone break-up" 19111:Evans-Pritchard, Ambrose (17 July 2011). 18771: 18703: 18636: 18584: 18582: 17796:"EU Gets Tough on Credit-Rating Agencies" 17762: 17407:"Are the ratings agencies credit worthy?" 17124:"How the Euro Zone Ignored Its Own Rules" 16848:Belknap Press of Harvard University Press 16693: 16663:Schulmeister, Stephan (20 October 2011). 16639:European Commission - European Commission 16635:"Sovereign bond-backed securities (SBBS)" 16347:"Zweifel an echter Bankenunion in Europa" 16257:"Bundesbank head backs fiscal union poll" 16227: 16005: 15864: 15821: 15773: 15771: 14426: 13056: 12368:. European Commission. 29 November 2012. 12050:. European Commission. 12 November 2014. 11605:"EFSF programme for Greece expires today" 11320:"European Commission statement on Cyprus" 11082:"Debt-to-GDP Ratio in European Countries" 11079: 11046:"Nicosia satisfied with Cyprus bond sale" 9373:Boomerang: Travels in the New Third World 9324: 8776:"Greece seeks 2-year austerity extension" 8428: 8092: 7890:Basu, Dipak; Miroshnik, Victoria (2015). 7209:"Three Reported Killed in Greek Protests" 6933: 6880: 6878: 6876: 6376:The Review of International Organizations 6314: 6175: 5606: 5391:, though it is moving in that direction. 5241:European Securities and Markets Authority 5097: 5082:to GDP should not exceed 60% of GDP (see 4831: 4641: 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 25059:European Structural and Investment Funds 24981:European System of Financial Supervision 23846:Western European Union (1954–2011) 20593:The Political Economy of the Euro Crisis 20376: 20292:Fontevecchia, Agustino (23 March 2011). 20258: 19637:"Greece is far from the EU's only joker" 19509: 19480: 19396:"Greece must deny to pay an odious debt" 19324: 19176: 18975: 18309:Paye, Jean-Claude, Belgium (July 2010). 18134: 17737: 17564:. Moody's Investors Service. 8 July 2011 17542:. Moody's Investors Service. 8 July 2011 17520:. Moody's Investors Service. 8 July 2011 16962:Bundestagsfraktion Bündnis 90/Die Grünen 16274: 16095: 15865:Appelbaum, Binyamin (22 February 2013). 15822:Hagelüken, Alexander (8 December 2012). 15285:"Labour cost index – recent trends" 15176: 14540: 14513: 14481: 14465:. Brussels: European Union. 29 June 2012 14452: 14331: 13704: 13288: 13150: 13148: 13008: 12981: 12524:. European Commission. 16 October 2012. 12319:. World Bank — IBRD. 29 April 2014. 10255: 10028: 9755:Arriaga e Cunha, Isabel (28 June 2002). 9110: 9108: 8626: 8600: 8020:"Pondering a Dire Day: Leaving the Euro" 7385: 6904: 6685:"Gilt yields rise amid UK debt concerns" 6608: 6606: 6447: 5664: 5528:The Hungarian-American business magnate 5525:has opposed all forms of mutualisation. 5340:and other banks faced an inquiry by the 5101: 4875: 4787:and ensure sustainable public finances. 4705: 4563: 4555: 4530: 4434: 4365: 4206: 4004: 3693: 3689: 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: 20849:Center for Economic and Policy Research 20832:International Monetary Fund, April 2012 20818:Center for Economic and Policy Research 20285: 19945: 19893:"'Hidden' debt raises Spain bond fears" 19812: 19563: 19471: 19216:MacCormaic, Ruadhan (9 December 2011). 19182: 19082: 18819: 18615: 18077: 17348: 17235:Kirchgaessner, Stephanie; Kevin Sieff. 17074:. Social Europe Journal. Archived from 16834: 16672:Austrian Institute of Economic Research 15780:"Saving Asia: It's Time To Get Radical" 15777: 15755: 14301:"The fiscal compact ready to be signed" 13650: 12878: 12779: 12726: 12638: 12015:. European Commission. 17 October 2014. 11882:. Houses of the Oireachtas. 24 May 2011 11250:"Cyprus nears €2.5bn Russian loan deal" 11241: 11169: 11167: 11165: 10761: 9101:. European Commission. 4 November 2014. 8542: 8489:"Where did the Greek bailout money go?" 8462:Stephanie Flanders (16 February 2012). 8258: 7961: 7667:"Seasonally adjusted unemployment rate" 7315:"Papandreou calls off Greek referendum" 6886:"ECB cuts interest rates to record low" 6641:Jay C. Shambaugh, Georgetown University 6045: 5580:Manipulated debt and deficit statistics 5021: 4844:Austrian Institute of Economic Research 4725:, expanding on ideas first proposed by 4596:a net borrower of capital from abroad. 4204:. Both led to disastrous consequences. 4066:Economic reforms and recovery proposals 3965:Federal Constitutional Court of Germany 2280:, Central Intelligence Agency) Legend: 1516:, a tripartite committee formed by the 14: 25384: 24523:European Economic and Social Committee 24332:Court of Justice of the European Union 23856:European Communities (1967–2009) 22374:Venezuelan banking crisis of 2009–2010 22144:South American economic crisis of 2002 22041:Black Wednesday (1992 Sterling crisis) 20601:"Fiscal federalism in times of crisis" 20382: 20104: 19783: 19270: 19055: 18941: 18579: 17998:Barbara Kollmeyer (15 February 2010). 17901: 15786: 15768: 15669: 15641:"Euro Plus Monitor Spring 2013 update" 15583:Gerald Braunberger (4 November 2012). 15430: 14541:Kaletsky, Anatole (11 February 2010). 13753:Jack Ewing; Neil Irwin (5 June 2014). 13656: 13629: 13393: 13289:Robinson, Frances (21 December 2010). 13243: 12932: 12852:Chanjaroen, Chanyaporn (10 May 2010). 12825: 12553:. European Commission. 19 March 2013. 12212:from the original on 25 September 2015 11003: 10737:"Cyprus asks EU for financial bailout" 10703: 10595:. European Commission. 16 October 2012 10089: 9807: 9542: 9463:"Ihr Krisenländer, schaut auf Irland!" 9349:"Brian Lenihan, Jr, Obituary and Info" 9325:McConnell, Daniel (13 February 2011). 9274:"Eurostat (2017 Government debt data)" 8712:"Rising Risks of Greek Euro Area Exit" 8682:"Grexit – What does Grexit mean?" 7990: 7234:"Greek Vote Triggers January Election" 6873: 6665:», New York and Heidelberg: Springer, 6415: 6270:from the original on 27 September 2013 6013: 5547:Some protesters, commentators such as 5137:According to a study by economists at 4815:In 2017 the idea was picked up by the 4793: 4560:Current account imbalances (1998–2014) 4211:National finances of Greece, 2002-2014 4158:argues that an abrupt return to "'non- 3866: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 25160:Stabilisation and Association Process 24857:Area of freedom, security and justice 23732: 23665:European Financial Stability Facility 22856:Euro interbank offered rate (Euribor) 22663: 22425:2013 Chinese banking liquidity crisis 22381:2010–2014 Portuguese financial crisis 21857:Secondary banking crisis of 1973–1975 21175: 20868: 20713: 20485: 20182: 20035:Vits, Christian (23 September 2011). 19867:"Brown accused of 'Enron accounting'" 19027: 18319:. No. 14. Zürich. Archived from 17902:Firzli, M. Nicolas, and Bazi (2011). 16903: 16482:. Associated Press. 14 September 2011 16432:"Barroso to table eurobond blueprint" 16232:. Deutsche Bundesbank. Archived from 16221: 15798:"Merkozy failed to save the eurozone" 14514:Kaletsky, Anatole (6 February 2012). 14273: 14046:"German court backs ESM bailout fund" 13269: 13221:. AFP. 5 January 2011. Archived from 13145: 12905: 12499:from the original on 11 December 2012 12473:from the original on 23 December 2012 12375:from the original on 22 December 2012 12302:. European Commission. November 2013. 12054:from the original on 29 November 2014 12036:. European Commission. 23 April 2014. 11976:from the original on 20 December 2021 11950:from the original on 20 December 2021 11020:"CYPRUS: Two new EMTN issues in 2015" 10535:from the original on 12 January 2022. 10504:"Doubts Emerge in Bloc's Rescue Deal" 10228: 10092:"Repeat with us: Spain is not Greece" 9516: 9369: 9185:. ELSTAT. 13 May 2015. Archived from 9105: 8660:Hubbard, Glenn and Tim Kane. (2013). 7862: 7396: 7368:"ECB man to rule Greece for 15 weeks" 6603: 6238: 6236: 6234: 6232: 6177:10.1146/annurev-polisci-051215-023101 6046:Wearden, Graeme (20 September 2011). 5475:. In September 2011, EU commissioner 5199:Regulatory reliance on credit ratings 4872:Debt write-off financed by wealth tax 4492:) and pollution, i.e. by pursuing an 4472:Another option would be to implement 4358:to be collected from 1 January 2014. 4240:, German economist and member of the 3957:European Financial Stability Facility 3917:Outright Monetary Transactions (OMTs) 3761:On 30 November 2011, the ECB, the US 3603:European Financial Stability Facility 3400: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 25155:European Union Association Agreement 23891:European Community (1993–2009) 23057:Coins by country with minting rights 22455:Russian financial crisis (2014–2016) 22308:2008–2011 Icelandic financial crisis 22301:2008–2009 Ukrainian financial crisis 22266:2000s U.S. housing market correction 22106:1998–2002 Argentine great depression 21201: 21121:2010 European Union bank stress test 20408: 20383:Minder, Raphael (20 November 2011). 20105:Neuger, James G (2 September 2011). 20034: 19125:from the original on 12 January 2022 19002:Demetriades, Panicos (19 May 2011). 18738:"Exchange Rate Regimes and Location" 18642: 18553:Patrick Donahue (23 February 2010). 18308: 18135:Tremlett, Giles (14 February 2010). 18104:Cendrowicz, Leo (26 February 2010). 18078:Roberts, Martin (14 February 2010). 17850: 17471: 17330:from the original on 12 January 2022 17183:"Public Finances in EMU – 2011" 17148: 16559:from the original on 29 January 2017 16456:. Associated Press. 21 November 2011 16434:. Associated Press. 17 November 2011 16131: 16096:Zhorayev, Olzhas (31 January 2020). 15546:Isabel Horta Correia (Winter 2011). 14878: 14631:"EU hits back at IMF over austerity" 14217: 14043: 13723:"ECB imposes negative interest rate" 12753:Silberstein, Daniela (10 May 2010). 12241:from the original on 16 January 2014 11474:. European Commission. 17 May 2013. 11344:. European Commission. 17 April 2013 11322:. European Commission. 20 March 2013 11162: 11119:from the original on 22 January 2011 10195:. Fox Business. Reuters. 25 May 2012 10132:"Strong core, pain on the periphery" 9705: 9001:. European Commission. 18 June 2014. 8632: 8338:Kevin Featherstone (23 March 2012). 8046:"Ein Risiko von 730 Milliarden Euro" 7883: 6567:International Journal of Game Theory 5070:, 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: 24484:European Data Protection Supervisor 23786:Ideas of European unity before 1948 23239:French Southern and Antarctic Lands 22612:2023–2024 Egyptian financial crisis 22447:Puerto Rican government-debt crisis 22440:2014–2016 Brazilian economic crisis 21813:1963–1965 Indonesian hyperinflation 21716:Shanghai rubber stock market crisis 21405:Dutch Republic stock market crashes 21018:Icelandic financial crisis protests 20615:Centre for Economic Policy Research 20241: 20164:"Finnish win Greek collateral deal" 20136:Schneeweiss, Zoe (18 August 2011). 20012:. 23 September 2011. Archived from 19842:"Time to remove the mask from debt" 19813:Newmark, Brooks (21 October 2008). 19755:"UK Finances: A Not-So Hidden Debt" 18446:. The Federal Trust. Archived from 17383:. UK. 28 April 2010. Archived from 17316:Waterfield, Bruno (28 April 2010). 17207:Lowenstein, Roger (27 April 2008). 16842:Capital in the Twenty-First Century 16012:Landon Thomas, Jr. (31 July 2012). 15471:, et Elie Cohen (24 October 2012). 15186:. Europe News.Net. 4 September 2014 14705:Fabian Lindner (18 February 2012). 14598:Pierre Briançon (11 October 2012). 14387:"UK alone as EU agrees fiscal deal" 14100:, European Council 17 December 2010 14044:Peel, Quentin (12 September 2012). 13349:. European Council. 9 December 2011 13035: 12493:"ESM financial assistance to Spain" 12176:from the original on 7 October 2013 11946:. European Commission. 5 May 2014. 11918:. European Commission. 17 May 2013. 11780:. Council of the EU. 17 July 2015. 11565:. European Commission. 29 July 2013 10149:Juan Carlos Hidalgo (31 May 2012). 9646:"Ireland: Before and after bailout" 9543:Reilly, Gavan (14 September 2011). 8370:Heather Stewart (18 January 2015). 8307: 7647:Timothy Garton Ash (8 March 2015). 7578:"Pleitewelle rollt durch Südeuropa" 7366:Leigh Phillips (11 November 2011). 5660: 5653:, in addition to spending cuts and 4984:Ifo Institute for Economic Research 4943:Capital in the Twenty-First Century 4681:Banking union of the European Union 4650:, the economist Graham Bishop, and 3627:In late 2011, Landon Thomas in the 3467:held at a nine-month high. Default 3320: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: 25180:EU Strategy for the South Caucasus 24920:Common Security and Defence Policy 24915:Common Foreign and Security Policy 23468:European Monetary Cooperation Fund 22866:European payments initiative (EPI) 22418:2012–2013 Cypriot financial crisis 22322:2008–2014 Spanish financial crisis 22294:2008–2009 Russian financial crisis 22287:2008–2009 Belgian financial crisis 21982:1988–1992 Norwegian banking crisis 21477:British credit crisis of 1772–1773 21116:United Kingdom bank rescue package 20768:Interactive Map of the Debt Crisis 20635:Annual Review of Political Science 20585: 20216:. 16 February 2012. Archived from 19423:Debtocracy (international version) 19028:Joffe, Josef (12 September 2011). 18976:Auerback, Marshall (25 May 2011). 18704:Feldstein, Martin (January 2012). 17454:. 29 November 2013. Archived from 17349:Wachman, Richard (28 April 2010). 16764:Bank for International Settlements 16709:Bank for International Settlements 15778:Krugman, Paul (7 September 1998). 15693:Pearlstein, Steven (21 May 2010). 14766:(in German). Madrid. 12 July 2017. 14332:Fletcher, Nick (9 December 2011). 13973:"Euro-Zone Banks Cut Back Lending" 13830:. 21 December 2011. Archived from 13585:. 8 September 2011. Archived from 13394:Bhatti, Jabeen (27 October 2011). 12583:from the original on 22 April 2014 12557:from the original on 24 April 2013 12205:. European Commission. July 2013. 12128:from the original on 28 March 2014 12080:from the original on 28 March 2014 11834:from the original on 28 March 2014 10985:. European Commission. 17 May 2013 10762:Tugwell, Paul (30 November 2012). 10712:"Cyprus requests eurozone bailout" 10090:Murado, Miguel-Anxo (1 May 2010). 10029:Charlton, Emma (24 January 2013). 9899:"Moody's downgrades Portugal debt" 9734:"Portugal fechou 2008 em recessão" 9329:. Independent News & Media PLC 8883:"Greece's Buyback Effort Advances" 8293:. 10 December 2012. Archived from 8259:Pratley, Nils (21 February 2012). 7863:Smith, Helena (12 February 2012). 7605:"Dramatic drop in budget revenues" 7524:. 14 February 2012. Archived from 6861:Richard Barley (24 January 2013). 6778:. 6 September 2011. Archived from 6229: 6164:Annual Review of Political Science 5971:List of countries by credit rating 5868:France – May 2012 – The 5840:as low as 7% in some polls in 2012 5518:German Council of Economic Experts 5366:Greek withdrawal from the eurozone 5066:The EU treaties contain so called 4886:Bank for International Settlements 4552:Address current account imbalances 4242:German Council of Economic Experts 4013:In March 2011 a new reform of the 3945:European Stability Mechanism (ESM) 3675:Institute of International Finance 3519: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: 25523: 24949:Economic and Monetary Union (EMU) 24546:European Union Military Committee 24518:European Committee of the Regions 22605:2023 United States banking crisis 22411:2011 Bangladesh share market scam 22099:1998–1999 Ecuador economic crisis 22063:Venezuelan banking crisis of 1994 21989:Japanese asset price bubble crash 21930:Souk Al-Manakh stock market crash 21680:Australian banking crisis of 1893 21484:Dutch Republic financial collapse 20830:Global Financial Stability Report 20745: 20486:Moody, Barry (11 November 2011). 19671:. 22 October 2010. Archived from 19271:Fraher, John (9 September 2011). 19183:Czuczka, Tony (4 February 2011). 19060:. Jim Rogers Blog. Archived from 19056:Rogers, Jim (26 September 2009). 19030:"The Euro Widens the Culture Gap" 18643:Wray, L. Randall (25 June 2011). 18026:Gavin Hewitt (16 February 2010). 17851:Eder, Florian (20 January 2012). 17738:Matussek, Katrin (23 June 2011). 17288:"Ratings agencies admit mistakes" 16195:Journal of European Public Policy 16138:Journal of European Public Policy 16132:Hall, Peter A. (2 January 2018). 15867:"Predicting a Crisis, Repeatedly" 14629:Peter Spiegel (7 November 2012). 14309:. 31 January 2012. Archived from 13527:"Summary of ad hoc communication" 13347:"European Council Press releases" 12639:Thesing, Gabi (22 January 2011). 12340:from the original on 3 March 2016 12273:from the original on 27 June 2014 11860:from the original on 31 July 2020 11784:from the original on 20 July 2015 11666:from the original on 23 July 2015 11509:. European Commission. March 2012 11481:from the original on 16 July 2019 11445:from the original on 3 April 2013 11229:from the original on 21 July 2012 11219:"Russia loans Cyprus 2.5 billion" 10521:Bruno Waterfield (29 June 2012). 9597:O'Donovan, Donal (27 July 2012). 7837:. 8 February 2012. Archived from 7397:Smith, Helena (1 February 2012). 7339:Helena Smith (10 November 2011). 7192:. 2 November 2011. Archived from 7040:"Eurostat (Government debt data)" 6709:Valentina Pop (9 November 2011). 5870:2012 French presidential election 5171: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 24925:Permanent Structured Cooperation 24541:Political and Security Committee 24428:European Atomic Energy Community 23711: 23699: 23687: 22861:Single euro payments area (SEPA) 22764:European System of Central Banks 21462:Amsterdam banking crisis of 1763 21137:List of countries by public debt 20786:Budget deficit from 2007 to 2015 20686:Journal of Common Market Studies 20553: 20457: 20435: 20339: 20313: 20235: 20199: 20156: 20129: 20059: 20028: 20004:"Germany's enormous hidden debt" 19996: 19970: 19939: 19911: 19885: 19859: 19833: 19806: 19777: 19747: 19719: 19687: 19657: 19629: 19603: 19446: 19414: 19388: 19264: 19209: 19146: 19137: 19104: 19076: 19049: 19021: 18995: 18969: 18916: 18885: 18866: 18836: 18813: 18797: 18743: 18730: 18697: 18609: 18546: 18520: 18491: 18473:"Current account balance (US$ )" 18465: 18432: 18406: 18386:Larry Elliot (28 January 2009). 18379: 18349: 18302: 18276: 18241: 18183: 18155: 18128: 18097: 18071: 18045: 18019: 17991: 17971:Larry Elliot (28 January 2010). 17964: 17938: 17895: 17870: 17844: 17818: 17788: 17731: 17709:"EU erklärt USA den Ratingkrieg" 17701: 17685:. 1 January 2011. Archived from 17671: 17645: 17632: 17606: 17554: 17532: 17510: 17484: 17444: 17413: 17399: 17369: 17342: 17280: 17254: 17228: 17200: 17175: 17142: 17116: 17097:Nouriel Roubini (7 March 2012). 17090: 17063: 17032: 17006:"Greek aid will go to the banks" 16998: 16982:. 6 January 2015. Archived from 16972: 16950: 16924: 16904:Göbel, Heike (17 January 2011). 16897: 16868: 16846:(1st ed.). Cambridge, USA: 16828: 16777: 16722: 16627: 16599: 16571: 16529:"ESBies: Safety in the Tranches" 16520: 16494: 16468: 16446: 16391: 16365: 16186: 16172: 16125: 16089: 16063: 16031: 15987: 15969: 15949: 15899: 15873: 15858: 15836: 15815: 15749: 15727: 15705: 15686: 15663: 15576: 15457: 15383: 15355: 15324: 15302: 15277: 15251: 15198: 15128:. 9 October 2012. Archived from 15114: 15102: 15003: 14986: 14958: 14930: 14872: 14796: 14770: 14750: 14698: 14681: 14664:"A manifesto for economic sense" 14648: 14622: 14591: 14565: 14534: 14507: 14413: 14401: 14385:Chris Morris (9 December 2011). 14378: 14352: 14293: 14267: 14184: 14165: 14141: 14115: 14103: 14091: 14009: 13964: 13942: 13915: 13887: 13860: 13816: 13802: 13774: 13676: 13623: 13601: 13571: 13545: 13519: 13491: 13469: 13452: 13435: 13413: 13387: 13308: 13282: 13263: 13244:Bartha, Emese (5 January 2011). 13237: 13211: 13195:. 6 January 2011. Archived from 13181: 13029: 13002: 12975: 12926: 12899: 12872: 12845: 12826:Kitano, Masayuki (21 May 2010). 12819: 12800: 12746: 12727:Maatouk, Michele (10 May 2010). 12694: 12671: 12659: 12632: 12621: 12595: 12569: 12531:from the original on 3 July 2017 12459: 12447:. The Telegraph. 3 December 2012 12437: 12415: 12323: 12306: 12285: 12253: 12224: 12188: 12040: 12019: 12002: 11988: 11962: 11936: 11894: 11872: 11796: 11742: 11706: 11628: 11611: 11597: 11535: 11457: 11425: 11413:. Eurozone Portal. 16 March 2013 11403: 11356: 11334: 11287: 11211: 11189: 11175:"Financial assistance to Greece" 11073: 11056: 11038: 11012: 10997: 10923: 10897: 10885:. London. Reuters. 16 March 2013 10871: 10839: 10813: 10782: 10755: 10729: 10681: 10659: 10633: 10582: 10563: 10514: 10495: 10455: 10415: 10383: 10340: 10301: 10268: 10249: 10229:Sills, Ben (30 September 2012). 10185: 10166:"Spain Pours Billions into Bank" 10157: 10124: 10102: 10083: 10037: 10022: 9996: 9974: 9917: 9891: 9880: 9854: 9828: 9801: 9775: 9748: 9726: 9699: 9685: 9664: 9638: 9590: 9570:"Euro Plus Monitor 2011 (p. 55)" 9562: 9536: 9482: 9435: 9415: 9390: 9341: 9318: 9154: 9040: 9026: 8966: 8874: 8664:. Simon & Schuster. P. 204. 8397:"Greek aid will go to the banks" 8099:Willem Sels (27 February 2012). 7991:Taylor, Paul (22 January 2012). 7936:Nouriel Roubini (28 June 2010). 7761:"Youth unemployment, 2012Q4 (%)" 7430:. Sueddeutsche. 13 February 2012 7008:"Eurostat (budget deficit data)" 5993: 5905: 5891: 5835:Greek legislative election, 2012 5007: 4292:has been gradually to implement 4168:"A Manifesto for Economic Sense" 3878:Long Term Refinancing Operations 3596:Brussels agreement and aftermath 3416:(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: 25327:National parties by affiliation 25170:Euronest Parliamentary Assembly 25150:Economic Partnership Agreements 23841:Western Union (1948–1954) 22689: 22187:2007 Chinese stock bubble crash 21513:Danish state bankruptcy of 1813 20811:, 1 November 2011 7:28 pm. 20140:. Bloomberg.com. Archived from 19784:Butler, Eamonn (13 June 2010). 19761:. 12 April 2011. Archived from 19484:American Bankruptcy Law Journal 19336:"Sympathy for the Radical Left" 19275:. Bloomberg L.P. Archived from 19153:Steven Erlanger (20 May 2012). 18942:Bowers, Simon (2 August 2011). 18873:Charles Forelle (19 May 2012). 18616:Wearden, Graeme (19 May 2010). 18527:Alex Stevenson (2 March 2010). 18248:Samuel Jaberg (16 April 2011). 17420:Emma Thomasson (27 July 2012). 17070:Ronald Jansse (28 March 2012). 15906:Mathew O'Brien (7 March 2013). 14274:Baker, Luke (9 December 2011). 14218:Pidd, Helen (2 December 2011). 13634:. Bloomberg L.P. Archived from 13270:Jolly, David (5 January 2011). 13246:"A Mixed Day for European Debt" 13040:. Bloomberg.com. Archived from 13013:. Bloomberg L.P. Archived from 13009:McDonald, Sarah (10 May 2010). 12986:. Bloomberg L.P. Archived from 12937:. Bloomberg L.P. Archived from 12910:. Bloomberg L.P. Archived from 12883:. Bloomberg L.P. Archived from 12856:. Bloomberg L.P. Archived from 12757:. Bloomberg L.P. Archived from 12678:Hamish Risk (25 January 2011). 12643:. Bloomberg L.P. Archived from 12609:from the original on 8 May 2014 11433:"Eurogroup Statement on Cyprus" 11411:"Eurogroup Statement on Cyprus" 11386:"Eurogroup Statement on Cyprus" 11150:. Ec.europa.eu. 31 January 2013 10948:"Eurogroup Statement on Cyprus" 10766:. Bloomberg L.P. Archived from 10465:. Diario de Avisos. 9 June 2012 10275:Mamta Badkar (26 August 2011). 10233:. Bloomberg.com. Archived from 10151:"Looking at Austerity in Spain" 10070:The Wall Street Journal Germany 9706:Melo, Eduardo (13 March 2003). 8717:. Willem Buiter. Archived from 8700: 8674: 8582: 8561: 8536: 8507: 8481: 8389: 8301: 8279: 8141: 8115: 8038: 8012: 7805: 7779: 7753: 7640: 7622: 7226: 7178: 7152: 7126: 7068:. Bloomberg L.P. Archived from 7057: 6854: 6814: 6802:"The Euro's PIG-Headed Masters" 6794: 6762: 6676: 6655: 6585: 6554: 6510: 6501: 6409: 6363: 6249:Press Release, 6 September 2012 5651:Finland's early 1990s recession 5297:Centro Nacional de Inteligencia 5187:, deputy leader of the leading 4326:, i.e. lowering their relative 4150:Less austerity, more investment 3838: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 25332:Presidents of the institutions 25128:European Higher Education Area 24706:International status and usage 24500:Agencies of the European Union 24233:European political foundations 22568:Chinese property sector crisis 22476:2015–2016 stock market selloff 22404:August 2011 stock markets fall 22315:2008–2011 Irish banking crisis 22012:1990s Swedish financial crisis 21761:Weimar Republic hyperinflation 21024:May Day protests across Europe 20836:OECD Economic Outlook-May 2012 20445:. Rtvslo.si. 20 September 2011 20079:. 21 June 2012. Archived from 19946:Goodman, Wes (30 March 2011). 19703:. 26 June 2005. Archived from 19252:. EUobserver. 9 September 2011 19083:Mattich, Alen (10 June 2011). 18820:Kashyap, Anil (10 June 2011). 18529:"Soros and the bullion bubble" 18365:Congressional Research Service 18258:Swiss Broadcasting Corporation 17715:. 23 June 2011. Archived from 17016:. 9 March 2012. Archived from 15756:Krugman, Paul (2 March 2009). 15523:Federal Reserve Bank of Boston 15473:"Pour une dévaluation fiscale" 15312:. Die Presse. 19 November 2012 14734:Brad Plumer (12 October 2012) 13657:Lesova, Polya (5 March 2010). 12982:Nazareth, Rita (10 May 2010). 12906:Moses, Abigail (10 May 2010). 12879:Jenkins, Keith (10 May 2010). 10847:"Cyprus MoU 29 Nov to EWG.doc" 10214:Jonathan Weil (14 June 2012). 9808:Cambon, Diane (27 June 2008). 9695:. Business ETC. 13 March 2013. 9036:. Newsbomb.gr. 6 October 2014. 8804:. Ekathimerini. 5 October 2012 8403:. 9 March 2012. Archived from 7962:Kollewe, Julia (13 May 2012). 7734:. 1 March 2012. Archived from 7459:. 9 March 2012. Archived from 7457:Hellenic Statistical Authority 7190:The Observer at Boston College 6337: 6282: 6252: 6039: 5536: 5458:Breakup vs. deeper integration 5454:in the current configuration. 5317: 5237:European Supervisory Authority 5213:Capital Requirements Directive 5072:Treaties of the European Union 4247:and Sony Kapoor of the global 4200:'s attempt in 1930 during the 3981:intergovernmental organisation 3447:Reception by financial markets 3324: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: 25412:Economy of the European Union 25123:European Common Aviation Area 24578:Charter of Fundamental Rights 24551:European Union Military Staff 24451:European University Institute 24240:Council of the European Union 22841:Economy of the European Union 22641:List of sovereign debt crises 22583:2022 Russian financial crisis 22280:2008 Latvian financial crisis 22273:U.S. bear market of 2007–2009 22151:Stock market downturn of 2002 22092:1998 Russian financial crisis 21945:1983 Israel bank stock crisis 21111:Société Générale trading loss 21030:French pension reform strikes 20665:10.1080/01442872.2014.1000846 19334:Ross Douthat (16 June 2012). 18498:Sean O'Grady (2 March 2010). 16323:. 6 June 2012. Archived from 16281:Floyd Norris (15 June 2012). 16255:Ralph Atkins (14 June 2012). 16150:10.1080/13501763.2017.1310278 15997:. Euro-nomics. Archived from 15647:. Spring 2013. Archived from 15431:Keynes, John Maynard (1998). 15239:Neil Buckley (28 June 2012). 15058:"Current account balance (%)" 14488:Gavyn Davies (29 June 2012). 13952:. Euromoney. 29 February 2012 13630:Lanman, Scott (10 May 2010). 13318:. Movisol.org. Archived from 11300:. Eurogroup. 13 December 2012 11199:. RiaNovosti. 26 January 2012 11080:FactsMaps (4 February 2018). 11004:Nelson, Eshe (18 June 2014). 10710:James Wilson (25 June 2012). 10502:Matina Stevis (6 July 2012). 10399:. 12 May 2010. Archived from 9931:The Christian Science Monitor 9517:Hayes, Cathy (21 July 2011). 8208:. Sueddeutsche. 17 April 2012 7160:"Fourth raft of new measures" 6307:10.1080/13563467.2017.1370445 6102:Comparative Political Studies 6006: 5946:Federal Reserve Economic Data 5931:Stock market crashes in India 5782:early elections in March 2012 5762:December 2011 early elections 4950:(inefficient and unjust) and 4657: 4486:social security contributions 4425:financial crisis in 2008–2011 4411:. Indian-American journalist 4160:Keynesian' financial policies 3611:European Commission president 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 25118:European Political Community 24964:European Banking Supervision 24456:European Stability Mechanism 22971:2 € commemorative coins 22805:European Stability Mechanism 22343:Greek government-debt crisis 22180:2004 Argentine energy crisis 22137:2001 Turkish economic crisis 22026:1990s Armenian energy crisis 22019:1990s Finnish banking crisis 21880:1976 British currency crisis 21850:1973–1974 stock market crash 17039:Robert Reich (10 May 2011). 16615:(in German). 27 January 2017 16207:10.1080/13501763.2014.988638 15670:Grabel, Ilene (1 May 1998). 14460:"EURO AREA SUMMIT STATEMENT" 13423:. Bbc.co.uk. 1 November 2011 12933:Kearns, Jeff (10 May 2010). 12780:Traynor, Ian (10 May 2010). 11438:. Eurogroup. 25 March 2013. 10112:. Epp.eurostat.ec.europa.euz 9924:Andres Cala (7 April 2011). 8074:"Q&A: Greek debt crisis" 6863:"Euro-Zone Bonds Find Favor" 6344:Chiara Casi (January 2019). 5735:José Luis Rodríguez Zapatero 5721:early elections in June 2011 5626:European Stability Mechanism 5467:and former French president 5293:José Luis Rodríguez Zapatero 5261:World Pensions Council (WPC) 5205:World Pensions Council (WPC) 5159:ANA – Aeroportos de Portugal 4838:European Stability Mechanism 4767: 4739:European Banking Supervision 4687:Proposed long-term solutions 4356:EU financial transaction tax 4251:Re-Define suggest providing 4185:Portugal's leftist coalition 4044:EU financial transaction tax 3951:European Stability Mechanism 3555:budget of the European Union 3521:European Stability Mechanism 3299:European Banking Supervision 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: 25427:2010s in the European Union 25422:2000s in the European Union 25190:Union for the Mediterranean 24969:Single Resolution Mechanism 24908:Vehicle registration plates 24862:Migration and asylum policy 24841:Potential superpower status 23478:European Monetary Institute 22499:2017 Sri Lankan fuel crisis 22165:2003 Myanmar banking crisis 22158:2002 Uruguay banking crisis 22078:1997 Asian financial crisis 22005:1991 Indian economic crisis 21997:Rhode Island banking crisis 21967:Cameroonian economic crisis 21753:Early Soviet hyperinflation 21366:Crisis of the Third Century 20789:Economist Intelligence Unit 20409:Ross, Emma (29 July 2011). 17916:(Q4): 19–22. Archived from 17713:Financial Times Deutschland 17472:Luke, Baker (6 July 2011). 16958:"Die grüne Vermögensabgabe" 16508:. Spiegel. 24 November 2011 16071:"Start the Engines, Angela" 14879:Wolf, Martin (1 May 2012). 14863:"Europe can't cut and grow" 13990:Jack Ewing (16 June 2012). 11932:. Latvian Finance Ministry. 11531:. Marketall. 16 March 2012. 10256:La Rioja (24 August 2011). 9926:"Portugal requests bailout" 9351:. The Journal. 10 June 2011 8633:Ross, Alice (14 May 2012). 7207:Judy Dempsey (5 May 2010). 6458:10.13140/RG.2.2.23914.24001 5926:1991 Indian economic crisis 5884: 5739:early elections in November 5679:International Monetary Fund 5330:of worsening the crisis by 5167:Redes Energéticas Nacionais 5110:The international US-based 4804:A group of economists from 4743:Single Resolution Mechanism 4480:in 1931. According to this 4348:International Monetary Fund 4255:in additional funds to the 3939:Memorandum of Understanding 3422: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: 25528: 25507:2013 in the European Union 25502:2012 in the European Union 25497:2011 in the European Union 25492:2010 in the European Union 25487:2009 in the European Union 25133:EU/ESA Framework Agreement 24831:Differentiated integration 24397:European Court of Auditors 24228:European political parties 23332:Other extant EU currencies 23178:Monetary agreement with EU 22530:Sri Lankan economic crisis 22388:Energy crisis in Venezuela 22367:2009 Dubai debt standstill 22217:2007–2008 financial crisis 21872:Latin American debt crisis 21635:Paris Bourse crash of 1882 20752:The EU Crisis Pocket Guide 18923:Anne Jolis (19 May 2012). 18892:Lee Harris (17 May 2012). 15844:"Fatal Fiscal Attractions" 15441:Cambridge University Press 15164:. translated by Paul Cohen 12266:. World Bank. April 2014. 11391:. Eurogroup. 12 April 2013 10953:. Eurogroup. 25 March 2013 10691:. Datos macro. 18 May 2018 8464:"Greece: Costing the exit" 6579:10.1007/s00182-020-00722-4 6388:10.1007/s11558-020-09388-9 5764:were set, following which 5540: 5414:British discount retailer 5363: 5011: 4835: 4797: 4771: 4736: 4709: 4690: 4619:balance of payments crisis 4400: 4069: 3998: 3948: 3869: 3742:It reactivated the dollar 3701: 3541: 3397: 2186: 2103: 1960: 1850: 1846: 1378: 1143: 1035:balance-of-payments crisis 658: 201:2007–2008 financial crisis 137:Long-term interest rates ( 25417:Great Recession in Europe 25407:Economic crises in Europe 25402:2010s in economic history 25350: 25302: 25250:House of European History 25238: 25229: 25084: 24872:European Judicial Network 24849: 24763: 24754: 24742:Health expense per person 24671: 24662: 24563: 24531: 24508: 24492: 24469: 24416: 24389:Supreme audit institution 24387: 24352: 24322: 24265: 24176: 24167: 24158: 24083: 24074: 24032: 23974: 23939: 23916: 23899: 23881: 23863: 23854: 23831: 23824: 23776: 23767: 23682: 23657: 23526: 23506: 23413: 23404: 23364: 23340: 23329: 23305:Countries and territories 23302: 23252: 23234:Saint Pierre and Miquelon 23213: 23176: 23063: 23056: 23004: 22976:Other commemorative coins 22921: 22914: 22881: 22828: 22800:Stability and Growth Pact 22792: 22746: 22698: 22621: 22598:2022 stock market decline 22590:Pakistani economic crisis 22576:2021–2023 inflation surge 22522:Lebanese liquidity crisis 22491:Venezuelan hyperinflation 22483:Brexit stock market crash 22432:Venezuela economic crisis 22354: 22204: 22194:Zimbabwean hyperinflation 21904: 21822: 21793: 21777:Wall Street Crash of 1929 21740: 21617:2nd Industrial Revolution 21615: 21551: 21451:1st Industrial Revolution 21449: 21376: 21354: 21209: 21155: 21129: 21061: 21010: 20974: 20967: 20906: 20782:topic page updated daily. 18706:"The Failure of the Euro" 18681:"Maastricht and All That" 18650:New Economic Perspectives 18028:"Conspiracy and the euro" 17496:Moody's Investors Service 16283:"Federalism by Exception" 15259:"Wir sitzen in der Falle" 14606:. Toronto. Archived from 14255:. London. 2 December 2011 12605:. ESM. 31 December 2013. 12579:. ESM. 31 December 2013. 11998:. EurActiv. 13 June 2014. 10667:"Spain Unemployment Rate" 10614:FT writers (9 May 2013). 10350:. EUObserver. 12 May 2010 9984:. Eurostat. December 2016 8947:FT Writers (9 May 2013). 7787:"Unemployment statistics" 6448:Zhorayev, Olzhas (2020). 5956:Great Recession in Europe 5693:, the resignation of the 5092:Stability and Growth Pact 5076:government budget deficit 4421:depreciating the currency 4336:Stability and Growth Pact 4314:balanced budget amendment 4302:Stability and Growth Pact 4015:Stability and Growth Pact 3921: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: 25477:2013 in economic history 25467:2012 in economic history 25457:2011 in economic history 25447:2010 in economic history 25397:2009 in economic history 24441:European Investment Fund 24436:European Investment Bank 23658:Former fiscal provisions 23428:European Monetary System 23218:using euro per agreement 22259:Subprime mortgage crisis 21922:Brazilian hyperinflation 21894:Brazilian hyperinflation 21731:Financial crisis of 1914 21439:Mississippi bubble crash 18859:8 September 2011 at the 18804:"I'll buy the Acropolis" 17909:Revue Analyse Financière 17640:Revue Analyse Financière 15824:"Starker Mann, was nun?" 15612:"Euro Plus Monitor 2011" 15210:"CNN Fareed Zakaria GPS" 14912:"Euro Plus Monitor 2012" 14549:. London. Archived from 12729:"European Markets Surge" 12495:. ESM. 5 February 2013. 11619:"FAQ document on Greece" 11548:. EFSF. 22 January 2013. 10911:. Reuters. 18 March 2013 9442:EU unveils Irish bailout 8429:Whittaker, John (2011). 7896:. Springer. p. 99. 6518:"Budget 2009 in figures" 6114:10.1177/0010414016633227 5986: 5829:against, Papandreou and 5267: 5219:, e.g. when gauging the 5203:Think-tanks such as the 4907:is more than 85% of GDP. 4842:On 20 October 2011, the 4630:German finance minister 4397:Increase competitiveness 4352:European Investment Bank 4266:EU savings tax directive 4257:European Investment Bank 4190:University of St. Gallen 4038:, who demanded that the 3638:balance sheet recessions 3512: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 25145:European Peace Facility 24372:System of Central Banks 23307:using euro unilaterally 22820:European Fiscal Compact 22634:List of economic crises 22552:2020 stock market crash 22545:Financial market impact 22514:Turkish economic crisis 22129:9/11 stock market crash 22085:October 1997 mini-crash 22056:1994 bond market crisis 22048:Yugoslav hyperinflation 21959:Savings and loan crisis 21560:European potato failure 20756:Transnational Institute 19924:The Wall Street Journal 19846:The Wall Street Journal 19815:"Britain's hidden debt" 19090:The Wall Street Journal 18929:The Wall Street Journal 18718:(January/February 2012) 18376:(see CRS-43 on page 47) 18250:"Dollar faces collapse" 16822:Boston Consulting Group 14804:"Investment (% of GDP)" 13977:The Wall Street Journal 13295:The Wall Street Journal 13250:The Wall Street Journal 12733:The Wall Street Journal 11112:. EFSF. 3 August 2012. 10171:The Wall Street Journal 9370:Lewis, Michael (2011). 6842:. ECB. 13 November 2012 5647:asset-backed securities 5494:Austro-Hungarian Empire 5436:The Wall Street Journal 5426:The Wall Street Journal 4924:Boston Consulting Group 4712:European Fiscal Compact 4322:structural reforms and 4288:, the focus across all 4286:Global Financial Crisis 4196:'s attempt in 1925 and 4130:National Bank of Greece 4001:European Fiscal Compact 3995: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 25255:2012 Nobel Peace Prize 25101:European Economic Area 24959:European banking union 24836:Privileged partnership 24691:Government procurement 23534:European Currency Unit 23220:without minting rights 22716:European banking union 22627:List of banking crises 22396:Syrian economic crisis 22329:Blue Monday Crash 2009 21938:Chilean crisis of 1982 21769:Shōwa financial crisis 21575:Highland Potato Famine 21431:South Sea bubble crash 21222:Commodity price shocks 21106:Irish emergency budget 21042:March for a Better Way 20606:CEPR Discussion Papers 20242:STT (27 August 2012). 19551:Cite journal requires 19430:. 2011. Archived from 19190:Bloomberg BusinessWeek 18848:4 October 2011 at the 18686:London Review of Books 16401:. SSRN. 15 July 2013. 16113:Cite journal requires 15032:"European Wage Update" 14974:. London. 22 July 2012 14177:12 August 2011 at the 13583:Bloomberg Businessweek 12708:. UK. 29 November 2011 12403:. ESM. 7 December 2012 12172:. IMF. 20 March 2013. 11738:. ESM. 19 August 2015. 10396:Bloomberg BusinessWeek 10371:Cite journal requires 8543:Henning, C.R. (2017). 8310:"Hellenic Observatory" 7317:. UPI. 3 November 2011 7085:Cite journal requires 6473:Cite journal requires 5921:2000s commodities boom 5670: 5607:Collateral for Finland 5372:Modern Monetary Theory 5112:credit rating agencies 5107: 5098:Credit rating agencies 4997: 4881: 4848:European Monetary Fund 4832:European Monetary Fund 4808:suggest a new form of 4642:Mobilisation of credit 4576: 4561: 4536: 4505:unemployment insurance 4440: 4371: 4284:In the turmoil of the 4212: 4010: 3739:the ECB can sterilise. 3725:open market operations 3699: 3647: 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: 25200:Free trade agreements 25042:Health Insurance Card 24976:Capital Markets Union 24826:Democratic legitimacy 24796:Optimum currency area 24617:Legislative procedure 24362:European Central Bank 23705:European Union portal 23254:Potential adoption by 23244:Akrotiri and Dhekelia 22991:Europa coin programme 22754:European Central Bank 22711:Capital Markets Union 21952:Black Saturday (1983) 21806:Kennedy Slide of 1962 21378:Commercial revolution 21074:European social model 18645:"Can Greece survive?" 18418:European Central Bank 17920:on 17 September 2011. 17642:, 10 Nov 2011/Q1 2012 17045:Social Europe Journal 16878:Tschüss, Kapitalmarkt 16550:10.1093/epolic/eix004 15995:"European Safe Bonds" 15758:"Revenge of the Glut" 14741:11 March 2016 at the 14112:, European Parliament 13441:Thomas, Landon, Jr., 13099:"The Spanish patient" 11659:. IMF. 10 June 2014. 11052:on 28 September 2015. 9118:. ECB. 4 October 2012 8231:"Eurogroup statement" 7196:on 12 September 2012. 6416:Nugent, Neil (2017). 6295:New Political Economy 6289:last1: Perez (2017). 6247:European Central Bank 5936:Corporate debt bubble 5899:European Union portal 5668: 5423:the longevity now". 5389:optimum currency area 5364:Further information: 5324:financial speculators 5286:Greek Prime Minister 5217:European Central Bank 5120:Standard & Poor's 5105: 5090:members there is the 5044:European Central Bank 4879: 4817:European Central Bank 4706:European fiscal union 4574: 4559: 4534: 4494:ecological tax reform 4438: 4369: 4210: 4164:deflationary policies 4008: 3710:European Central Bank 3697: 3690:European Central Bank 3642: 3580:Standard & Poor's 3532:Standard & Poor's 3410: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: 25442:Stock market crashes 25312:Books on the subject 25175:EU Gateway Programme 25138:EU/ESA Space Council 25096:Neighbourhood Policy 25054:Regional development 25020:Environmental policy 25010:Educational policies 24937:Neighbourhood Policy 24781:Intergovernmentalism 24771:European integration 24686:Community preference 24637:Enhanced cooperation 24622:Citizens' Initiative 24461:Unified Patent Court 24312:Directorates-General 24103:Environmental issues 23527:Preceding currencies 23493:European debt crisis 22883:International status 22506:Ghana banking crisis 22336:European debt crisis 22121:Dot-com bubble crash 22033:Cuban Special Period 21492:Copper Panic of 1789 21397:The Great Debasement 21389:Great Bullion Famine 21161:European debt crisis 21084:Irish banking crisis 20777:European Debt Crisis 20047:on 24 September 2011 19665:"The Euro PIIGS out" 19520:10.2139/ssrn.1738539 19434:on 13 September 2012 17458:on 29 November 2013. 16824:. 23 September 2011. 16407:10.2139/ssrn.2294100 15737:. Federalreserve.gov 15208:(10 November 2011). 15017:. 29 September 2010. 11702:. ESM. 17 July 2015. 11688:. IMF. 14 July 2015. 11638:. IMF. 18 July 2015. 11624:. ESM. 13 July 2015. 11607:. ESM. 30 June 2015. 10237:on 30 September 2012 9431:. 30 September 2010. 9081:on 14 November 2014. 7582:Sueddeutsche Zeitung 5758:motion of confidence 5700:and the rise of the 5253:Bertelsmann Stiftung 5163:Energias de Portugal 5139:St Gallen University 5068:convergence criteria 5062:Convergence criteria 5022:EU treaty violations 4806:Princeton University 4445:internal devaluation 4431:Internal devaluation 4324:internal devaluation 4091:Banks recapitalised 3852:ECB's bond purchases 3530:On 13 January 2012, 3508:or an equivalent of 3441: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. ( 25337:Terrorist incidents 25165:Eastern Partnership 25106:EEA Joint Committee 25025:European Green Deal 24995:Agricultural policy 24801:Supranational union 24292:European Commission 24250:General Secretariat 24186:European Parliament 24141:Special territories 23941:Financial stability 23508:Previous EU members 23422:Snake in the tunnel 22873:Euro Currency Index 22462:2015 Nepal blockade 22172:2000s energy crisis 22070:Mexican peso crisis 21975:Black Monday (1987) 21835:1970s energy crisis 21795:Post–WWII expansion 21469:Bengal bubble crash 21264:Financial contagion 21079:Icelandic outvasion 20764:(October 2011 data) 20223:on 19 February 2012 20083:on 20 November 2012 18879:Wall Street Journal 18323:on 13 December 2018 18229:on 22 February 2010 18222:The Daily Telegraph 18197:on 21 February 2010 18116:on 28 February 2010 17689:on 4 September 2012 17683:Europa (web portal) 17657:Europa (web portal) 17381:The Daily Telegraph 17324:The Daily Telegraph 17020:on 9 September 2012 16968:on 22 January 2011. 16738:The Financial Times 16377:European Commission 16261:The Financial Times 15887:on 26 February 2013 15796:(6 December 2011). 15713:"CIA Factbook-Data" 15699:The Washington Post 15651:on 27 November 2018 15597:on 7 November 2012. 15564:on 15 November 2012 15514:(18 October 2012). 15396:The Huffington Post 14746:The Washington Post 14365:The Washington Post 14306:European Commission 13225:on 24 February 2013 13036:Stearns, Jonathan. 11972:. IMF. 2 May 2014. 11225:. 10 October 2011. 10689:"Spain Public Debt" 10576:Wall Street Journal 10508:Wall Street Journal 10334:Wall Street Journal 9887:Bond credit ratings 9869:13 May 2013 at the 9843:13 May 2013 at the 9468:Süddeutsche Zeitung 9210:. 29 December 2014. 9168:. 16 November 2014. 9022:. IMF. 9 June 2014. 8905:European Commission 8887:Wall Street Journal 8594:Wall Street Journal 8576:Wall Street Journal 8569:"Office Memorandum" 8443:on 25 November 2011 8407:on 9 September 2012 8297:on 30 January 2016. 8103:. Investment Europe 7531:on 16 February 2012 7493:European Commission 7240:on 30 December 2014 7186:"Revisiting Greece" 7072:on 2 February 2014. 6867:Wall Street Journal 5798:, of the long-time 5728:April 2011 election 5597:creative accounting 5482:Jean-Claude Trichet 5452:inflation targeting 5444:quantitative easing 5354:naked short selling 5312:government deficits 5274:conspiracy theories 5189:Christian Democrats 5144:Standard & Poor 4821:European Commission 4810:European Safe Bonds 4794:European Safe Bonds 4727:Jean-Claude Trichet 4723:Deutsche Bundesbank 4721:, President of the 4648:Markus Brunnermeier 4590:balance of payments 4478:John Maynard Keynes 4451:. German economist 4271:Tax Justice Network 3989:financial contagion 3977:European Commission 3848:Jean-Claude Trichet 3844:Deutsche Bundesbank 3834:In September 2011, 3824:quantitative easing 3783:Swiss National Bank 3665:in western Europe. 3614:José Manuel Barroso 3551:European Commission 3487:Usage of EFSF funds 3418: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 25512:Barroso Commission 25185:Northern Dimension 24932:Enlargement Policy 24874:(criminal matters) 24786:Multi-speed Europe 24479:European Ombudsman 24135:(first-level NUTS) 24118:Larger urban zones 23717:Numismatics portal 23539:Austrian schilling 23216:Non-EU territories 22891:Proposed eurobonds 21724:Panic of 1910–1911 21568:Great Irish Famine 21506:Panic of 1796–1797 21345:Stock market crash 20771:Economist Magazine 20699:10.1111/jcms.12249 20541:. 14 February 2012 20519:. 12 February 2012 20389:The New York Times 19927:. 26 November 2012 19873:. 28 November 2002 19645:. 19 February 2010 19617:. 22 February 2010 19340:The New York Times 19230:on 9 December 2011 19197:on 8 February 2011 19159:The New York Times 19064:on 12 October 2009 19035:The New York Times 18904:on 3 November 2012 18679:(8 October 1992). 18420:. 19 February 2010 18059:. 15 February 2010 17432:on 30 January 2016 17214:The New York Times 16986:on 17 October 2018 16287:The New York Times 16018:The New York Times 15762:The New York Times 15645:The Lisbon Council 15618:. 15 November 2011 15616:The Lisbon Council 15340:. 24 February 2013 15265:. 18 February 2012 15132:on 30 January 2016 14918:. 29 November 2012 14916:The Lisbon Council 14885:The New York Times 14869:, 6 February 2012. 14857:Kapoor, Sony, and 14610:on 3 February 2013 14604:The Globe and Mail 14579:on 5 November 2012 14520:The New York Times 14439:The New York Times 14313:on 22 October 2012 13996:The New York Times 13901:The New York Times 13760:The New York Times 13725:. BBC. 5 June 2014 13692:. 23 November 2010 13559:. 28 November 2011 13533:. 13 February 2012 13479:. ECB. 10 May 2010 13447:The New York Times 13276:The New York Times 13076:on 22 January 2011 12963:. BBC. 10 May 2010 12647:on 24 January 2011 10859:on 24 January 2013 10770:on 4 December 2012 10556:The New York Times 10138:. 5 November 2013. 9875:Diário de Notícias 9849:Diário de Notícias 9652:. 14 December 2013 9626:. Ireland News.Net 9578:. 15 November 2011 8240:. 21 February 2012 8155:. 29 February 2012 8026:. 12 December 2011 8024:The New York Times 7998:The New York Times 7844:on 9 February 2012 7814:The New York Times 7495:. 23 February 2012 7268:The New York Times 7213:The New York Times 7113:The New York Times 6979:Competition master 6782:on 18 October 2011 6422:Palgrave Macmillan 6214:The New York Times 5784:, following which 5756:government lost a 5671: 5637:call new elections 5510:fiscal integration 5442:low and engage in 5356:for a few months. 5108: 5084:protocol 12 and 13 5027:No bail-out clause 4882: 4577: 4562: 4537: 4474:fiscal devaluation 4468:Fiscal devaluation 4441: 4372: 4319:structural deficit 4213: 4058:. John Rentoul of 4031:have ratified it. 4011: 3880:(LTROs) it loaned 3858:, while Belgium's 3700: 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: 25379: 25378: 25298: 25297: 25285:Telephone numbers 25225: 25224: 25000:Cultural policies 24750: 24749: 24737:Unemployment rate 24559: 24558: 24419:international-law 24412: 24411: 24402:Secretary-General 24154: 24153: 24113:Geographic centre 24070: 24069: 23970: 23969: 23912: 23911: 23726: 23725: 23678: 23677: 23624:Portuguese escudo 23400: 23399: 23209: 23208: 23052: 23051: 22981:Identifying marks 22836:Economy of Europe 22793:Fiscal provisions 22657: 22656: 22538:COVID-19 pandemic 21423:Tulip mania crash 21414:Kipper und Wipper 21391:(c. 1400–c. 1500) 21169: 21168: 21057: 21056: 20857:, Paul Blustein, 20826:NPR, October 2011 20773:, 9 February 2011 20681:Nedergaard, Peter 20642:Nedergaard, Peter 20353:Helsingin Sanomat 19675:on 20 August 2011 19591:Missing or empty 19464:978-960-14-2409-5 19376:. 13 October 2011 19279:on 7 October 2011 18854:Marshall Auerback 18290:. 4 December 2011 18171:. 9 February 2010 17952:. 6 February 2010 17294:. 28 January 2009 17149:Verhelst, Stijn. 16938:on 11 August 2011 16587:. 25 October 2011 16353:. 19 October 2012 16057:National Archives 15555:Banco de Portugal 15467:, Gilbert Cette, 15450:978-0-521-30766-6 15038:. 22 October 2011 13375:. 27 October 2011 13133:. 2 December 2011 12666:Europeanvoice.com 10647:. 22 January 2014 10307:Giles, Tremlett, 10153:. Cato Institute. 10010:. 30 January 2012 9962:on 5 October 2012 9603:Irish Independent 9448:, 2 December 2010 9383:978-0-393-08181-7 9054:. 6 October 2014. 9052:Irish Independent 8907:. 7 November 2012 8834:on 7 January 2013 8670:978-1-4767-0025-0 8554:978-0-19-252196-5 8080:. 9 February 2012 7921:The Vienna Review 7584:. 7 February 2012 7295:. 2 November 2011 6892:. 7 November 2013 6807:Project Syndicate 6671:978-3-642-41343-8 6620:. 22 January 2009 6597:www.forexblog.org 6431:978-1-137-45409-6 5878:François Hollande 5822:George Papandreou 5803:Silvio Berlusconi 5586:Maastricht Treaty 5308:external deficits 5033:Maastricht Treaty 4999:Wirtschaftswunder 4884:According to the 4865:percentage points 4632:Wolfgang Schäuble 4572: 4509:François Hollande 4449:unit labour costs 4194:Winston Churchill 4147: 4146: 4108:Allied Irish Bank 3391: 3390: 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 25519: 25359: 25236: 25235: 25113:Energy Community 25032:Fisheries policy 24791:Neofunctionalism 24761: 24760: 24669: 24668: 24611:Official Journal 24598:Citizens' Rights 24337:Court of Justice 24275:European Council 24223:Political groups 24174: 24173: 24165: 24164: 24136: 24081: 24080: 23861: 23860: 23829: 23828: 23774: 23773: 23753: 23746: 23739: 23730: 23729: 23715: 23703: 23691: 23629:Sammarinese lira 23619:Monégasque franc 23609:Luxembourg franc 23604:Lithuanian litas 23473:Delors Committee 23462: 23456: 23451: 23445: 23440: 23434: 23411: 23410: 23377:Hungarian forint 23344: 23338: 23337: 23229:Saint Barthélemy 23061: 23060: 22919: 22918: 22896:Reserve currency 22684: 22677: 22670: 22661: 22660: 22650: 22643: 22636: 22629: 22614: 22607: 22600: 22593: 22585: 22578: 22571: 22561: 22554: 22547: 22540: 22533: 22525: 22517: 22509: 22501: 22494: 22486: 22478: 22471: 22464: 22457: 22450: 22442: 22435: 22427: 22420: 22413: 22406: 22399: 22391: 22383: 22376: 22369: 22345: 22338: 22331: 22324: 22317: 22310: 22303: 22296: 22289: 22282: 22275: 22268: 22261: 22254: 22247: 22240: 22233: 22226: 22219: 22197: 22189: 22182: 22175: 22167: 22160: 22153: 22146: 22139: 22132: 22124: 22116: 22108: 22101: 22094: 22087: 22080: 22073: 22065: 22058: 22051: 22043: 22036: 22028: 22021: 22014: 22007: 22000: 21992: 21984: 21977: 21970: 21962: 21954: 21947: 21940: 21933: 21925: 21911:Great Regression 21906:Great Moderation 21897: 21889: 21882: 21875: 21867: 21859: 21852: 21845: 21838: 21815: 21808: 21786: 21779: 21772: 21764: 21756: 21733: 21726: 21719: 21711: 21704: 21697: 21690: 21682: 21675: 21668: 21660: 21652: 21644: 21637: 21630: 21608: 21600: 21593: 21586: 21577: 21570: 21563: 21544: 21537: 21530: 21523: 21515: 21508: 21501: 21494: 21487: 21479: 21472: 21464: 21442: 21434: 21426: 21418: 21408: 21400: 21392: 21369: 21347: 21340: 21333: 21324: 21317: 21310: 21303: 21296: 21294:Liquidity crisis 21289: 21282: 21273: 21271:Social contagion 21266: 21259: 21252: 21245: 21238: 21231: 21224: 21217: 21203:Financial crises 21196: 21189: 21182: 21173: 21172: 21130:Related articles 21089:Anglo Irish Bank 20972: 20971: 20889: 20882: 20875: 20866: 20865: 20736: 20710: 20693:(5): 1094–1109. 20676: 20650: 20626: 20579: 20578: 20576: 20574: 20557: 20551: 20550: 20548: 20546: 20535: 20529: 20528: 20526: 20524: 20509: 20503: 20502: 20500: 20498: 20483: 20477: 20476: 20474: 20472: 20461: 20455: 20454: 20452: 20450: 20439: 20433: 20432: 20430: 20428: 20419:. Archived from 20406: 20400: 20399: 20397: 20395: 20380: 20374: 20373: 20371: 20369: 20364:on 16 April 2011 20360:. Archived from 20343: 20337: 20336: 20334: 20332: 20327:on 27 April 2011 20317: 20311: 20310: 20308: 20306: 20289: 20283: 20282: 20280: 20278: 20262: 20256: 20255: 20253: 20251: 20239: 20233: 20232: 20230: 20228: 20222: 20211: 20203: 20197: 20186: 20180: 20179: 20177: 20175: 20170:. 4 October 2011 20160: 20154: 20153: 20151: 20149: 20133: 20127: 20126: 20124: 20122: 20113:. Archived from 20102: 20093: 20092: 20090: 20088: 20063: 20057: 20056: 20054: 20052: 20043:. Archived from 20032: 20026: 20025: 20023: 20021: 20000: 19994: 19993: 19991: 19989: 19974: 19968: 19967: 19965: 19963: 19954:. Archived from 19943: 19937: 19936: 19934: 19932: 19915: 19909: 19908: 19906: 19904: 19889: 19883: 19882: 19880: 19878: 19863: 19857: 19856: 19854: 19852: 19837: 19831: 19830: 19828: 19826: 19810: 19804: 19803: 19801: 19799: 19791:The Sunday Times 19781: 19775: 19774: 19772: 19770: 19765:on 15 April 2011 19751: 19745: 19744: 19742: 19740: 19735:. September 2005 19723: 19717: 19716: 19714: 19712: 19691: 19685: 19684: 19682: 19680: 19661: 19655: 19654: 19652: 19650: 19633: 19627: 19626: 19624: 19622: 19607: 19601: 19600: 19594: 19589: 19587: 19579: 19567: 19561: 19560: 19554: 19549: 19547: 19539: 19507: 19501: 19500: 19478: 19469: 19468: 19450: 19444: 19443: 19441: 19439: 19418: 19412: 19411: 19409: 19407: 19392: 19386: 19385: 19383: 19381: 19364: 19355: 19354: 19348: 19346: 19331: 19322: 19321: 19319: 19317: 19302: 19289: 19288: 19286: 19284: 19268: 19262: 19261: 19259: 19257: 19246: 19240: 19239: 19237: 19235: 19226:. Archived from 19213: 19207: 19206: 19204: 19202: 19193:. Archived from 19180: 19174: 19173: 19167: 19165: 19150: 19144: 19141: 19135: 19134: 19132: 19130: 19116: 19108: 19102: 19101: 19099: 19097: 19080: 19074: 19073: 19071: 19069: 19053: 19047: 19046: 19044: 19042: 19025: 19019: 19018: 19016: 19014: 18999: 18993: 18992: 18990: 18988: 18973: 18967: 18966: 18964: 18962: 18939: 18933: 18932: 18920: 18914: 18913: 18911: 18909: 18900:. Archived from 18889: 18883: 18882: 18870: 18864: 18840: 18834: 18833: 18831: 18829: 18817: 18811: 18801: 18795: 18794: 18792: 18790: 18785:on 25 April 2012 18775: 18769: 18768: 18766: 18764: 18747: 18741: 18736:Ricci, Luca A., 18734: 18728: 18727: 18725: 18723: 18701: 18695: 18694: 18673: 18667: 18666: 18664: 18662: 18653:. Archived from 18640: 18634: 18633: 18631: 18629: 18613: 18607: 18606: 18604: 18602: 18586: 18577: 18576: 18574: 18572: 18563:. Archived from 18550: 18544: 18543: 18541: 18539: 18524: 18518: 18517: 18515: 18513: 18495: 18489: 18488: 18486: 18484: 18479:. 9 October 2012 18469: 18463: 18462: 18460: 18458: 18452: 18445: 18436: 18430: 18429: 18427: 18425: 18410: 18404: 18403: 18401: 18399: 18383: 18377: 18375: 18373: 18371: 18362: 18353: 18347: 18346: 18340: 18332: 18330: 18328: 18316:Current Concerns 18306: 18300: 18299: 18297: 18295: 18280: 18274: 18273: 18271: 18269: 18264:on 23 April 2014 18260:. Archived from 18254:Current Concerns 18245: 18239: 18238: 18236: 18234: 18213: 18207: 18206: 18204: 18202: 18187: 18181: 18180: 18178: 18176: 18159: 18153: 18152: 18150: 18148: 18132: 18126: 18125: 18123: 18121: 18112:. Archived from 18101: 18095: 18094: 18092: 18090: 18075: 18069: 18068: 18066: 18064: 18049: 18043: 18042: 18040: 18038: 18023: 18017: 18016: 18014: 18012: 17995: 17989: 17988: 17986: 17984: 17968: 17962: 17961: 17959: 17957: 17942: 17936: 17935: 17929: 17921: 17899: 17893: 17892: 17890: 17888: 17874: 17868: 17867: 17865: 17863: 17848: 17842: 17841: 17839: 17837: 17822: 17816: 17815: 17813: 17811: 17806:on 27 April 2009 17802:. Archived from 17792: 17786: 17785: 17783: 17781: 17766: 17760: 17759: 17757: 17755: 17746:. Archived from 17735: 17729: 17728: 17726: 17724: 17705: 17699: 17698: 17696: 17694: 17675: 17669: 17668: 17666: 17664: 17659:. 1 January 2011 17649: 17643: 17636: 17630: 17629: 17627: 17625: 17610: 17604: 17603: 17601: 17599: 17583: 17574: 17573: 17571: 17569: 17558: 17552: 17551: 17549: 17547: 17536: 17530: 17529: 17527: 17525: 17514: 17508: 17507: 17505: 17503: 17488: 17482: 17481: 17469: 17460: 17459: 17448: 17442: 17441: 17439: 17437: 17428:. Archived from 17417: 17411: 17410: 17403: 17397: 17396: 17394: 17392: 17387:on 29 April 2010 17373: 17367: 17366: 17364: 17362: 17346: 17340: 17339: 17337: 17335: 17321: 17313: 17304: 17303: 17301: 17299: 17284: 17278: 17277: 17275: 17273: 17264:. Archived from 17258: 17252: 17251: 17249: 17247: 17232: 17226: 17225: 17223: 17221: 17204: 17198: 17197: 17195: 17193: 17187: 17179: 17173: 17172: 17170: 17168: 17163:on 25 April 2012 17162: 17155: 17146: 17140: 17139: 17137: 17135: 17130:. 6 October 2011 17120: 17114: 17113: 17111: 17109: 17094: 17088: 17087: 17085: 17083: 17067: 17061: 17060: 17058: 17056: 17051:on 13 April 2013 17047:. Archived from 17036: 17030: 17029: 17027: 17025: 17002: 16996: 16995: 16993: 16991: 16976: 16970: 16969: 16964:. Archived from 16954: 16948: 16947: 16945: 16943: 16928: 16922: 16921: 16919: 16917: 16901: 16895: 16894: 16892: 16890: 16872: 16866: 16865: 16845: 16832: 16826: 16825: 16819: 16811: 16802: 16801: 16799: 16797: 16792:on 18 April 2013 16781: 16775: 16774: 16772: 16770: 16755: 16749: 16748: 16746: 16744: 16732:(24 June 2012). 16726: 16720: 16719: 16717: 16715: 16706: 16697: 16691: 16690: 16688: 16686: 16681:on 26 April 2012 16680: 16674:. Archived from 16669: 16660: 16651: 16650: 16648: 16646: 16631: 16625: 16624: 16622: 16620: 16603: 16597: 16596: 16594: 16592: 16575: 16569: 16568: 16566: 16564: 16558: 16533: 16524: 16518: 16517: 16515: 16513: 16498: 16492: 16491: 16489: 16487: 16472: 16466: 16465: 16463: 16461: 16450: 16444: 16443: 16441: 16439: 16428: 16419: 16418: 16395: 16389: 16388: 16386: 16384: 16369: 16363: 16362: 16360: 16358: 16343: 16337: 16336: 16334: 16332: 16311: 16302: 16301: 16295: 16293: 16278: 16272: 16271: 16269: 16267: 16252: 16246: 16245: 16243: 16241: 16225: 16219: 16218: 16190: 16184: 16183: 16176: 16170: 16169: 16129: 16123: 16122: 16116: 16111: 16109: 16101: 16093: 16087: 16086: 16084: 16082: 16067: 16061: 16060: 16054: 16052: 16035: 16029: 16028: 16026: 16024: 16009: 16003: 16002: 15991: 15985: 15984: 15983:. 21 March 2014. 15973: 15967: 15966: 15953: 15947: 15946: 15944: 15942: 15931: 15925: 15924: 15922: 15920: 15903: 15897: 15896: 15894: 15892: 15877: 15871: 15870: 15862: 15856: 15855: 15853: 15851: 15840: 15834: 15833: 15819: 15813: 15812: 15810: 15808: 15790: 15784: 15783: 15775: 15766: 15765: 15753: 15747: 15746: 15744: 15742: 15731: 15725: 15724: 15722: 15720: 15709: 15703: 15702: 15690: 15684: 15683: 15681: 15679: 15667: 15661: 15660: 15658: 15656: 15637: 15628: 15627: 15625: 15623: 15608: 15599: 15598: 15593:. Archived from 15580: 15574: 15573: 15571: 15569: 15563: 15557:. Archived from 15552: 15543: 15534: 15533: 15531: 15529: 15520: 15506:Emmanuel Farhi; 15503: 15497: 15496: 15490: 15482: 15461: 15455: 15454: 15428: 15422: 15415: 15409: 15408: 15406: 15404: 15399:. 8 January 2015 15387: 15381: 15380: 15378: 15376: 15359: 15353: 15352: 15347: 15345: 15328: 15322: 15321: 15319: 15317: 15306: 15300: 15299: 15297: 15295: 15281: 15275: 15274: 15272: 15270: 15255: 15249: 15248: 15236: 15230: 15229: 15227: 15225: 15216:. Archived from 15202: 15196: 15195: 15193: 15191: 15180: 15174: 15173: 15171: 15169: 15153: 15142: 15141: 15139: 15137: 15118: 15112: 15106: 15100: 15099: 15097: 15095: 15090:. 9 October 2012 15080: 15074: 15073: 15071: 15069: 15064:. 9 October 2012 15054: 15048: 15047: 15045: 15043: 15028: 15019: 15018: 15007: 15001: 14992:Vendola, Nichi, 14990: 14984: 14983: 14981: 14979: 14962: 14956: 14955: 14953: 14951: 14934: 14928: 14927: 14925: 14923: 14908: 14897: 14896: 14894: 14892: 14876: 14870: 14855: 14842: 14841: 14839: 14837: 14826: 14820: 14819: 14817: 14815: 14810:. 9 October 2012 14800: 14794: 14793: 14791: 14789: 14780:. Archived from 14774: 14768: 14767: 14754: 14748: 14732: 14723: 14722: 14720: 14718: 14702: 14696: 14685: 14679: 14678: 14676: 14674: 14662:(27 June 2012). 14652: 14646: 14645: 14643: 14641: 14626: 14620: 14619: 14617: 14615: 14595: 14589: 14588: 14586: 14584: 14575:. Archived from 14569: 14563: 14562: 14560: 14558: 14538: 14532: 14531: 14529: 14527: 14516:"The Greek Vise" 14511: 14505: 14504: 14502: 14500: 14485: 14479: 14478: 14472: 14470: 14464: 14456: 14450: 14449: 14447: 14445: 14430: 14424: 14423:11 December 2011 14417: 14411: 14405: 14399: 14398: 14396: 14394: 14382: 14376: 14375: 14373: 14371: 14356: 14350: 14349: 14347: 14345: 14329: 14323: 14322: 14320: 14318: 14297: 14291: 14290: 14288: 14286: 14271: 14265: 14264: 14262: 14260: 14245: 14236: 14235: 14233: 14231: 14215: 14206: 14205: 14203: 14201: 14196: 14188: 14182: 14169: 14163: 14162: 14160: 14158: 14153: 14145: 14139: 14138: 14136: 14134: 14119: 14113: 14107: 14101: 14095: 14089: 14088: 14086: 14084: 14069: 14063: 14062: 14060: 14058: 14041: 14035: 14034: 14032: 14030: 14013: 14007: 14006: 14004: 14002: 13987: 13981: 13980: 13968: 13962: 13961: 13959: 13957: 13946: 13940: 13939: 13937: 13935: 13919: 13913: 13912: 13910: 13908: 13891: 13885: 13884: 13882: 13880: 13864: 13858: 13857: 13856:. February 2012. 13850: 13844: 13843: 13841: 13839: 13820: 13814: 13813: 13812:. December 2011. 13806: 13800: 13799: 13797: 13795: 13790:. 3 January 2012 13778: 13772: 13771: 13769: 13767: 13750: 13735: 13734: 13732: 13730: 13719: 13702: 13701: 13699: 13697: 13680: 13674: 13673: 13671: 13669: 13654: 13648: 13647: 13645: 13643: 13627: 13621: 13620: 13618: 13616: 13605: 13599: 13598: 13596: 13594: 13575: 13569: 13568: 13566: 13564: 13549: 13543: 13542: 13540: 13538: 13523: 13517: 13516: 13514: 13512: 13507:. 3 January 2012 13495: 13489: 13488: 13486: 13484: 13473: 13467: 13456: 13450: 13439: 13433: 13432: 13430: 13428: 13417: 13411: 13410: 13408: 13406: 13391: 13385: 13384: 13382: 13380: 13365: 13359: 13358: 13356: 13354: 13343: 13332: 13331: 13329: 13327: 13322:on 22 March 2019 13312: 13306: 13305: 13303: 13301: 13286: 13280: 13279: 13267: 13261: 13260: 13258: 13256: 13241: 13235: 13234: 13232: 13230: 13215: 13209: 13208: 13206: 13204: 13199:on 25 March 2012 13185: 13179: 13178: 13169: 13163: 13152: 13143: 13142: 13140: 13138: 13121: 13115: 13114: 13112: 13110: 13095: 13086: 13085: 13083: 13081: 13075: 13068: 13060: 13054: 13053: 13051: 13049: 13033: 13027: 13026: 13024: 13022: 13006: 13000: 12999: 12997: 12995: 12979: 12973: 12972: 12970: 12968: 12957: 12951: 12950: 12948: 12946: 12930: 12924: 12923: 12921: 12919: 12903: 12897: 12896: 12894: 12892: 12876: 12870: 12869: 12867: 12865: 12849: 12843: 12842: 12840: 12838: 12823: 12817: 12816: 12804: 12798: 12797: 12795: 12793: 12777: 12771: 12770: 12768: 12766: 12750: 12744: 12743: 12741: 12739: 12724: 12718: 12717: 12715: 12713: 12698: 12692: 12691: 12689: 12687: 12675: 12669: 12663: 12657: 12656: 12654: 12652: 12636: 12630: 12625: 12619: 12618: 12616: 12614: 12599: 12593: 12592: 12590: 12588: 12573: 12567: 12566: 12564: 12562: 12547: 12541: 12540: 12538: 12536: 12530: 12523: 12515: 12509: 12508: 12506: 12504: 12489: 12483: 12482: 12480: 12478: 12463: 12457: 12456: 12454: 12452: 12441: 12435: 12434: 12432: 12430: 12419: 12413: 12412: 12410: 12408: 12402: 12394: 12385: 12384: 12382: 12380: 12374: 12367: 12359: 12350: 12349: 12347: 12345: 12335: 12327: 12321: 12320: 12318: 12310: 12304: 12303: 12297: 12289: 12283: 12282: 12280: 12278: 12272: 12265: 12257: 12251: 12250: 12248: 12246: 12236: 12228: 12222: 12221: 12219: 12217: 12211: 12200: 12192: 12186: 12185: 12183: 12181: 12166: 12160: 12159: 12157: 12155: 12144: 12138: 12137: 12135: 12133: 12118: 12112: 12111: 12109: 12107: 12096: 12090: 12089: 12087: 12085: 12070: 12064: 12063: 12061: 12059: 12044: 12038: 12037: 12031: 12023: 12017: 12016: 12014: 12006: 12000: 11999: 11992: 11986: 11985: 11983: 11981: 11966: 11960: 11959: 11957: 11955: 11940: 11934: 11933: 11926: 11920: 11919: 11912: 11906: 11905: 11898: 11892: 11891: 11889: 11887: 11876: 11870: 11869: 11867: 11865: 11850: 11844: 11843: 11841: 11839: 11824: 11818: 11817: 11815: 11813: 11808: 11800: 11794: 11793: 11791: 11789: 11774: 11768: 11767: 11760: 11754: 11753: 11746: 11740: 11739: 11737: 11729: 11718: 11717: 11710: 11704: 11703: 11696: 11690: 11689: 11682: 11676: 11675: 11673: 11671: 11665: 11654: 11646: 11640: 11639: 11632: 11626: 11625: 11623: 11615: 11609: 11608: 11601: 11595: 11594: 11592: 11584: 11575: 11574: 11572: 11570: 11564: 11556: 11550: 11549: 11547: 11539: 11533: 11532: 11525: 11519: 11518: 11516: 11514: 11508: 11500: 11491: 11490: 11488: 11486: 11480: 11469: 11461: 11455: 11454: 11452: 11450: 11444: 11437: 11429: 11423: 11422: 11420: 11418: 11407: 11401: 11400: 11398: 11396: 11390: 11382: 11376: 11375: 11373: 11371: 11360: 11354: 11353: 11351: 11349: 11338: 11332: 11331: 11329: 11327: 11316: 11310: 11309: 11307: 11305: 11299: 11291: 11285: 11284: 11282: 11274: 11265: 11264: 11262: 11260: 11245: 11239: 11238: 11236: 11234: 11215: 11209: 11208: 11206: 11204: 11193: 11187: 11186: 11185:on 4 March 2016. 11181:. Archived from 11171: 11160: 11159: 11157: 11155: 11144: 11129: 11128: 11126: 11124: 11118: 11111: 11103: 11086: 11085: 11077: 11071: 11070: 11068: 11060: 11054: 11053: 11042: 11036: 11035: 11033: 11031: 11026:on 24 April 2017 11016: 11010: 11009: 11001: 10995: 10994: 10992: 10990: 10980: 10972: 10963: 10962: 10960: 10958: 10952: 10944: 10935: 10934: 10933:. 19 March 2013. 10927: 10921: 10920: 10918: 10916: 10901: 10895: 10894: 10892: 10890: 10875: 10869: 10868: 10866: 10864: 10858: 10852:. Archived from 10851: 10843: 10837: 10836: 10834: 10832: 10817: 10811: 10810: 10808: 10806: 10797:. Archived from 10786: 10780: 10779: 10777: 10775: 10759: 10753: 10752: 10750: 10748: 10733: 10727: 10726: 10724: 10722: 10707: 10701: 10700: 10698: 10696: 10685: 10679: 10678: 10676: 10674: 10663: 10657: 10656: 10654: 10652: 10637: 10631: 10630: 10628: 10626: 10611: 10605: 10604: 10602: 10600: 10594: 10586: 10580: 10579: 10567: 10561: 10560: 10546: 10537: 10536: 10526: 10518: 10512: 10511: 10499: 10493: 10492: 10481: 10475: 10474: 10472: 10470: 10459: 10453: 10452: 10440: 10434: 10433: 10431: 10429: 10419: 10413: 10412: 10410: 10408: 10387: 10381: 10380: 10374: 10369: 10367: 10359: 10357: 10355: 10344: 10338: 10337: 10325: 10316: 10315:, 26 August 2011 10305: 10299: 10298: 10296: 10294: 10285:. Archived from 10282:Business Insider 10272: 10266: 10265: 10253: 10247: 10246: 10244: 10242: 10226: 10220: 10219: 10211: 10205: 10204: 10202: 10200: 10189: 10183: 10182: 10180: 10178: 10161: 10155: 10154: 10146: 10140: 10139: 10128: 10122: 10121: 10119: 10117: 10106: 10100: 10099: 10087: 10081: 10080: 10078: 10076: 10062: 10053: 10052: 10041: 10035: 10034: 10026: 10020: 10019: 10017: 10015: 10000: 9994: 9993: 9991: 9989: 9978: 9972: 9971: 9969: 9967: 9952: 9943: 9942: 9940: 9938: 9921: 9915: 9914: 9912: 9910: 9895: 9889: 9884: 9878: 9862: 9858: 9852: 9836: 9832: 9826: 9825: 9823: 9821: 9805: 9799: 9798: 9796: 9794: 9783:"Stability pays" 9779: 9773: 9772: 9770: 9768: 9752: 9746: 9745: 9743: 9741: 9730: 9724: 9723: 9721: 9719: 9703: 9697: 9696: 9689: 9683: 9682: 9680: 9678: 9668: 9662: 9661: 9659: 9657: 9642: 9636: 9635: 9633: 9631: 9620: 9614: 9613: 9611: 9609: 9594: 9588: 9587: 9585: 9583: 9575:Treaty of Lisbon 9566: 9560: 9559: 9557: 9555: 9540: 9534: 9533: 9531: 9529: 9514: 9508: 9507: 9505: 9503: 9486: 9480: 9479: 9477: 9475: 9458: 9449: 9439: 9433: 9432: 9419: 9413: 9412: 9410: 9408: 9394: 9388: 9387: 9367: 9361: 9360: 9358: 9356: 9345: 9339: 9338: 9336: 9334: 9322: 9316: 9315: 9313: 9311: 9306:. 20 August 2018 9296: 9290: 9289: 9287: 9285: 9270: 9264: 9263: 9261: 9259: 9244: 9238: 9237: 9235: 9233: 9218: 9212: 9211: 9200: 9194: 9193: 9191: 9184: 9176: 9170: 9169: 9158: 9152: 9151: 9149: 9141: 9128: 9127: 9125: 9123: 9112: 9103: 9102: 9100: 9092: 9083: 9082: 9080: 9073: 9065: 9056: 9055: 9044: 9038: 9037: 9030: 9024: 9023: 9017: 9009: 9003: 9002: 8996: 8988: 8982: 8981: 8970: 8964: 8963: 8961: 8959: 8944: 8917: 8916: 8914: 8912: 8897: 8891: 8890: 8878: 8872: 8871: 8869: 8867: 8862:. 3 October 2012 8850: 8844: 8843: 8841: 8839: 8820: 8814: 8813: 8811: 8809: 8798: 8792: 8791: 8789: 8787: 8782:. 14 August 2012 8772: 8766: 8765: 8763: 8761: 8755: 8748: 8740: 8734: 8733: 8731: 8729: 8723: 8716: 8704: 8698: 8697: 8695: 8693: 8678: 8672: 8658: 8652: 8651: 8649: 8647: 8630: 8624: 8623: 8621: 8619: 8604: 8598: 8597: 8586: 8580: 8579: 8573: 8565: 8559: 8558: 8540: 8534: 8533: 8531: 8529: 8520: 8511: 8505: 8504: 8502: 8500: 8485: 8479: 8478: 8476: 8474: 8459: 8453: 8452: 8450: 8448: 8442: 8435: 8426: 8417: 8416: 8414: 8412: 8393: 8387: 8386: 8384: 8382: 8367: 8356: 8355: 8353: 8351: 8335: 8326: 8325: 8323: 8321: 8312:. Archived from 8305: 8299: 8298: 8283: 8277: 8276: 8274: 8272: 8256: 8250: 8249: 8247: 8245: 8235: 8227: 8218: 8217: 8215: 8213: 8202: 8196: 8195: 8193: 8191: 8174: 8165: 8164: 8162: 8160: 8145: 8139: 8138: 8136: 8134: 8119: 8113: 8112: 8110: 8108: 8096: 8090: 8089: 8087: 8085: 8070: 8064: 8063: 8061: 8059: 8042: 8036: 8035: 8033: 8031: 8016: 8010: 8009: 8007: 8005: 7988: 7982: 7981: 7979: 7977: 7959: 7953: 7952: 7950: 7948: 7933: 7924: 7917: 7908: 7907: 7887: 7881: 7880: 7878: 7876: 7860: 7854: 7853: 7851: 7849: 7843: 7832: 7824: 7818: 7817: 7809: 7803: 7802: 7800: 7798: 7783: 7777: 7776: 7774: 7772: 7757: 7751: 7750: 7748: 7746: 7740: 7729: 7721: 7715: 7714: 7712: 7710: 7705:. 1 October 2013 7695: 7689: 7688: 7686: 7684: 7679:. 1 October 2013 7663: 7657: 7656: 7644: 7638: 7637: 7626: 7620: 7619: 7617: 7615: 7600: 7594: 7593: 7591: 7589: 7574: 7568: 7567: 7565: 7563: 7547: 7541: 7540: 7538: 7536: 7530: 7519: 7511: 7505: 7504: 7502: 7500: 7490: 7482: 7476: 7475: 7473: 7471: 7465: 7454: 7446: 7440: 7439: 7437: 7435: 7424: 7415: 7414: 7412: 7410: 7394: 7383: 7382: 7380: 7378: 7363: 7357: 7356: 7354: 7352: 7336: 7327: 7326: 7324: 7322: 7311: 7305: 7304: 7302: 7300: 7285: 7279: 7278: 7276: 7274: 7259: 7250: 7249: 7247: 7245: 7230: 7224: 7223: 7221: 7219: 7204: 7198: 7197: 7182: 7176: 7175: 7173: 7171: 7156: 7150: 7149: 7147: 7145: 7130: 7124: 7123: 7121: 7119: 7104: 7095: 7094: 7088: 7083: 7081: 7073: 7061: 7055: 7054: 7052: 7050: 7036: 7023: 7022: 7020: 7018: 7004: 6995: 6994: 6992: 6990: 6981:. Archived from 6971: 6962: 6961: 6959: 6957: 6946: 6931: 6930: 6928: 6926: 6911: 6902: 6901: 6899: 6897: 6882: 6871: 6870: 6858: 6852: 6851: 6849: 6847: 6836: 6830: 6829: 6818: 6812: 6811: 6798: 6792: 6791: 6789: 6787: 6766: 6760: 6759: 6757: 6755: 6737: 6728: 6727: 6725: 6723: 6706: 6700: 6699: 6697: 6695: 6680: 6674: 6659: 6653: 6652: 6636: 6630: 6629: 6627: 6625: 6610: 6601: 6600: 6589: 6583: 6582: 6558: 6552: 6551: 6540: 6534: 6533: 6531: 6529: 6514: 6508: 6505: 6499: 6492: 6483: 6482: 6476: 6471: 6469: 6461: 6445: 6436: 6435: 6420:(8th ed.). 6413: 6407: 6406: 6404: 6402: 6367: 6361: 6360: 6358: 6356: 6341: 6335: 6334: 6328: 6320: 6318: 6286: 6280: 6279: 6277: 6275: 6256: 6250: 6240: 6227: 6226: 6224: 6222: 6204: 6198: 6197: 6179: 6155: 6134: 6133: 6093: 6064: 6063: 6061: 6059: 6043: 6037: 6036: 6034: 6032: 6017: 6000: 5997: 5915: 5913:Economics portal 5910: 5909: 5901: 5896: 5895: 5894: 5863:Kunduz coalition 5750:June referendums 5661:Political impact 5618: 5385:Martin Feldstein 5231:Counter measures 5132:Icelandic crisis 5048:Article 123 TFEU 5037:Article 125 TFEU 5002: 4988:London agreement 4573: 4522: 4517:purchasing power 4514: 4458:Purchasing power 4453:Hans-Werner Sinn 4328:production costs 4290:EU member states 4262: 4254: 4238:deficit spending 4198:Heinrich Brüning 4112:Anglo Irish Bank 4085: 4084: 4024:European Council 3899: 3894: 3887: 3883: 3738: 3730: 3645:the last resort. 3608: 3588: 3565: 3518: 3511: 3507: 3503: 3498: 3494: 3481: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: 25527: 25526: 25522: 25521: 25520: 25518: 25517: 25516: 25437:Government debt 25392:Eurozone crisis 25382: 25381: 25380: 25375: 25362: 25355: 25346: 25294: 25275:Public holidays 25221: 25195:Global Strategy 25087: 25080: 25049:Labour mobility 24942:Global Strategy 24903:Driving licence 24845: 24821:Pro-Europeanism 24746: 24658: 24583:Competition law 24555: 24533: 24527: 24510: 24504: 24488: 24471: 24465: 24420: 24418: 24408: 24383: 24348: 24318: 24302:Vice-Presidents 24261: 24196:Vice-Presidents 24150: 24134: 24128:Protected areas 24098:External border 24066: 24028: 23966: 23935: 23908: 23895: 23877: 23850: 23820: 23811:1993–2004 23806:1973–1993 23801:1958–1972 23796:1948–1957 23763: 23757: 23727: 23722: 23674: 23653: 23639:Slovenian tolar 23522: 23511: 23509: 23502: 23488:Black Wednesday 23458: 23454: 23447: 23443: 23436: 23432: 23396: 23360: 23342: 23334: 23325: 23309: 23306: 23298: 23257: 23256:other countries 23255: 23248: 23222: 23219: 23217: 23205: 23172: 23048: 23000: 22910: 22877: 22851:Euro calculator 22824: 22788: 22742: 22694: 22688: 22658: 22653: 22646: 22639: 22632: 22625: 22617: 22610: 22603: 22596: 22588: 22581: 22574: 22566: 22557: 22550: 22543: 22536: 22528: 22520: 22512: 22504: 22497: 22489: 22481: 22474: 22467: 22460: 22453: 22445: 22438: 22430: 22423: 22416: 22409: 22402: 22394: 22386: 22379: 22372: 22365: 22358: 22356:Information Age 22350: 22341: 22334: 22327: 22320: 22313: 22306: 22299: 22292: 22285: 22278: 22271: 22264: 22257: 22250: 22243: 22236: 22229: 22222: 22215: 22208: 22206:Great Recession 22200: 22192: 22185: 22178: 22170: 22163: 22156: 22149: 22142: 22135: 22127: 22119: 22111: 22104: 22097: 22090: 22083: 22076: 22068: 22061: 22054: 22046: 22039: 22031: 22024: 22017: 22010: 22003: 21995: 21987: 21980: 21973: 21965: 21957: 21950: 21943: 21936: 21928: 21920: 21913: 21909: 21900: 21892: 21887:1979 oil crisis 21885: 21878: 21870: 21862: 21855: 21848: 21843:1973 oil crisis 21841: 21833: 21826: 21824:Great Inflation 21818: 21811: 21804: 21797: 21789: 21782: 21775: 21767: 21759: 21751: 21744: 21742:Interwar period 21736: 21729: 21722: 21714: 21707: 21700: 21693: 21685: 21678: 21671: 21663: 21655: 21647: 21640: 21633: 21626: 21619: 21611: 21603: 21596: 21589: 21582: 21573: 21566: 21558: 21547: 21540: 21533: 21526: 21518: 21511: 21504: 21497: 21490: 21482: 21475: 21467: 21460: 21453: 21445: 21437: 21429: 21421: 21411: 21403: 21395: 21387: 21380: 21372: 21364: 21350: 21343: 21336: 21329: 21320: 21313: 21306: 21299: 21292: 21285: 21278: 21269: 21262: 21255: 21248: 21243:Currency crisis 21241: 21234: 21227: 21220: 21213: 21205: 21200: 21170: 21165: 21151: 21142:Occupy movement 21125: 21099:Nationalisation 21053: 21006: 20963: 20902: 20896:Great Recession 20893: 20820:, February 2012 20809:Financial Times 20748: 20733: 20648: 20588: 20586:Further reading 20583: 20582: 20572: 20570: 20569:. 21 April 2012 20566:NRC Handelsblad 20559: 20558: 20554: 20544: 20542: 20537: 20536: 20532: 20522: 20520: 20511: 20510: 20506: 20496: 20494: 20484: 20480: 20470: 20468: 20463: 20462: 20458: 20448: 20446: 20441: 20440: 20436: 20426: 20424: 20423:on 7 April 2011 20407: 20403: 20393: 20391: 20381: 20377: 20367: 20365: 20344: 20340: 20330: 20328: 20319: 20318: 20314: 20304: 20302: 20290: 20286: 20276: 20274: 20273:. 23 March 2011 20265: 20263: 20259: 20249: 20247: 20240: 20236: 20226: 20224: 20220: 20209: 20205: 20204: 20200: 20187: 20183: 20173: 20171: 20162: 20161: 20157: 20147: 20145: 20144:on 9 April 2012 20134: 20130: 20120: 20118: 20103: 20096: 20086: 20084: 20065: 20064: 20060: 20050: 20048: 20033: 20029: 20019: 20017: 20016:on 7 April 2012 20002: 20001: 19997: 19987: 19985: 19984:. 28 April 2011 19976: 19975: 19971: 19961: 19959: 19958:on 4 April 2011 19944: 19940: 19930: 19928: 19917: 19916: 19912: 19902: 19900: 19897:Financial Times 19891: 19890: 19886: 19876: 19874: 19865: 19864: 19860: 19850: 19848: 19838: 19834: 19824: 19822: 19811: 19807: 19797: 19795: 19782: 19778: 19768: 19766: 19753: 19752: 19748: 19738: 19736: 19725: 19724: 19720: 19710: 19708: 19700:Sunday Business 19693: 19692: 19688: 19678: 19676: 19669:Librus Magazine 19663: 19662: 19658: 19648: 19646: 19635: 19634: 19630: 19620: 19618: 19609: 19608: 19604: 19592: 19590: 19581: 19580: 19569: 19568: 19564: 19552: 19550: 19541: 19540: 19508: 19504: 19479: 19472: 19465: 19451: 19447: 19437: 19435: 19428:ThePressProject 19420: 19419: 19415: 19405: 19403: 19394: 19393: 19389: 19379: 19377: 19366: 19365: 19358: 19344: 19342: 19332: 19325: 19315: 19313: 19304: 19303: 19292: 19282: 19280: 19269: 19265: 19255: 19253: 19248: 19247: 19243: 19233: 19231: 19214: 19210: 19200: 19198: 19181: 19177: 19163: 19161: 19151: 19147: 19142: 19138: 19128: 19126: 19109: 19105: 19095: 19093: 19081: 19077: 19067: 19065: 19054: 19050: 19040: 19038: 19026: 19022: 19012: 19010: 19008:Financial Times 19000: 18996: 18986: 18984: 18982:Wall Street Pit 18974: 18970: 18960: 18958: 18940: 18936: 18921: 18917: 18907: 18905: 18890: 18886: 18871: 18867: 18861:Wayback Machine 18850:Wayback Machine 18841: 18837: 18827: 18825: 18824:. Bloomberg L.P 18818: 18814: 18802: 18798: 18788: 18786: 18777: 18776: 18772: 18762: 18760: 18759:. 25 March 2010 18756:Financial Times 18749: 18748: 18744: 18735: 18731: 18721: 18719: 18711:Foreign Affairs 18702: 18698: 18674: 18670: 18660: 18658: 18641: 18637: 18627: 18625: 18614: 18610: 18600: 18598: 18587: 18580: 18570: 18568: 18551: 18547: 18537: 18535: 18525: 18521: 18511: 18509: 18505:The Independent 18496: 18492: 18482: 18480: 18471: 18470: 18466: 18456: 18454: 18450: 18443: 18437: 18433: 18423: 18421: 18412: 18411: 18407: 18397: 18395: 18384: 18380: 18369: 18367: 18360: 18354: 18350: 18334: 18333: 18326: 18324: 18307: 18303: 18293: 18291: 18282: 18281: 18277: 18267: 18265: 18246: 18242: 18232: 18230: 18215: 18214: 18210: 18200: 18198: 18189: 18188: 18184: 18174: 18172: 18161: 18160: 18156: 18146: 18144: 18133: 18129: 18119: 18117: 18102: 18098: 18088: 18086: 18076: 18072: 18062: 18060: 18051: 18050: 18046: 18036: 18034: 18024: 18020: 18010: 18008: 17996: 17992: 17982: 17980: 17969: 17965: 17955: 17953: 17944: 17943: 17939: 17923: 17922: 17900: 17896: 17886: 17884: 17882:Financial Times 17876: 17875: 17871: 17861: 17859: 17849: 17845: 17835: 17833: 17824: 17823: 17819: 17809: 17807: 17794: 17793: 17789: 17779: 17777: 17776:. 29 April 2010 17774:Financial Times 17768: 17767: 17763: 17753: 17751: 17736: 17732: 17722: 17720: 17719:on 26 June 2011 17707: 17706: 17702: 17692: 17690: 17677: 17676: 17672: 17662: 17660: 17651: 17650: 17646: 17637: 17633: 17623: 17621: 17611: 17607: 17597: 17595: 17584: 17577: 17567: 17565: 17560: 17559: 17555: 17545: 17543: 17538: 17537: 17533: 17523: 17521: 17516: 17515: 17511: 17501: 17499: 17490: 17489: 17485: 17470: 17463: 17450: 17449: 17445: 17435: 17433: 17418: 17414: 17405: 17404: 17400: 17390: 17388: 17375: 17374: 17370: 17360: 17358: 17347: 17343: 17333: 17331: 17314: 17307: 17297: 17295: 17286: 17285: 17281: 17271: 17269: 17268:on 12 June 2010 17260: 17259: 17255: 17245: 17243: 17241:Financial Times 17233: 17229: 17219: 17217: 17205: 17201: 17191: 17189: 17185: 17181: 17180: 17176: 17166: 17164: 17160: 17153: 17147: 17143: 17133: 17131: 17122: 17121: 17117: 17107: 17105: 17103:Financial Times 17095: 17091: 17081: 17079: 17078:on 1 April 2012 17068: 17064: 17054: 17052: 17037: 17033: 17023: 17021: 17004: 17003: 16999: 16989: 16987: 16978: 16977: 16973: 16956: 16955: 16951: 16941: 16939: 16930: 16929: 16925: 16915: 16913: 16902: 16898: 16888: 16886: 16876:"Harald Spehl: 16874: 16873: 16869: 16862: 16836:Piketty, Thomas 16833: 16829: 16817: 16813: 16812: 16805: 16795: 16793: 16782: 16778: 16768: 16766: 16756: 16752: 16742: 16740: 16727: 16723: 16713: 16711: 16704: 16698: 16694: 16684: 16682: 16678: 16667: 16661: 16654: 16644: 16642: 16633: 16632: 16628: 16618: 16616: 16605: 16604: 16600: 16590: 16588: 16577: 16576: 16572: 16562: 16560: 16556: 16544:(90): 175–219. 16537:Economic Policy 16531: 16525: 16521: 16511: 16509: 16500: 16499: 16495: 16485: 16483: 16474: 16473: 16469: 16459: 16457: 16452: 16451: 16447: 16437: 16435: 16430: 16429: 16422: 16397: 16396: 16392: 16382: 16380: 16371: 16370: 16366: 16356: 16354: 16345: 16344: 16340: 16330: 16328: 16313: 16312: 16305: 16291: 16289: 16279: 16275: 16265: 16263: 16253: 16249: 16239: 16237: 16236:on 24 June 2012 16228:Jens Weidmann. 16226: 16222: 16191: 16187: 16178: 16177: 16173: 16130: 16126: 16114: 16112: 16103: 16102: 16094: 16090: 16080: 16078: 16069: 16068: 16064: 16050: 16048: 16047:. 6 August 2012 16037: 16036: 16032: 16022: 16020: 16010: 16006: 16001:on 6 June 2013. 15993: 15992: 15988: 15975: 15974: 15970: 15955: 15954: 15950: 15940: 15938: 15933: 15932: 15928: 15918: 15916: 15904: 15900: 15890: 15888: 15879: 15878: 15874: 15863: 15859: 15849: 15847: 15842: 15841: 15837: 15820: 15816: 15806: 15804: 15802:Financial Times 15791: 15787: 15776: 15769: 15754: 15750: 15740: 15738: 15733: 15732: 15728: 15718: 15716: 15711: 15710: 15706: 15691: 15687: 15677: 15675: 15668: 15664: 15654: 15652: 15639: 15638: 15631: 15621: 15619: 15610: 15609: 15602: 15581: 15577: 15567: 15565: 15561: 15550: 15544: 15537: 15527: 15525: 15518: 15504: 15500: 15484: 15483: 15465:Philippe Aghion 15462: 15458: 15451: 15429: 15425: 15416: 15412: 15402: 15400: 15389: 15388: 15384: 15374: 15372: 15371:. 31 March 2011 15361: 15360: 15356: 15343: 15341: 15330: 15329: 15325: 15315: 15313: 15308: 15307: 15303: 15293: 15291: 15283: 15282: 15278: 15268: 15266: 15257: 15256: 15252: 15245:Financial Times 15237: 15233: 15223: 15221: 15220:on 5 April 2012 15203: 15199: 15189: 15187: 15182: 15181: 15177: 15167: 15165: 15154: 15145: 15135: 15133: 15120: 15119: 15115: 15107: 15103: 15093: 15091: 15082: 15081: 15077: 15067: 15065: 15056: 15055: 15051: 15041: 15039: 15030: 15029: 15022: 15009: 15008: 15004: 15000:, 13 July 2011. 14991: 14987: 14977: 14975: 14964: 14963: 14959: 14949: 14947: 14936: 14935: 14931: 14921: 14919: 14910: 14909: 14900: 14890: 14888: 14877: 14873: 14856: 14845: 14835: 14833: 14828: 14827: 14823: 14813: 14811: 14802: 14801: 14797: 14787: 14785: 14784:on 4 March 2016 14776: 14775: 14771: 14756: 14755: 14751: 14743:Wayback Machine 14733: 14726: 14716: 14714: 14703: 14699: 14686: 14682: 14672: 14670: 14668:Financial Times 14653: 14649: 14639: 14637: 14635:Financial Times 14627: 14623: 14613: 14611: 14596: 14592: 14582: 14580: 14571: 14570: 14566: 14556: 14554: 14539: 14535: 14525: 14523: 14512: 14508: 14498: 14496: 14494:Financial Times 14486: 14482: 14468: 14466: 14462: 14458: 14457: 14453: 14443: 14441: 14431: 14427: 14421:The Independent 14418: 14414: 14406: 14402: 14392: 14390: 14383: 14379: 14369: 14367: 14357: 14353: 14343: 14341: 14330: 14326: 14316: 14314: 14299: 14298: 14294: 14284: 14282: 14272: 14268: 14258: 14256: 14247: 14246: 14239: 14229: 14227: 14216: 14209: 14199: 14197: 14194: 14190: 14189: 14185: 14179:Wayback Machine 14170: 14166: 14156: 14154: 14151: 14147: 14146: 14142: 14132: 14130: 14121: 14120: 14116: 14108: 14104: 14096: 14092: 14082: 14080: 14070: 14066: 14056: 14054: 14051:Financial Times 14042: 14038: 14028: 14026: 14015: 14014: 14010: 14000: 13998: 13988: 13984: 13969: 13965: 13955: 13953: 13948: 13947: 13943: 13933: 13931: 13920: 13916: 13906: 13904: 13892: 13888: 13878: 13876: 13865: 13861: 13852: 13851: 13847: 13837: 13835: 13822: 13821: 13817: 13808: 13807: 13803: 13793: 13791: 13780: 13779: 13775: 13765: 13763: 13751: 13738: 13728: 13726: 13721: 13720: 13705: 13695: 13693: 13682: 13681: 13677: 13667: 13665: 13655: 13651: 13641: 13639: 13638:on 13 June 2010 13628: 13624: 13614: 13612: 13607: 13606: 13602: 13592: 13590: 13589:on 28 July 2012 13577: 13576: 13572: 13562: 13560: 13551: 13550: 13546: 13536: 13534: 13525: 13524: 13520: 13510: 13508: 13497: 13496: 13492: 13482: 13480: 13475: 13474: 13470: 13464:Financial Times 13457: 13453: 13440: 13436: 13426: 13424: 13419: 13418: 13414: 13404: 13402: 13392: 13388: 13378: 13376: 13367: 13366: 13362: 13352: 13350: 13345: 13344: 13335: 13325: 13323: 13314: 13313: 13309: 13299: 13297: 13287: 13283: 13268: 13264: 13254: 13252: 13242: 13238: 13228: 13226: 13217: 13216: 13212: 13202: 13200: 13187: 13186: 13182: 13172: 13170: 13166: 13153: 13146: 13136: 13134: 13123: 13122: 13118: 13108: 13106: 13097: 13096: 13089: 13079: 13077: 13073: 13066: 13062: 13061: 13057: 13047: 13045: 13044:on 21 July 2012 13034: 13030: 13020: 13018: 13017:on 13 June 2010 13007: 13003: 12993: 12991: 12990:on 13 June 2010 12980: 12976: 12966: 12964: 12959: 12958: 12954: 12944: 12942: 12941:on 13 June 2010 12931: 12927: 12917: 12915: 12914:on 13 June 2010 12904: 12900: 12890: 12888: 12887:on 13 June 2010 12877: 12873: 12863: 12861: 12860:on 13 June 2010 12850: 12846: 12836: 12834: 12824: 12820: 12805: 12801: 12791: 12789: 12778: 12774: 12764: 12762: 12761:on 13 June 2010 12751: 12747: 12737: 12735: 12725: 12721: 12711: 12709: 12700: 12699: 12695: 12685: 12683: 12682:. Euromoney.com 12676: 12672: 12664: 12660: 12650: 12648: 12637: 12633: 12626: 12622: 12612: 12610: 12601: 12600: 12596: 12586: 12584: 12575: 12574: 12570: 12560: 12558: 12549: 12548: 12544: 12534: 12532: 12528: 12521: 12517: 12516: 12512: 12502: 12500: 12491: 12490: 12486: 12476: 12474: 12465: 12464: 12460: 12450: 12448: 12443: 12442: 12438: 12428: 12426: 12421: 12420: 12416: 12406: 12404: 12400: 12396: 12395: 12388: 12378: 12376: 12372: 12365: 12361: 12360: 12353: 12343: 12341: 12333: 12329: 12328: 12324: 12316: 12312: 12311: 12307: 12295: 12291: 12290: 12286: 12276: 12274: 12270: 12263: 12259: 12258: 12254: 12244: 12242: 12234: 12230: 12229: 12225: 12215: 12213: 12209: 12198: 12194: 12193: 12189: 12179: 12177: 12168: 12167: 12163: 12153: 12151: 12146: 12145: 12141: 12131: 12129: 12120: 12119: 12115: 12105: 12103: 12098: 12097: 12093: 12083: 12081: 12072: 12071: 12067: 12057: 12055: 12046: 12045: 12041: 12029: 12025: 12024: 12020: 12012: 12008: 12007: 12003: 11994: 11993: 11989: 11979: 11977: 11968: 11967: 11963: 11953: 11951: 11942: 11941: 11937: 11928: 11927: 11923: 11914: 11913: 11909: 11900: 11899: 11895: 11885: 11883: 11878: 11877: 11873: 11863: 11861: 11856:. Curvert.com. 11852: 11851: 11847: 11837: 11835: 11826: 11825: 11821: 11811: 11809: 11806: 11802: 11801: 11797: 11787: 11785: 11776: 11775: 11771: 11762: 11761: 11757: 11748: 11747: 11743: 11735: 11731: 11730: 11721: 11712: 11711: 11707: 11698: 11697: 11693: 11684: 11683: 11679: 11669: 11667: 11663: 11652: 11648: 11647: 11643: 11634: 11633: 11629: 11621: 11617: 11616: 11612: 11603: 11602: 11598: 11590: 11586: 11585: 11578: 11568: 11566: 11562: 11558: 11557: 11553: 11545: 11541: 11540: 11536: 11527: 11526: 11522: 11512: 11510: 11506: 11502: 11501: 11494: 11484: 11482: 11478: 11467: 11463: 11462: 11458: 11448: 11446: 11442: 11435: 11431: 11430: 11426: 11416: 11414: 11409: 11408: 11404: 11394: 11392: 11388: 11384: 11383: 11379: 11369: 11367: 11362: 11361: 11357: 11347: 11345: 11340: 11339: 11335: 11325: 11323: 11318: 11317: 11313: 11303: 11301: 11297: 11293: 11292: 11288: 11280: 11276: 11275: 11268: 11258: 11256: 11254:Financial Times 11246: 11242: 11232: 11230: 11217: 11216: 11212: 11202: 11200: 11195: 11194: 11190: 11173: 11172: 11163: 11153: 11151: 11146: 11145: 11132: 11122: 11120: 11116: 11109: 11105: 11104: 11089: 11078: 11074: 11066: 11062: 11061: 11057: 11044: 11043: 11039: 11029: 11027: 11018: 11017: 11013: 11002: 10998: 10988: 10986: 10978: 10974: 10973: 10966: 10956: 10954: 10950: 10946: 10945: 10938: 10929: 10928: 10924: 10914: 10912: 10903: 10902: 10898: 10888: 10886: 10877: 10876: 10872: 10862: 10860: 10856: 10849: 10845: 10844: 10840: 10830: 10828: 10818: 10814: 10804: 10802: 10787: 10783: 10773: 10771: 10760: 10756: 10746: 10744: 10735: 10734: 10730: 10720: 10718: 10716:Financial Times 10708: 10704: 10694: 10692: 10687: 10686: 10682: 10672: 10670: 10665: 10664: 10660: 10650: 10648: 10639: 10638: 10634: 10624: 10622: 10620:Financial Times 10612: 10608: 10598: 10596: 10592: 10588: 10587: 10583: 10568: 10564: 10547: 10540: 10519: 10515: 10500: 10496: 10491:. 16 June 2012. 10483: 10482: 10478: 10468: 10466: 10461: 10460: 10456: 10441: 10437: 10427: 10425: 10421: 10420: 10416: 10406: 10404: 10389: 10388: 10384: 10372: 10370: 10361: 10360: 10353: 10351: 10346: 10345: 10341: 10326: 10319: 10306: 10302: 10292: 10290: 10273: 10269: 10254: 10250: 10240: 10238: 10227: 10223: 10212: 10208: 10198: 10196: 10191: 10190: 10186: 10176: 10174: 10162: 10158: 10147: 10143: 10130: 10129: 10125: 10115: 10113: 10108: 10107: 10103: 10088: 10084: 10074: 10072: 10064: 10063: 10056: 10043: 10042: 10038: 10027: 10023: 10013: 10011: 10008:Financial Times 10002: 10001: 9997: 9987: 9985: 9980: 9979: 9975: 9965: 9963: 9954: 9953: 9946: 9936: 9934: 9922: 9918: 9908: 9906: 9897: 9896: 9892: 9885: 9881: 9871:Wayback Machine 9861:(in Portuguese) 9860: 9859: 9855: 9845:Wayback Machine 9835:(in Portuguese) 9834: 9833: 9829: 9819: 9817: 9806: 9802: 9792: 9790: 9789:. 25 March 2004 9781: 9780: 9776: 9766: 9764: 9763:(in Portuguese) 9753: 9749: 9739: 9737: 9732: 9731: 9727: 9717: 9715: 9714:(in Portuguese) 9704: 9700: 9691: 9690: 9686: 9676: 9674: 9670: 9669: 9665: 9655: 9653: 9644: 9643: 9639: 9629: 9627: 9622: 9621: 9617: 9607: 9605: 9595: 9591: 9581: 9579: 9568: 9567: 9563: 9553: 9551: 9541: 9537: 9527: 9525: 9515: 9511: 9501: 9499: 9498:. 18 April 2011 9488: 9487: 9483: 9473: 9471: 9459: 9452: 9440: 9436: 9423:"The money pit" 9421: 9420: 9416: 9406: 9404: 9396: 9395: 9391: 9384: 9368: 9364: 9354: 9352: 9347: 9346: 9342: 9332: 9330: 9323: 9319: 9309: 9307: 9298: 9297: 9293: 9283: 9281: 9280:. 24 April 2018 9272: 9271: 9267: 9257: 9255: 9246: 9245: 9241: 9231: 9229: 9220: 9219: 9215: 9202: 9201: 9197: 9192:on 18 May 2015. 9189: 9182: 9178: 9177: 9173: 9160: 9159: 9155: 9147: 9143: 9142: 9131: 9121: 9119: 9114: 9113: 9106: 9098: 9094: 9093: 9086: 9078: 9071: 9067: 9066: 9059: 9046: 9045: 9041: 9032: 9031: 9027: 9015: 9011: 9010: 9006: 8994: 8990: 8989: 8985: 8980:. 11 June 2013. 8972: 8971: 8967: 8957: 8955: 8953:Financial Times 8945: 8920: 8910: 8908: 8899: 8898: 8894: 8879: 8875: 8865: 8863: 8852: 8851: 8847: 8837: 8835: 8822: 8821: 8817: 8807: 8805: 8800: 8799: 8795: 8785: 8783: 8780:Financial Times 8774: 8773: 8769: 8759: 8757: 8756:on 27 June 2013 8753: 8746: 8742: 8741: 8737: 8727: 8725: 8724:on 16 June 2012 8721: 8714: 8705: 8701: 8691: 8689: 8680: 8679: 8675: 8659: 8655: 8645: 8643: 8640:Financial Times 8631: 8627: 8617: 8615: 8606: 8605: 8601: 8596:. 18 June 2012. 8588: 8587: 8583: 8571: 8567: 8566: 8562: 8555: 8541: 8537: 8527: 8525: 8518: 8512: 8508: 8498: 8496: 8487: 8486: 8482: 8472: 8470: 8460: 8456: 8446: 8444: 8440: 8433: 8427: 8420: 8410: 8408: 8395: 8394: 8390: 8380: 8378: 8368: 8359: 8349: 8347: 8336: 8329: 8319: 8317: 8316:on 20 June 2012 8306: 8302: 8285: 8284: 8280: 8270: 8268: 8257: 8253: 8243: 8241: 8233: 8229: 8228: 8221: 8211: 8209: 8204: 8203: 8199: 8189: 8187: 8186:. 13 March 2012 8176: 8175: 8168: 8158: 8156: 8147: 8146: 8142: 8132: 8130: 8120: 8116: 8106: 8104: 8097: 8093: 8083: 8081: 8072: 8071: 8067: 8057: 8055: 8054:. 2 August 2012 8044: 8043: 8039: 8029: 8027: 8018: 8017: 8013: 8003: 8001: 7989: 7985: 7975: 7973: 7960: 7956: 7946: 7944: 7942:Financial Times 7934: 7927: 7918: 7911: 7904: 7888: 7884: 7874: 7872: 7861: 7857: 7847: 7845: 7841: 7830: 7826: 7825: 7821: 7816:. 26 June 2012. 7811: 7810: 7806: 7796: 7794: 7785: 7784: 7780: 7770: 7768: 7759: 7758: 7754: 7744: 7742: 7741:on 1 March 2012 7738: 7727: 7723: 7722: 7718: 7708: 7706: 7703:Google/Eurostat 7697: 7696: 7692: 7682: 7680: 7665: 7664: 7660: 7645: 7641: 7628: 7627: 7623: 7613: 7611: 7601: 7597: 7587: 7585: 7576: 7575: 7571: 7561: 7559: 7548: 7544: 7534: 7532: 7528: 7517: 7513: 7512: 7508: 7498: 7496: 7488: 7484: 7483: 7479: 7469: 7467: 7466:on 17 June 2012 7463: 7452: 7448: 7447: 7443: 7433: 7431: 7426: 7425: 7418: 7408: 7406: 7395: 7386: 7376: 7374: 7364: 7360: 7350: 7348: 7337: 7330: 7320: 7318: 7313: 7312: 7308: 7298: 7296: 7287: 7286: 7282: 7272: 7270: 7260: 7253: 7243: 7241: 7232: 7231: 7227: 7217: 7215: 7205: 7201: 7184: 7183: 7179: 7169: 7167: 7158: 7157: 7153: 7143: 7141: 7140:. 27 April 2010 7132: 7131: 7127: 7117: 7115: 7105: 7098: 7086: 7084: 7075: 7074: 7062: 7058: 7048: 7046: 7038: 7037: 7026: 7016: 7014: 7006: 7005: 6998: 6988: 6986: 6973: 6972: 6965: 6955: 6953: 6948: 6947: 6934: 6924: 6922: 6913: 6912: 6905: 6895: 6893: 6884: 6883: 6874: 6859: 6855: 6845: 6843: 6838: 6837: 6833: 6828:. 20 June 2011. 6820: 6819: 6815: 6800: 6799: 6795: 6785: 6783: 6768: 6767: 6763: 6753: 6751: 6739: 6738: 6731: 6721: 6719: 6707: 6703: 6693: 6691: 6689:Financial Times 6681: 6677: 6660: 6656: 6637: 6633: 6623: 6621: 6618:Financial Times 6612: 6611: 6604: 6591: 6590: 6586: 6573:(4): 975–1002. 6559: 6555: 6550:. January 2014. 6542: 6541: 6537: 6527: 6525: 6524:. 22 April 2009 6516: 6515: 6511: 6506: 6502: 6493: 6486: 6474: 6472: 6463: 6462: 6446: 6439: 6432: 6414: 6410: 6400: 6398: 6368: 6364: 6354: 6352: 6342: 6338: 6322: 6321: 6287: 6283: 6273: 6271: 6266:. 1 July 2013. 6258: 6257: 6253: 6241: 6230: 6220: 6218: 6205: 6201: 6156: 6137: 6094: 6067: 6057: 6055: 6044: 6040: 6030: 6028: 6019: 6018: 6014: 6009: 6004: 6003: 5998: 5994: 5989: 5951:Great Recession 5911: 5904: 5897: 5892: 5890: 5887: 5874:Nicolas Sarkozy 5831:Antonis Samaras 5780:had to concede 5771:Alenka Bratušek 5663: 5616: 5609: 5582: 5573:Siemens scandal 5545: 5539: 5477:Joaquín Almunia 5469:Nicolas Sarkozy 5448:fiscal stimulus 5418:chose the name 5368: 5362: 5342:Federal Reserve 5320: 5270: 5178:Christian Noyer 5100: 5080:government debt 5024: 5016: 5010: 4980: 4917:Carmen Reinhart 4874: 4840: 4834: 4802: 4796: 4776: 4770: 4750:Joseph Stiglitz 4745: 4737:Main articles: 4735: 4714: 4708: 4695: 4689: 4660: 4644: 4581:current account 4564: 4554: 4520: 4512: 4501:value added tax 4405: 4399: 4374:In April 2012, 4298:budget deficits 4260: 4252: 4202:Weimar Republic 4181:fiscal stimulus 4152: 4116:Bank of Ireland 4079: 4074: 4068: 4060:The Independent 4003: 3997: 3953: 3947: 3897: 3892: 3885: 3881: 3874: 3763:Federal Reserve 3748:Federal Reserve 3736: 3728: 3706: 3692: 3651:equity issuance 3606: 3598: 3586: 3563: 3546: 3540: 3516: 3509: 3505: 3501: 3496: 3492: 3477:government debt 3471:also fell. The 3454:short positions 3402: 3396: 3318:In Ireland the 3295: 3283: 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: 2584: 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: 25525: 25515: 25514: 25509: 25504: 25499: 25494: 25489: 25484: 25482:2013 in Europe 25479: 25474: 25472:2012 in Europe 25469: 25464: 25462:2011 in Europe 25459: 25454: 25452:2010 in Europe 25449: 25444: 25439: 25434: 25429: 25424: 25419: 25414: 25409: 25404: 25399: 25394: 25377: 25376: 25374: 25373: 25368: 25361: 25360: 25352: 25351: 25348: 25347: 25345: 25344: 25339: 25334: 25329: 25324: 25319: 25314: 25308: 25306: 25300: 25299: 25296: 25295: 25293: 25292: 25287: 25282: 25277: 25272: 25267: 25262: 25260:Laissez-passer 25257: 25252: 25247: 25239: 25233: 25227: 25226: 25223: 25222: 25220: 25219: 25218: 25217: 25212: 25210:Current agenda 25202: 25197: 25192: 25187: 25182: 25177: 25172: 25167: 25162: 25157: 25152: 25147: 25142: 25141: 25140: 25130: 25125: 25120: 25115: 25110: 25109: 25108: 25098: 25092: 25090: 25082: 25081: 25079: 25078: 25077: 25076: 25071: 25069:Sport policies 25066: 25061: 25056: 25051: 25046: 25045: 25044: 25034: 25029: 25028: 25027: 25017: 25012: 25007: 25002: 24997: 24987: 24986: 24985: 24984: 24983: 24973: 24972: 24971: 24966: 24956: 24946: 24945: 24944: 24939: 24934: 24929: 24928: 24927: 24912: 24911: 24910: 24905: 24900: 24890: 24885: 24880: 24875: 24869: 24864: 24853: 24851: 24847: 24846: 24844: 24843: 24838: 24833: 24828: 24823: 24818: 24816:Federalisation 24813: 24808: 24806:Euroscepticism 24803: 24798: 24793: 24788: 24783: 24778: 24773: 24767: 24765: 24758: 24752: 24751: 24748: 24747: 24745: 24744: 24739: 24734: 24729: 24724: 24723: 24722: 24712: 24711: 24710: 24709: 24708: 24693: 24688: 24683: 24678: 24672: 24666: 24660: 24659: 24657: 24656: 24655: 24654: 24649: 24639: 24634: 24629: 24624: 24619: 24614: 24607: 24602: 24601: 24600: 24590: 24585: 24580: 24575: 24569: 24567: 24561: 24560: 24557: 24556: 24554: 24553: 24548: 24543: 24537: 24535: 24529: 24528: 24526: 24525: 24520: 24514: 24512: 24506: 24505: 24503: 24502: 24496: 24494: 24490: 24489: 24487: 24486: 24481: 24475: 24473: 24467: 24466: 24464: 24463: 24458: 24453: 24448: 24447: 24446: 24443: 24438: 24430: 24424: 24422: 24414: 24413: 24410: 24409: 24407: 24406: 24405: 24404: 24393: 24391: 24385: 24384: 24382: 24381: 24380: 24379: 24374: 24369: 24358: 24356: 24350: 24349: 24347: 24346: 24345: 24344: 24339: 24328: 24326: 24320: 24319: 24317: 24316: 24315: 24314: 24309: 24304: 24299: 24289: 24288: 24287: 24282: 24271: 24269: 24263: 24262: 24260: 24259: 24258: 24257: 24252: 24247: 24237: 24236: 24235: 24230: 24225: 24220: 24219: 24218: 24216:Constituencies 24208: 24203: 24198: 24193: 24182: 24180: 24171: 24162: 24156: 24155: 24152: 24151: 24149: 24148: 24143: 24138: 24130: 24125: 24120: 24115: 24110: 24108:Extreme points 24105: 24100: 24095: 24090: 24084: 24078: 24072: 24071: 24068: 24067: 24065: 24064: 24059: 24054: 24049: 24044: 24038: 24036: 24030: 24029: 24027: 24026: 24021: 24016: 24011: 24006: 24001: 23996: 23991: 23986: 23980: 23978: 23972: 23971: 23968: 23967: 23965: 23964: 23955: 23945: 23943: 23937: 23936: 23934: 23933: 23928: 23922: 23920: 23914: 23913: 23910: 23909: 23907: 23906: 23900: 23897: 23896: 23894: 23893: 23888: 23882: 23879: 23878: 23876: 23875: 23870: 23864: 23858: 23852: 23851: 23849: 23848: 23843: 23837: 23835: 23833:Defence policy 23826: 23822: 23821: 23819: 23818: 23813: 23808: 23803: 23798: 23793: 23788: 23782: 23780: 23771: 23765: 23764: 23762: articles 23760:European Union 23756: 23755: 23748: 23741: 23733: 23724: 23723: 23721: 23720: 23708: 23696: 23683: 23680: 23679: 23676: 23675: 23673: 23672: 23667: 23661: 23659: 23655: 23654: 23652: 23651: 23646: 23644:Spanish peseta 23641: 23636: 23631: 23626: 23621: 23616: 23611: 23606: 23601: 23596: 23591: 23586: 23581: 23576: 23571: 23569:Finnish markka 23566: 23564:Estonian kroon 23561: 23556: 23551: 23546: 23541: 23536: 23530: 23528: 23524: 23523: 23521: 23520: 23518:United Kingdom 23514: 23512: 23507: 23504: 23503: 23501: 23500: 23495: 23490: 23485: 23480: 23475: 23470: 23465: 23464: 23463: 23452: 23441: 23425: 23417: 23415: 23408: 23402: 23401: 23398: 23397: 23395: 23394: 23389: 23384: 23379: 23374: 23368: 23366: 23362: 23361: 23359: 23358: 23353: 23347: 23345: 23335: 23330: 23327: 23326: 23324: 23323: 23318: 23312: 23310: 23303: 23300: 23299: 23297: 23296: 23291: 23286: 23281: 23276: 23271: 23269:Czech Republic 23266: 23260: 23258: 23253: 23250: 23249: 23247: 23246: 23241: 23236: 23231: 23225: 23223: 23214: 23211: 23210: 23207: 23206: 23204: 23203: 23198: 23193: 23188: 23182: 23180: 23174: 23173: 23171: 23170: 23165: 23160: 23155: 23150: 23145: 23140: 23135: 23130: 23125: 23120: 23115: 23110: 23105: 23100: 23095: 23090: 23085: 23080: 23075: 23069: 23067: 23058: 23054: 23053: 23050: 23049: 23047: 23046: 23041: 23036: 23031: 23026: 23021: 23016: 23010: 23008: 23002: 23001: 22999: 22998: 22993: 22988: 22983: 22978: 22973: 22968: 22963: 22958: 22953: 22948: 22943: 22938: 22933: 22927: 22925: 22916: 22912: 22911: 22909: 22908: 22906:World currency 22903: 22898: 22893: 22887: 22885: 22879: 22878: 22876: 22875: 22870: 22869: 22868: 22858: 22853: 22848: 22843: 22838: 22832: 22830: 22826: 22825: 22823: 22822: 22817: 22812: 22810:Euro Plus Pact 22807: 22802: 22796: 22794: 22790: 22789: 22787: 22786: 22781: 22776: 22771: 22766: 22761: 22756: 22750: 22748: 22747:Administration 22744: 22743: 22741: 22740: 22733: 22728: 22723: 22718: 22713: 22708: 22702: 22700: 22696: 22695: 22687: 22686: 22679: 22672: 22664: 22655: 22654: 22652: 22651: 22644: 22637: 22630: 22622: 22619: 22618: 22616: 22615: 22608: 22601: 22594: 22592:(2022–present) 22586: 22579: 22572: 22570:(2020–present) 22564: 22563: 22562: 22555: 22548: 22534: 22532:(2019–present) 22526: 22524:(2019–present) 22518: 22516:(2018–present) 22510: 22502: 22495: 22487: 22479: 22472: 22465: 22458: 22451: 22443: 22436: 22434:(2013–present) 22428: 22421: 22414: 22407: 22400: 22398:(2011–present) 22392: 22390:(2010–present) 22384: 22377: 22370: 22362: 22360: 22359:(2009–present) 22352: 22351: 22349: 22348: 22347: 22346: 22339: 22332: 22325: 22318: 22311: 22304: 22297: 22290: 22283: 22276: 22269: 22262: 22255: 22248: 22241: 22234: 22227: 22224:September 2008 22212: 22210: 22202: 22201: 22199: 22198: 22196:(2007–present) 22190: 22183: 22176: 22168: 22161: 22154: 22147: 22140: 22133: 22125: 22117: 22109: 22102: 22095: 22088: 22081: 22074: 22066: 22059: 22052: 22044: 22037: 22029: 22022: 22015: 22008: 22001: 21993: 21985: 21978: 21971: 21963: 21955: 21948: 21941: 21934: 21926: 21917: 21915: 21902: 21901: 21899: 21898: 21890: 21883: 21876: 21868: 21860: 21853: 21846: 21839: 21830: 21828: 21820: 21819: 21817: 21816: 21809: 21801: 21799: 21791: 21790: 21788: 21787: 21780: 21773: 21765: 21757: 21748: 21746: 21738: 21737: 21735: 21734: 21727: 21720: 21712: 21705: 21698: 21691: 21683: 21676: 21669: 21661: 21653: 21645: 21638: 21631: 21623: 21621: 21613: 21612: 21610: 21609: 21601: 21594: 21587: 21580: 21579: 21578: 21571: 21555: 21553: 21549: 21548: 21546: 21545: 21538: 21531: 21524: 21516: 21509: 21502: 21495: 21488: 21486:(c. 1780–1795) 21480: 21473: 21465: 21457: 21455: 21447: 21446: 21444: 21443: 21435: 21427: 21419: 21409: 21407:(c. 1600–1760) 21401: 21393: 21384: 21382: 21374: 21373: 21371: 21370: 21361: 21359: 21352: 21351: 21349: 21348: 21341: 21334: 21327: 21326: 21325: 21318: 21311: 21304: 21290: 21287:Hyperinflation 21283: 21276: 21275: 21274: 21260: 21253: 21246: 21239: 21232: 21225: 21218: 21210: 21207: 21206: 21199: 21198: 21191: 21184: 21176: 21167: 21166: 21164: 21163: 21156: 21153: 21152: 21150: 21149: 21144: 21139: 21133: 21131: 21127: 21126: 21124: 21123: 21118: 21113: 21108: 21103: 21102: 21101: 21096: 21091: 21081: 21076: 21071: 21065: 21063: 21059: 21058: 21055: 21054: 21052: 21051: 21045: 21039: 21036:Irish students 21033: 21027: 21021: 21014: 21012: 21008: 21007: 21005: 21004: 21002:United Kingdom 20999: 20994: 20989: 20984: 20978: 20976: 20969: 20965: 20964: 20962: 20961: 20956: 20951: 20946: 20941: 20936: 20931: 20926: 20921: 20916: 20910: 20908: 20904: 20903: 20892: 20891: 20884: 20877: 20869: 20863: 20862: 20852: 20851:, January 2013 20843: 20838: 20833: 20827: 20821: 20812: 20798: 20792: 20783: 20780:New York Times 20774: 20765: 20759: 20747: 20746:External links 20744: 20743: 20742: 20737: 20731: 20711: 20677: 20659:(2): 196–216. 20653:Policy Studies 20638: 20627: 20596: 20587: 20584: 20581: 20580: 20552: 20539:"Poll Feb2012" 20530: 20504: 20478: 20456: 20434: 20401: 20375: 20356:(in Finnish). 20338: 20312: 20284: 20257: 20246:. Iltalehti.fi 20234: 20198: 20188:Marsh, David, 20181: 20168:European Voice 20155: 20128: 20094: 20058: 20027: 19995: 19969: 19938: 19910: 19884: 19858: 19832: 19805: 19776: 19746: 19718: 19707:on 15 May 2013 19686: 19656: 19628: 19602: 19562: 19553:|journal= 19502: 19470: 19463: 19445: 19413: 19402:. 11 June 2011 19387: 19356: 19323: 19290: 19263: 19241: 19208: 19175: 19145: 19136: 19103: 19075: 19048: 19020: 18994: 18968: 18934: 18915: 18884: 18865: 18835: 18812: 18796: 18770: 18742: 18729: 18696: 18668: 18657:on 6 July 2012 18635: 18608: 18578: 18545: 18519: 18490: 18464: 18453:on 16 May 2013 18431: 18405: 18378: 18348: 18301: 18275: 18240: 18208: 18182: 18154: 18127: 18096: 18070: 18044: 18018: 17990: 17963: 17937: 17894: 17869: 17843: 17832:. 9 March 2010 17817: 17787: 17761: 17750:on 5 July 2011 17730: 17700: 17670: 17644: 17631: 17605: 17575: 17553: 17531: 17509: 17483: 17461: 17443: 17412: 17398: 17368: 17341: 17305: 17279: 17253: 17227: 17199: 17174: 17141: 17115: 17089: 17062: 17031: 16997: 16971: 16949: 16923: 16896: 16867: 16860: 16827: 16803: 16776: 16750: 16721: 16692: 16652: 16626: 16598: 16570: 16519: 16493: 16467: 16445: 16420: 16390: 16364: 16338: 16327:on 9 June 2012 16303: 16273: 16247: 16220: 16201:(7): 889–907. 16185: 16171: 16124: 16115:|journal= 16088: 16062: 16044:whitehouse.gov 16030: 16004: 15986: 15968: 15948: 15926: 15898: 15872: 15857: 15846:. 8 March 2013 15835: 15814: 15785: 15767: 15748: 15726: 15704: 15685: 15662: 15629: 15600: 15575: 15535: 15498: 15469:Emmanuel Farhi 15456: 15449: 15423: 15410: 15382: 15354: 15323: 15301: 15276: 15250: 15231: 15214:CNN World News 15206:Fareed Zakaria 15197: 15175: 15162:Spiegel Online 15143: 15113: 15101: 15075: 15049: 15020: 15002: 14985: 14957: 14929: 14898: 14871: 14859:Peter Bofinger 14843: 14821: 14795: 14769: 14749: 14724: 14697: 14680: 14660:Richard Layard 14647: 14621: 14590: 14564: 14553:on 5 June 2011 14533: 14506: 14480: 14451: 14425: 14412: 14400: 14377: 14351: 14324: 14292: 14266: 14237: 14207: 14183: 14164: 14140: 14129:on 19 May 2011 14114: 14102: 14090: 14078:Spiegel Online 14064: 14036: 14025:. 16 July 2012 14022:Spiegel Online 14008: 13982: 13963: 13941: 13914: 13886: 13859: 13845: 13815: 13801: 13773: 13736: 13703: 13675: 13649: 13622: 13600: 13570: 13544: 13518: 13490: 13468: 13458:Blas, Javier, 13451: 13434: 13412: 13386: 13360: 13333: 13307: 13281: 13262: 13236: 13210: 13180: 13164: 13154:Gibson, Kate, 13144: 13116: 13105:. 28 July 2012 13087: 13055: 13028: 13001: 12974: 12952: 12925: 12898: 12871: 12844: 12818: 12799: 12772: 12745: 12719: 12693: 12670: 12658: 12631: 12620: 12594: 12577:"Spain's exit" 12568: 12542: 12510: 12484: 12458: 12436: 12414: 12386: 12351: 12322: 12305: 12284: 12252: 12223: 12187: 12161: 12150:. Coinmill.com 12139: 12113: 12102:. Coinmill.com 12091: 12065: 12039: 12018: 12001: 11987: 11961: 11935: 11921: 11907: 11893: 11871: 11845: 11819: 11795: 11769: 11755: 11741: 11719: 11705: 11691: 11677: 11641: 11627: 11610: 11596: 11576: 11551: 11534: 11520: 11492: 11456: 11424: 11402: 11377: 11355: 11333: 11311: 11286: 11266: 11240: 11210: 11188: 11161: 11130: 11087: 11072: 11055: 11037: 11011: 10996: 10964: 10936: 10922: 10896: 10870: 10838: 10812: 10801:on 18 May 2015 10781: 10754: 10743:. 25 June 2012 10728: 10702: 10680: 10658: 10632: 10606: 10581: 10562: 10538: 10513: 10494: 10476: 10454: 10435: 10414: 10403:on 13 May 2010 10382: 10373:|journal= 10339: 10317: 10300: 10289:on 15 May 2012 10267: 10248: 10221: 10206: 10184: 10156: 10141: 10123: 10101: 10082: 10054: 10036: 10021: 9995: 9973: 9944: 9916: 9905:. 13 July 2010 9890: 9879: 9877:(2 March 2012) 9853: 9851:(2 March 2011) 9827: 9800: 9774: 9747: 9725: 9698: 9684: 9663: 9637: 9615: 9589: 9561: 9535: 9509: 9481: 9450: 9434: 9414: 9389: 9382: 9362: 9340: 9317: 9291: 9265: 9254:. 20 July 2015 9239: 9228:. 20 July 2015 9213: 9195: 9171: 9153: 9129: 9104: 9084: 9057: 9039: 9025: 9004: 8983: 8965: 8918: 8892: 8873: 8845: 8815: 8793: 8767: 8735: 8708:Buiter, Willem 8699: 8688:on 19 May 2012 8673: 8653: 8625: 8599: 8581: 8578:. 10 May 2010. 8560: 8553: 8547:. OUP Oxford. 8535: 8506: 8480: 8454: 8418: 8388: 8357: 8327: 8300: 8278: 8251: 8219: 8197: 8166: 8140: 8114: 8091: 8065: 8037: 8011: 7983: 7954: 7925: 7909: 7902: 7882: 7855: 7819: 7804: 7778: 7752: 7716: 7690: 7658: 7639: 7636:. 18 May 2014. 7621: 7595: 7569: 7542: 7506: 7477: 7441: 7416: 7384: 7358: 7328: 7306: 7280: 7251: 7225: 7199: 7177: 7151: 7125: 7096: 7087:|journal= 7056: 7024: 6996: 6985:on 25 May 2010 6963: 6952:. Academia.edu 6932: 6903: 6872: 6853: 6831: 6813: 6810:. 3 June 2011. 6793: 6775:Bloomberg News 6761: 6750:. 17 July 2012 6729: 6701: 6675: 6654: 6631: 6602: 6584: 6553: 6535: 6509: 6500: 6484: 6475:|journal= 6437: 6430: 6408: 6362: 6336: 6301:(2): 192–207. 6281: 6251: 6228: 6199: 6170:(1): 371–390. 6135: 6108:(7): 811–840. 6065: 6038: 6027:. 12 July 2011 6011: 6010: 6008: 6005: 6002: 6001: 5991: 5990: 5988: 5985: 5984: 5983: 5978: 5973: 5968: 5963: 5958: 5953: 5948: 5943: 5938: 5933: 5928: 5923: 5917: 5916: 5902: 5886: 5883: 5882: 5881: 5866: 5843: 5814: 5800:prime minister 5789: 5778:Iveta Radičová 5774: 5746: 5731: 5724: 5713: 5662: 5659: 5633:EFSF expansion 5608: 5605: 5581: 5578: 5555:Jean Quatremer 5553:correspondent 5541:Main article: 5538: 5535: 5506:federalisation 5473:European Union 5460: 5459: 5440:interest rates 5431:currency union 5376:post-Keynesian 5361: 5358: 5319: 5316: 5269: 5266: 5233: 5232: 5201: 5200: 5128:housing bubble 5099: 5096: 5064: 5063: 5029: 5028: 5023: 5020: 5012:Main article: 5009: 5006: 4979: 4976: 4938:Thomas Piketty 4913:Kenneth Rogoff 4909: 4908: 4905:household debt 4901: 4898: 4873: 4870: 4836:Main article: 4833: 4830: 4800:Securitization 4798:Main article: 4795: 4792: 4772:Main article: 4769: 4766: 4758:banking crisis 4734: 4731: 4710:Main article: 4707: 4704: 4691:Main article: 4688: 4685: 4659: 4656: 4643: 4640: 4627: 4626: 4553: 4550: 4529: 4528: 4470: 4469: 4433: 4432: 4413:Fareed Zakaria 4409:terms of trade 4403:Euro Plus Pact 4398: 4395: 4364: 4363: 4310:Fiscal Compact 4306:Euro Plus Pact 4245:Peter Bofinger 4227:fiscal deficit 4151: 4148: 4145: 4144: 4141: 4137: 4136: 4123: 4119: 4118: 4105: 4101: 4100: 4097: 4093: 4092: 4089: 4078: 4075: 4070:Main article: 4067: 4064: 4040:City of London 3999:Main article: 3996: 3993: 3949:Main article: 3946: 3943: 3919: 3918: 3910: 3909: 3898:€529.5 billion 3868: 3867: 3832: 3831: 3791:currency swaps 3756: 3755: 3751: 3740: 3729:€219.5 billion 3691: 3688: 3671: 3670: 3655:debt-to-equity 3629:New York Times 3597: 3594: 3560:European Union 3542:Main article: 3539: 3536: 3489: 3488: 3449: 3448: 3436:bond markets. 3398:Main article: 3395: 3392: 3389: 3388: 3376: 3375: 3363: 3362: 3354: 3353: 3346: 3345: 3337: 3336: 3329: 3328: 3312: 3311: 3303: 3302: 3287: 3286: 3270: 3269: 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: 25524: 25513: 25510: 25508: 25505: 25503: 25500: 25498: 25495: 25493: 25490: 25488: 25485: 25483: 25480: 25478: 25475: 25473: 25470: 25468: 25465: 25463: 25460: 25458: 25455: 25453: 25450: 25448: 25445: 25443: 25440: 25438: 25435: 25433: 25430: 25428: 25425: 25423: 25420: 25418: 25415: 25413: 25410: 25408: 25405: 25403: 25400: 25398: 25395: 25393: 25390: 25389: 25387: 25372: 25369: 25367: 25364: 25363: 25358: 25354: 25353: 25349: 25343: 25340: 25338: 25335: 25333: 25330: 25328: 25325: 25323: 25320: 25318: 25315: 25313: 25310: 25309: 25307: 25305: 25301: 25291: 25288: 25286: 25283: 25281: 25278: 25276: 25273: 25271: 25270:Media freedom 25268: 25266: 25263: 25261: 25258: 25256: 25253: 25251: 25248: 25246: 25245: 25241: 25240: 25237: 25234: 25232: 25228: 25216: 25213: 25211: 25208: 25207: 25206: 25203: 25201: 25198: 25196: 25193: 25191: 25188: 25186: 25183: 25181: 25178: 25176: 25173: 25171: 25168: 25166: 25163: 25161: 25158: 25156: 25153: 25151: 25148: 25146: 25143: 25139: 25136: 25135: 25134: 25131: 25129: 25126: 25124: 25121: 25119: 25116: 25114: 25111: 25107: 25104: 25103: 25102: 25099: 25097: 25094: 25093: 25091: 25089: 25083: 25075: 25072: 25070: 25067: 25065: 25062: 25060: 25057: 25055: 25052: 25050: 25047: 25043: 25040: 25039: 25038: 25035: 25033: 25030: 25026: 25023: 25022: 25021: 25018: 25016: 25015:Energy policy 25013: 25011: 25008: 25006: 25005:Customs Union 25003: 25001: 24998: 24996: 24993: 24992: 24991: 24990:Single market 24988: 24982: 24979: 24978: 24977: 24974: 24970: 24967: 24965: 24962: 24961: 24960: 24957: 24955: 24952: 24951: 24950: 24947: 24943: 24940: 24938: 24935: 24933: 24930: 24926: 24923: 24922: 24921: 24918: 24917: 24916: 24913: 24909: 24906: 24904: 24901: 24898: 24894: 24893:identity card 24891: 24889: 24886: 24884: 24881: 24879: 24876: 24873: 24870: 24868: 24867:Schengen Area 24865: 24863: 24860: 24859: 24858: 24855: 24854: 24852: 24848: 24842: 24839: 24837: 24834: 24832: 24829: 24827: 24824: 24822: 24819: 24817: 24814: 24812: 24809: 24807: 24804: 24802: 24799: 24797: 24794: 24792: 24789: 24787: 24784: 24782: 24779: 24777: 24774: 24772: 24769: 24768: 24766: 24762: 24759: 24757: 24753: 24743: 24740: 24738: 24735: 24733: 24730: 24728: 24725: 24721: 24718: 24717: 24716: 24713: 24707: 24704: 24703: 24702: 24699: 24698: 24697: 24694: 24692: 24689: 24687: 24684: 24682: 24679: 24677: 24674: 24673: 24670: 24667: 24665: 24661: 24653: 24650: 24648: 24645: 24644: 24643: 24640: 24638: 24635: 24633: 24630: 24628: 24625: 24623: 24620: 24618: 24615: 24613: 24612: 24608: 24606: 24603: 24599: 24596: 24595: 24594: 24591: 24589: 24588:Copyright law 24586: 24584: 24581: 24579: 24576: 24574: 24571: 24570: 24568: 24566: 24562: 24552: 24549: 24547: 24544: 24542: 24539: 24538: 24536: 24530: 24524: 24521: 24519: 24516: 24515: 24513: 24507: 24501: 24498: 24497: 24495: 24491: 24485: 24482: 24480: 24477: 24476: 24474: 24468: 24462: 24459: 24457: 24454: 24452: 24449: 24445:EIB Institute 24444: 24442: 24439: 24437: 24434: 24433: 24431: 24429: 24426: 24425: 24423: 24415: 24403: 24400: 24399: 24398: 24395: 24394: 24392: 24390: 24386: 24378: 24375: 24373: 24370: 24368: 24365: 24364: 24363: 24360: 24359: 24357: 24355: 24351: 24343: 24342:General Court 24340: 24338: 24335: 24334: 24333: 24330: 24329: 24327: 24325: 24321: 24313: 24310: 24308: 24307:Commissioners 24305: 24303: 24300: 24298: 24295: 24294: 24293: 24290: 24286: 24283: 24281: 24278: 24277: 24276: 24273: 24272: 24270: 24268: 24264: 24256: 24253: 24251: 24248: 24246: 24243: 24242: 24241: 24238: 24234: 24231: 24229: 24226: 24224: 24221: 24217: 24214: 24213: 24212: 24209: 24207: 24204: 24202: 24199: 24197: 24194: 24192: 24189: 24188: 24187: 24184: 24183: 24181: 24179: 24175: 24172: 24170: 24166: 24163: 24161: 24157: 24147: 24144: 24142: 24139: 24137: 24131: 24129: 24126: 24124: 24123:Member states 24121: 24119: 24116: 24114: 24111: 24109: 24106: 24104: 24101: 24099: 24096: 24094: 24091: 24089: 24086: 24085: 24082: 24079: 24077: 24073: 24063: 24060: 24058: 24055: 24053: 24050: 24048: 24045: 24043: 24040: 24039: 24037: 24035: 24031: 24025: 24022: 24020: 24017: 24015: 24012: 24010: 24007: 24005: 24002: 24000: 23997: 23995: 23992: 23990: 23987: 23985: 23982: 23981: 23979: 23977: 23973: 23963: 23961: 23956: 23954: 23952: 23947: 23946: 23944: 23942: 23938: 23932: 23929: 23927: 23924: 23923: 23921: 23919: 23915: 23905: 23902: 23901: 23898: 23892: 23889: 23887: 23884: 23883: 23880: 23874: 23871: 23869: 23866: 23865: 23862: 23859: 23857: 23853: 23847: 23844: 23842: 23839: 23838: 23836: 23834: 23830: 23827: 23823: 23817: 23814: 23812: 23809: 23807: 23804: 23802: 23799: 23797: 23794: 23792: 23789: 23787: 23784: 23783: 23781: 23779: 23775: 23772: 23770: 23766: 23761: 23754: 23749: 23747: 23742: 23740: 23735: 23734: 23731: 23719: 23718: 23714: 23709: 23707: 23706: 23702: 23697: 23695: 23694: 23690: 23685: 23684: 23681: 23671: 23668: 23666: 23663: 23662: 23660: 23656: 23650: 23647: 23645: 23642: 23640: 23637: 23635: 23634:Slovak koruna 23632: 23630: 23627: 23625: 23622: 23620: 23617: 23615: 23612: 23610: 23607: 23605: 23602: 23600: 23597: 23595: 23592: 23590: 23587: 23585: 23584:Greek drachma 23582: 23580: 23577: 23575: 23572: 23570: 23567: 23565: 23562: 23560: 23559:Dutch guilder 23557: 23555: 23554:Cypriot pound 23552: 23550: 23549:Croatian kuna 23547: 23545: 23544:Belgian franc 23542: 23540: 23537: 23535: 23532: 23531: 23529: 23525: 23519: 23516: 23515: 23513: 23505: 23499: 23496: 23494: 23491: 23489: 23486: 23484: 23481: 23479: 23476: 23474: 23471: 23469: 23466: 23461: 23453: 23450: 23442: 23439: 23431: 23430: 23429: 23426: 23423: 23419: 23418: 23416: 23412: 23409: 23407: 23403: 23393: 23392:Swedish krona 23390: 23388: 23385: 23383: 23380: 23378: 23375: 23373: 23370: 23369: 23367: 23363: 23357: 23354: 23352: 23351:Bulgarian lev 23349: 23348: 23346: 23339: 23336: 23333: 23328: 23322: 23319: 23317: 23314: 23313: 23311: 23308: 23301: 23295: 23292: 23290: 23287: 23285: 23282: 23280: 23277: 23275: 23272: 23270: 23267: 23265: 23262: 23261: 23259: 23251: 23245: 23242: 23240: 23237: 23235: 23232: 23230: 23227: 23226: 23224: 23221: 23212: 23202: 23199: 23197: 23194: 23192: 23189: 23187: 23184: 23183: 23181: 23179: 23175: 23169: 23166: 23164: 23161: 23159: 23156: 23154: 23151: 23149: 23146: 23144: 23141: 23139: 23136: 23134: 23131: 23129: 23126: 23124: 23121: 23119: 23116: 23114: 23111: 23109: 23106: 23104: 23101: 23099: 23096: 23094: 23091: 23089: 23086: 23084: 23081: 23079: 23076: 23074: 23071: 23070: 23068: 23066: 23062: 23059: 23055: 23045: 23042: 23040: 23037: 23035: 23032: 23030: 23027: 23025: 23022: 23020: 23017: 23015: 23012: 23011: 23009: 23007: 23003: 22997: 22994: 22992: 22989: 22987: 22984: 22982: 22979: 22977: 22974: 22972: 22969: 22967: 22964: 22962: 22959: 22957: 22954: 22952: 22949: 22947: 22944: 22942: 22939: 22937: 22934: 22932: 22929: 22928: 22926: 22924: 22920: 22917: 22915:Denominations 22913: 22907: 22904: 22902: 22899: 22897: 22894: 22892: 22889: 22888: 22886: 22884: 22880: 22874: 22871: 22867: 22864: 22863: 22862: 22859: 22857: 22854: 22852: 22849: 22847: 22844: 22842: 22839: 22837: 22834: 22833: 22831: 22827: 22821: 22818: 22816: 22813: 22811: 22808: 22806: 22803: 22801: 22798: 22797: 22795: 22791: 22785: 22782: 22780: 22777: 22775: 22772: 22770: 22767: 22765: 22762: 22760: 22759:ECB president 22757: 22755: 22752: 22751: 22749: 22745: 22739: 22738: 22737:Euro-Skulptur 22734: 22732: 22729: 22727: 22724: 22722: 22719: 22717: 22714: 22712: 22709: 22707: 22704: 22703: 22701: 22697: 22692: 22685: 22680: 22678: 22673: 22671: 22666: 22665: 22662: 22649: 22645: 22642: 22638: 22635: 22631: 22628: 22624: 22623: 22620: 22613: 22609: 22606: 22602: 22599: 22595: 22591: 22587: 22584: 22580: 22577: 22573: 22569: 22565: 22560: 22556: 22553: 22549: 22546: 22542: 22541: 22539: 22535: 22531: 22527: 22523: 22519: 22515: 22511: 22507: 22503: 22500: 22496: 22492: 22488: 22484: 22480: 22477: 22473: 22470: 22466: 22463: 22459: 22456: 22452: 22448: 22444: 22441: 22437: 22433: 22429: 22426: 22422: 22419: 22415: 22412: 22408: 22405: 22401: 22397: 22393: 22389: 22385: 22382: 22378: 22375: 22371: 22368: 22364: 22363: 22361: 22357: 22353: 22344: 22340: 22337: 22333: 22330: 22326: 22323: 22319: 22316: 22312: 22309: 22305: 22302: 22298: 22295: 22291: 22288: 22284: 22281: 22277: 22274: 22270: 22267: 22263: 22260: 22256: 22253: 22249: 22246: 22245:December 2008 22242: 22239: 22238:November 2008 22235: 22232: 22228: 22225: 22221: 22220: 22218: 22214: 22213: 22211: 22207: 22203: 22195: 22191: 22188: 22184: 22181: 22177: 22173: 22169: 22166: 22162: 22159: 22155: 22152: 22148: 22145: 22141: 22138: 22134: 22130: 22126: 22122: 22118: 22114: 22110: 22107: 22103: 22100: 22096: 22093: 22089: 22086: 22082: 22079: 22075: 22071: 22067: 22064: 22060: 22057: 22053: 22049: 22045: 22042: 22038: 22034: 22030: 22027: 22023: 22020: 22016: 22013: 22009: 22006: 22002: 21998: 21994: 21990: 21986: 21983: 21979: 21976: 21972: 21968: 21964: 21960: 21956: 21953: 21949: 21946: 21942: 21939: 21935: 21931: 21927: 21923: 21919: 21918: 21916: 21912: 21907: 21903: 21895: 21891: 21888: 21884: 21881: 21877: 21873: 21869: 21865: 21861: 21858: 21854: 21851: 21847: 21844: 21840: 21836: 21832: 21831: 21829: 21825: 21821: 21814: 21810: 21807: 21803: 21802: 21800: 21796: 21792: 21785: 21784:Panic of 1930 21781: 21778: 21774: 21770: 21766: 21762: 21758: 21754: 21750: 21749: 21747: 21743: 21739: 21732: 21728: 21725: 21721: 21717: 21713: 21710: 21709:Panic of 1907 21706: 21703: 21702:Panic of 1901 21699: 21696: 21695:Panic of 1896 21692: 21688: 21684: 21681: 21677: 21674: 21673:Panic of 1893 21670: 21666: 21662: 21658: 21657:Baring crisis 21654: 21650: 21649:Arendal crash 21646: 21643: 21642:Panic of 1884 21639: 21636: 21632: 21629: 21628:Panic of 1873 21625: 21624: 21622: 21618: 21614: 21606: 21602: 21599: 21598:Panic of 1866 21595: 21592: 21591:Panic of 1857 21588: 21585: 21584:Panic of 1847 21581: 21576: 21572: 21569: 21565: 21564: 21561: 21557: 21556: 21554: 21550: 21543: 21542:Panic of 1837 21539: 21536: 21535:Panic of 1825 21532: 21529: 21528:Panic of 1819 21525: 21521: 21517: 21514: 21510: 21507: 21503: 21500: 21499:Panic of 1792 21496: 21493: 21489: 21485: 21481: 21478: 21474: 21470: 21466: 21463: 21459: 21458: 21456: 21452: 21448: 21440: 21436: 21432: 21428: 21424: 21420: 21416: 21415: 21410: 21406: 21402: 21398: 21394: 21390: 21386: 21385: 21383: 21379: 21375: 21367: 21363: 21362: 21360: 21358: 21353: 21346: 21342: 21339: 21338:Social crisis 21335: 21332: 21331:Minsky moment 21328: 21323: 21319: 21316: 21312: 21309: 21305: 21302: 21298: 21297: 21295: 21291: 21288: 21284: 21281: 21277: 21272: 21268: 21267: 21265: 21261: 21258: 21257:Energy crisis 21254: 21251: 21247: 21244: 21240: 21237: 21233: 21230: 21229:Credit crunch 21226: 21223: 21219: 21216: 21212: 21211: 21208: 21204: 21197: 21192: 21190: 21185: 21183: 21178: 21177: 21174: 21162: 21158: 21157: 21154: 21148: 21145: 21143: 21140: 21138: 21135: 21134: 21132: 21128: 21122: 21119: 21117: 21114: 21112: 21109: 21107: 21104: 21100: 21097: 21095: 21092: 21090: 21087: 21086: 21085: 21082: 21080: 21077: 21075: 21072: 21070: 21067: 21066: 21064: 21060: 21049: 21046: 21043: 21040: 21037: 21034: 21031: 21028: 21025: 21022: 21019: 21016: 21015: 21013: 21009: 21003: 21000: 20998: 20995: 20993: 20990: 20988: 20985: 20983: 20980: 20979: 20977: 20973: 20970: 20966: 20960: 20957: 20955: 20952: 20950: 20947: 20945: 20942: 20940: 20937: 20935: 20932: 20930: 20927: 20925: 20922: 20920: 20917: 20915: 20912: 20911: 20909: 20905: 20901: 20897: 20890: 20885: 20883: 20878: 20876: 20871: 20870: 20867: 20860: 20856: 20853: 20850: 20847: 20844: 20842: 20839: 20837: 20834: 20831: 20828: 20825: 20822: 20819: 20816: 20813: 20810: 20806: 20802: 20799: 20796: 20793: 20791:30 March 2011 20790: 20787: 20784: 20781: 20778: 20775: 20772: 20769: 20766: 20763: 20760: 20757: 20753: 20750: 20749: 20741: 20738: 20734: 20732:9780670024933 20728: 20724: 20720: 20716: 20712: 20708: 20704: 20700: 20696: 20692: 20688: 20687: 20682: 20678: 20674: 20670: 20666: 20662: 20658: 20654: 20647: 20643: 20639: 20636: 20632: 20628: 20624: 20620: 20616: 20612: 20608: 20607: 20602: 20597: 20594: 20590: 20589: 20568: 20567: 20562: 20556: 20540: 20534: 20518: 20514: 20508: 20493: 20489: 20482: 20466: 20460: 20444: 20438: 20422: 20418: 20417: 20412: 20405: 20390: 20386: 20379: 20363: 20359: 20355: 20354: 20349: 20342: 20326: 20322: 20316: 20301: 20300: 20295: 20288: 20272: 20268: 20261: 20245: 20238: 20219: 20215: 20208: 20202: 20195: 20191: 20185: 20169: 20165: 20159: 20143: 20139: 20132: 20117:on 8 May 2012 20116: 20112: 20108: 20101: 20099: 20082: 20078: 20077: 20073: 20068: 20062: 20046: 20042: 20041:Bloomberg L.P 20038: 20031: 20015: 20011: 20010: 20005: 19999: 19983: 19979: 19973: 19957: 19953: 19952:Bloomberg L.P 19949: 19942: 19926: 19925: 19920: 19914: 19899:. 16 May 2011 19898: 19894: 19888: 19872: 19868: 19862: 19847: 19843: 19836: 19820: 19816: 19809: 19793: 19792: 19787: 19780: 19764: 19760: 19756: 19750: 19734: 19733: 19728: 19722: 19706: 19702: 19701: 19696: 19690: 19674: 19670: 19666: 19660: 19644: 19643: 19638: 19632: 19616: 19612: 19606: 19598: 19585: 19577: 19573: 19566: 19558: 19545: 19537: 19533: 19529: 19525: 19521: 19517: 19513: 19506: 19498: 19494: 19490: 19486: 19485: 19477: 19475: 19466: 19460: 19456: 19449: 19433: 19429: 19425: 19424: 19417: 19401: 19397: 19391: 19375: 19374: 19369: 19363: 19361: 19353: 19341: 19337: 19330: 19328: 19312:. 26 May 2012 19311: 19310:The Economist 19307: 19301: 19299: 19297: 19295: 19278: 19274: 19267: 19251: 19245: 19229: 19225: 19224: 19219: 19212: 19196: 19192: 19191: 19186: 19179: 19172: 19160: 19156: 19149: 19140: 19124: 19120: 19119:The Telegraph 19115: 19107: 19092: 19091: 19086: 19079: 19063: 19059: 19052: 19037: 19036: 19031: 19024: 19009: 19005: 18998: 18983: 18979: 18972: 18957: 18953: 18949: 18945: 18938: 18930: 18926: 18919: 18903: 18899: 18895: 18888: 18880: 18876: 18869: 18863:, 25 May 2011 18862: 18858: 18855: 18851: 18847: 18844: 18839: 18823: 18816: 18810:, 29 May 2011 18809: 18808:Bill Mitchell 18805: 18800: 18784: 18780: 18774: 18758: 18757: 18752: 18746: 18739: 18733: 18717: 18713: 18712: 18707: 18700: 18692: 18688: 18687: 18682: 18678: 18672: 18656: 18652: 18651: 18646: 18639: 18623: 18619: 18612: 18596: 18592: 18585: 18583: 18567:on 1 May 2010 18566: 18562: 18561: 18556: 18549: 18534: 18533:FT Alphaville 18530: 18523: 18507: 18506: 18501: 18494: 18478: 18474: 18468: 18449: 18442: 18435: 18419: 18415: 18409: 18393: 18389: 18382: 18366: 18359: 18352: 18344: 18338: 18322: 18318: 18317: 18312: 18305: 18289: 18288:Seeking Alpha 18285: 18279: 18263: 18259: 18255: 18251: 18244: 18228: 18224: 18223: 18218: 18212: 18196: 18192: 18186: 18170: 18169: 18168:The Economist 18164: 18158: 18142: 18138: 18131: 18115: 18111: 18107: 18100: 18085: 18081: 18074: 18058: 18054: 18048: 18033: 18029: 18022: 18007: 18006: 18001: 17994: 17978: 17974: 17967: 17951: 17950:The Economist 17947: 17941: 17933: 17927: 17919: 17915: 17911: 17910: 17905: 17898: 17883: 17879: 17873: 17858: 17854: 17847: 17831: 17830:The Economist 17827: 17821: 17805: 17801: 17797: 17791: 17775: 17771: 17765: 17749: 17745: 17741: 17734: 17718: 17714: 17710: 17704: 17688: 17684: 17680: 17674: 17658: 17654: 17648: 17641: 17635: 17620: 17616: 17609: 17593: 17589: 17582: 17580: 17563: 17557: 17541: 17535: 17519: 17513: 17498:. 8 July 2011 17497: 17493: 17487: 17479: 17475: 17468: 17466: 17457: 17453: 17447: 17431: 17427: 17423: 17416: 17408: 17402: 17386: 17382: 17378: 17372: 17356: 17352: 17345: 17329: 17325: 17320: 17312: 17310: 17293: 17289: 17283: 17267: 17263: 17257: 17242: 17238: 17231: 17216: 17215: 17210: 17203: 17184: 17178: 17159: 17152: 17145: 17129: 17125: 17119: 17104: 17100: 17093: 17077: 17073: 17066: 17050: 17046: 17042: 17035: 17019: 17015: 17011: 17007: 17001: 16985: 16981: 16975: 16967: 16963: 16959: 16953: 16937: 16933: 16927: 16911: 16907: 16900: 16885: 16881: 16879: 16871: 16863: 16861:9780674430006 16857: 16853: 16849: 16844: 16843: 16837: 16831: 16823: 16816: 16810: 16808: 16791: 16787: 16780: 16765: 16761: 16754: 16739: 16735: 16731: 16725: 16710: 16703: 16696: 16677: 16673: 16666: 16659: 16657: 16641:. 24 May 2018 16640: 16636: 16630: 16614: 16613: 16608: 16602: 16586: 16585: 16580: 16574: 16555: 16551: 16547: 16543: 16539: 16538: 16530: 16523: 16507: 16503: 16497: 16481: 16477: 16471: 16455: 16449: 16433: 16427: 16425: 16416: 16412: 16408: 16404: 16400: 16394: 16379:. 6 June 2012 16378: 16374: 16368: 16352: 16348: 16342: 16326: 16322: 16321: 16316: 16310: 16308: 16300: 16288: 16284: 16277: 16262: 16258: 16251: 16235: 16231: 16224: 16216: 16212: 16208: 16204: 16200: 16196: 16189: 16181: 16175: 16167: 16163: 16159: 16155: 16151: 16147: 16143: 16139: 16135: 16128: 16120: 16107: 16099: 16092: 16077:. 9 June 2012 16076: 16075:The Economist 16072: 16066: 16058: 16046: 16045: 16040: 16034: 16019: 16015: 16008: 16000: 15996: 15990: 15982: 15978: 15972: 15965:. 5 May 2012. 15964: 15963: 15958: 15952: 15936: 15930: 15915: 15914: 15909: 15902: 15886: 15882: 15876: 15868: 15861: 15845: 15839: 15831: 15830: 15825: 15818: 15803: 15799: 15795: 15789: 15781: 15774: 15772: 15763: 15759: 15752: 15736: 15730: 15714: 15708: 15700: 15696: 15689: 15673: 15666: 15650: 15646: 15642: 15636: 15634: 15617: 15613: 15607: 15605: 15596: 15592: 15591: 15586: 15579: 15560: 15556: 15549: 15542: 15540: 15524: 15517: 15513: 15512:Oleg Itskhoki 15509: 15508:Gita Gopinath 15502: 15494: 15488: 15480: 15479: 15474: 15470: 15466: 15460: 15452: 15446: 15442: 15438: 15434: 15427: 15420: 15414: 15398: 15397: 15392: 15386: 15370: 15369: 15364: 15358: 15351: 15339: 15338: 15333: 15327: 15311: 15305: 15290: 15289:Eurostat Wiki 15286: 15280: 15264: 15260: 15254: 15246: 15242: 15235: 15219: 15215: 15211: 15207: 15201: 15185: 15179: 15163: 15159: 15152: 15150: 15148: 15131: 15127: 15123: 15117: 15110: 15105: 15089: 15085: 15079: 15063: 15059: 15053: 15037: 15033: 15027: 15025: 15016: 15012: 15006: 14999: 14995: 14989: 14973: 14972: 14967: 14961: 14945: 14944: 14939: 14933: 14917: 14913: 14907: 14905: 14903: 14886: 14882: 14875: 14868: 14864: 14860: 14854: 14852: 14850: 14848: 14831: 14825: 14809: 14805: 14799: 14783: 14779: 14773: 14765: 14764: 14759: 14753: 14747: 14744: 14740: 14737: 14731: 14729: 14712: 14708: 14701: 14694: 14690: 14684: 14669: 14665: 14661: 14657: 14651: 14636: 14632: 14625: 14609: 14605: 14601: 14594: 14578: 14574: 14573:"Signatories" 14568: 14552: 14548: 14544: 14537: 14521: 14517: 14510: 14495: 14491: 14484: 14477: 14461: 14455: 14440: 14436: 14429: 14422: 14416: 14409: 14404: 14388: 14381: 14366: 14362: 14355: 14339: 14335: 14328: 14312: 14308: 14307: 14302: 14296: 14281: 14277: 14270: 14254: 14250: 14244: 14242: 14225: 14221: 14214: 14212: 14193: 14187: 14180: 14176: 14173: 14168: 14150: 14144: 14128: 14124: 14118: 14111: 14106: 14099: 14094: 14079: 14075: 14068: 14053: 14052: 14047: 14040: 14024: 14023: 14018: 14012: 13997: 13993: 13986: 13978: 13974: 13967: 13951: 13945: 13929: 13925: 13918: 13903: 13902: 13897: 13890: 13874: 13870: 13863: 13855: 13849: 13834:on 2 May 2013 13833: 13829: 13828:Business Week 13825: 13819: 13811: 13805: 13789: 13788: 13783: 13777: 13762: 13761: 13756: 13749: 13747: 13745: 13743: 13741: 13724: 13718: 13716: 13714: 13712: 13710: 13708: 13691: 13690: 13685: 13679: 13664: 13660: 13653: 13637: 13633: 13626: 13611:. 10 May 2010 13610: 13604: 13588: 13584: 13580: 13574: 13558: 13554: 13548: 13532: 13528: 13522: 13506: 13505: 13500: 13494: 13478: 13472: 13465: 13461: 13455: 13448: 13444: 13438: 13422: 13416: 13401: 13397: 13390: 13374: 13370: 13364: 13348: 13342: 13340: 13338: 13321: 13317: 13311: 13296: 13292: 13285: 13277: 13273: 13266: 13251: 13247: 13240: 13224: 13220: 13214: 13198: 13194: 13190: 13184: 13177: 13168: 13161: 13157: 13151: 13149: 13132: 13131: 13126: 13120: 13104: 13100: 13094: 13092: 13072: 13065: 13059: 13043: 13039: 13032: 13016: 13012: 13005: 12989: 12985: 12978: 12962: 12956: 12940: 12936: 12929: 12913: 12909: 12902: 12886: 12882: 12875: 12859: 12855: 12848: 12833: 12829: 12822: 12814: 12810: 12803: 12787: 12783: 12776: 12760: 12756: 12749: 12734: 12730: 12723: 12707: 12703: 12697: 12681: 12674: 12667: 12662: 12646: 12642: 12635: 12628: 12624: 12608: 12604: 12598: 12582: 12578: 12572: 12556: 12552: 12546: 12527: 12520: 12514: 12498: 12494: 12488: 12472: 12468: 12462: 12446: 12440: 12424: 12418: 12399: 12393: 12391: 12371: 12364: 12358: 12356: 12339: 12332: 12326: 12315: 12309: 12301: 12294: 12288: 12269: 12262: 12256: 12240: 12233: 12227: 12208: 12204: 12197: 12191: 12175: 12171: 12165: 12149: 12143: 12127: 12123: 12117: 12101: 12095: 12079: 12075: 12069: 12053: 12049: 12043: 12035: 12028: 12022: 12011: 12005: 11997: 11991: 11975: 11971: 11965: 11949: 11945: 11939: 11931: 11925: 11917: 11911: 11903: 11897: 11881: 11875: 11859: 11855: 11849: 11833: 11829: 11823: 11805: 11799: 11783: 11779: 11773: 11765: 11759: 11751: 11745: 11734: 11728: 11726: 11724: 11715: 11709: 11701: 11695: 11687: 11681: 11662: 11658: 11651: 11645: 11637: 11631: 11620: 11614: 11606: 11600: 11589: 11583: 11581: 11561: 11555: 11544: 11538: 11530: 11524: 11505: 11499: 11497: 11477: 11473: 11466: 11460: 11441: 11434: 11428: 11412: 11406: 11387: 11381: 11365: 11359: 11343: 11337: 11321: 11315: 11296: 11290: 11279: 11273: 11271: 11255: 11251: 11244: 11228: 11224: 11220: 11214: 11198: 11192: 11184: 11180: 11176: 11170: 11168: 11166: 11149: 11143: 11141: 11139: 11137: 11135: 11115: 11108: 11102: 11100: 11098: 11096: 11094: 11092: 11083: 11076: 11065: 11059: 11051: 11047: 11041: 11025: 11021: 11015: 11007: 11000: 10984: 10977: 10971: 10969: 10949: 10943: 10941: 10932: 10926: 10910: 10906: 10900: 10884: 10880: 10874: 10855: 10848: 10842: 10827: 10823: 10816: 10800: 10796: 10795:PRDLC, Mumbai 10792: 10785: 10769: 10765: 10758: 10742: 10738: 10732: 10717: 10713: 10706: 10690: 10684: 10668: 10662: 10646: 10642: 10636: 10621: 10617: 10610: 10591: 10585: 10577: 10573: 10566: 10558: 10557: 10552: 10545: 10543: 10534: 10530: 10525: 10517: 10509: 10505: 10498: 10490: 10489:The Economist 10486: 10480: 10464: 10458: 10450: 10446: 10439: 10424: 10418: 10402: 10398: 10397: 10392: 10386: 10378: 10365: 10349: 10343: 10335: 10331: 10324: 10322: 10314: 10310: 10304: 10288: 10284: 10283: 10278: 10271: 10263: 10259: 10252: 10236: 10232: 10225: 10217: 10210: 10194: 10188: 10173: 10172: 10167: 10160: 10152: 10145: 10137: 10136:The Economist 10133: 10127: 10111: 10105: 10097: 10093: 10086: 10071: 10067: 10061: 10059: 10051:. 7 May 2013. 10050: 10046: 10040: 10032: 10025: 10009: 10005: 9999: 9983: 9977: 9961: 9957: 9951: 9949: 9933: 9932: 9927: 9920: 9904: 9900: 9894: 9888: 9883: 9876: 9872: 9868: 9865: 9857: 9850: 9846: 9842: 9839: 9831: 9815: 9811: 9804: 9788: 9787:The Economist 9784: 9778: 9762: 9758: 9751: 9735: 9729: 9713: 9709: 9702: 9694: 9688: 9673: 9667: 9651: 9647: 9641: 9625: 9619: 9604: 9600: 9593: 9577: 9576: 9571: 9565: 9550: 9546: 9539: 9524: 9520: 9513: 9497: 9496: 9491: 9485: 9470: 9469: 9464: 9457: 9455: 9447: 9443: 9438: 9430: 9429: 9428:The Economist 9424: 9418: 9403: 9399: 9393: 9385: 9379: 9375: 9374: 9366: 9350: 9344: 9328: 9321: 9305: 9301: 9295: 9279: 9275: 9269: 9253: 9249: 9243: 9227: 9223: 9217: 9209: 9205: 9199: 9188: 9181: 9175: 9167: 9163: 9157: 9146: 9140: 9138: 9136: 9134: 9117: 9111: 9109: 9097: 9091: 9089: 9077: 9070: 9064: 9062: 9053: 9049: 9043: 9035: 9029: 9021: 9014: 9008: 9000: 8993: 8987: 8979: 8975: 8969: 8954: 8950: 8943: 8941: 8939: 8937: 8935: 8933: 8931: 8929: 8927: 8925: 8923: 8906: 8902: 8896: 8888: 8884: 8877: 8861: 8860: 8855: 8849: 8833: 8829: 8825: 8819: 8803: 8797: 8781: 8777: 8771: 8752: 8745: 8739: 8720: 8713: 8709: 8703: 8687: 8683: 8677: 8671: 8667: 8663: 8657: 8642: 8641: 8636: 8629: 8614:. 14 May 2012 8613: 8609: 8603: 8595: 8591: 8585: 8577: 8570: 8564: 8556: 8550: 8546: 8539: 8524: 8517: 8510: 8494: 8490: 8484: 8469: 8465: 8458: 8439: 8432: 8425: 8423: 8406: 8402: 8398: 8392: 8377: 8373: 8366: 8364: 8362: 8345: 8341: 8334: 8332: 8315: 8311: 8304: 8296: 8292: 8288: 8282: 8266: 8262: 8255: 8239: 8232: 8226: 8224: 8207: 8201: 8185: 8184: 8179: 8173: 8171: 8154: 8150: 8144: 8129: 8125: 8118: 8102: 8095: 8079: 8075: 8069: 8053: 8052: 8047: 8041: 8025: 8021: 8015: 8000: 7999: 7994: 7987: 7971: 7970: 7965: 7958: 7943: 7939: 7932: 7930: 7922: 7916: 7914: 7905: 7903:9781137474865 7899: 7895: 7894: 7886: 7870: 7866: 7859: 7840: 7836: 7829: 7823: 7815: 7808: 7792: 7788: 7782: 7766: 7762: 7756: 7737: 7733: 7726: 7720: 7704: 7700: 7694: 7678: 7677: 7673: 7668: 7662: 7654: 7650: 7643: 7635: 7631: 7625: 7610: 7606: 7599: 7583: 7579: 7573: 7557: 7553: 7546: 7527: 7523: 7516: 7510: 7494: 7487: 7481: 7462: 7458: 7451: 7445: 7429: 7423: 7421: 7404: 7400: 7393: 7391: 7389: 7373: 7369: 7362: 7346: 7342: 7335: 7333: 7316: 7310: 7294: 7290: 7284: 7269: 7265: 7258: 7256: 7239: 7235: 7229: 7214: 7210: 7203: 7195: 7191: 7187: 7181: 7166:on 5 May 2010 7165: 7161: 7155: 7139: 7135: 7129: 7114: 7110: 7103: 7101: 7092: 7079: 7071: 7067: 7060: 7045: 7041: 7035: 7033: 7031: 7029: 7013: 7009: 7003: 7001: 6984: 6980: 6976: 6970: 6968: 6951: 6945: 6943: 6941: 6939: 6937: 6921:. 18 May 2014 6920: 6916: 6910: 6908: 6891: 6887: 6881: 6879: 6877: 6868: 6864: 6857: 6841: 6835: 6827: 6823: 6817: 6809: 6808: 6803: 6797: 6781: 6777: 6776: 6771: 6765: 6749: 6747: 6742: 6736: 6734: 6718: 6717: 6712: 6705: 6690: 6686: 6679: 6672: 6668: 6664: 6658: 6650: 6646: 6642: 6635: 6619: 6615: 6609: 6607: 6598: 6594: 6588: 6580: 6576: 6572: 6568: 6564: 6557: 6549: 6545: 6539: 6523: 6519: 6513: 6504: 6497: 6491: 6489: 6480: 6467: 6459: 6455: 6451: 6444: 6442: 6433: 6427: 6424:. p. 2. 6423: 6419: 6412: 6397: 6393: 6389: 6385: 6381: 6377: 6373: 6366: 6351: 6347: 6340: 6332: 6326: 6317: 6316:11311/1034637 6312: 6308: 6304: 6300: 6296: 6292: 6285: 6269: 6265: 6261: 6255: 6248: 6244: 6239: 6237: 6235: 6233: 6216: 6215: 6210: 6203: 6195: 6191: 6187: 6183: 6178: 6173: 6169: 6165: 6161: 6154: 6152: 6150: 6148: 6146: 6144: 6142: 6140: 6131: 6127: 6123: 6119: 6115: 6111: 6107: 6103: 6099: 6092: 6090: 6088: 6086: 6084: 6082: 6080: 6078: 6076: 6074: 6072: 6070: 6053: 6049: 6042: 6026: 6022: 6016: 6012: 5996: 5992: 5982: 5979: 5977: 5974: 5972: 5969: 5967: 5964: 5962: 5959: 5957: 5954: 5952: 5949: 5947: 5944: 5942: 5939: 5937: 5934: 5932: 5929: 5927: 5924: 5922: 5919: 5918: 5914: 5908: 5903: 5900: 5889: 5879: 5875: 5871: 5867: 5864: 5860: 5859:Rutte cabinet 5856: 5852: 5848: 5844: 5841: 5836: 5832: 5827: 5823: 5819: 5815: 5812: 5808: 5804: 5801: 5797: 5794: 5790: 5787: 5783: 5779: 5775: 5772: 5767: 5763: 5759: 5755: 5751: 5747: 5744: 5743:Mariano Rajoy 5740: 5736: 5732: 5729: 5725: 5722: 5718: 5717:José Sócrates 5714: 5712:as Taoiseach. 5711: 5707: 5703: 5699: 5696: 5692: 5688: 5684: 5680: 5676: 5675: 5674: 5667: 5658: 5656: 5652: 5648: 5643: 5640: 5639:in exchange. 5638: 5634: 5629: 5627: 5621: 5614: 5604: 5600: 5598: 5593: 5592:debt crisis. 5589: 5587: 5577: 5574: 5570: 5569: 5564: 5560: 5556: 5552: 5551: 5544: 5534: 5531: 5526: 5524: 5523:Angela Merkel 5519: 5515: 5511: 5507: 5503: 5502: 5501:The Economist 5497: 5495: 5491: 5485: 5483: 5478: 5474: 5470: 5466: 5465:Angela Merkel 5457: 5456: 5455: 5453: 5449: 5445: 5441: 5437: 5432: 5428: 5427: 5421: 5417: 5412: 5408: 5406: 5405:Deutsche Mark 5402: 5398: 5392: 5390: 5386: 5382: 5377: 5373: 5367: 5357: 5355: 5350: 5347: 5343: 5339: 5338:Goldman Sachs 5335: 5333: 5332:short selling 5329: 5325: 5315: 5313: 5309: 5304: 5302: 5298: 5294: 5289: 5284: 5281: 5280: 5279:The Economist 5275: 5265: 5262: 5257: 5254: 5250: 5249:Roland Berger 5244: 5242: 5238: 5230: 5229: 5228: 5226: 5222: 5218: 5214: 5210: 5206: 5198: 5197: 5196: 5192: 5190: 5186: 5185:Michael Fuchs 5181: 5179: 5174: 5172: 5168: 5164: 5160: 5156: 5152: 5147: 5145: 5140: 5135: 5133: 5129: 5125: 5121: 5117: 5113: 5104: 5095: 5093: 5089: 5085: 5081: 5077: 5073: 5069: 5061: 5060: 5059: 5056: 5051: 5049: 5045: 5040: 5038: 5034: 5026: 5025: 5019: 5015: 5008:Controversies 5005: 5003: 5001: 5000: 4993: 4989: 4985: 4975: 4973: 4969: 4964: 4959: 4957: 4953: 4949: 4945: 4944: 4939: 4935: 4932: 4927: 4925: 4920: 4918: 4914: 4906: 4902: 4899: 4896: 4895: 4894: 4891: 4887: 4878: 4869: 4866: 4860: 4857: 4853: 4849: 4845: 4839: 4829: 4826: 4822: 4818: 4813: 4811: 4807: 4801: 4791: 4788: 4786: 4781: 4775: 4765: 4761: 4759: 4755: 4751: 4744: 4740: 4730: 4728: 4724: 4720: 4719:Jens Weidmann 4713: 4703: 4699: 4694: 4684: 4682: 4678: 4674: 4673: 4672:The Economist 4668: 4665: 4662:US President 4655: 4653: 4649: 4639: 4635: 4633: 4624: 4623: 4622: 4620: 4615: 4610: 4606: 4602: 4599: 4593: 4591: 4587: 4582: 4558: 4549: 4545: 4541: 4533: 4526: 4525: 4524: 4518: 4510: 4506: 4502: 4497: 4495: 4491: 4487: 4483: 4482:neo-Keynesian 4479: 4475: 4467: 4466: 4465: 4461: 4459: 4454: 4450: 4446: 4437: 4430: 4429: 4428: 4426: 4422: 4417: 4414: 4410: 4404: 4394: 4391: 4386: 4383: 4382: 4377: 4368: 4361: 4360: 4359: 4357: 4353: 4349: 4344: 4339: 4337: 4331: 4329: 4325: 4320: 4315: 4311: 4307: 4303: 4299: 4295: 4291: 4287: 4282: 4278: 4276: 4272: 4267: 4258: 4250: 4246: 4243: 4239: 4234: 4232: 4228: 4224: 4219: 4209: 4205: 4203: 4199: 4195: 4191: 4186: 4182: 4178: 4173: 4169: 4165: 4161: 4157: 4142: 4139: 4138: 4135: 4131: 4127: 4124: 4121: 4120: 4117: 4113: 4109: 4106: 4103: 4102: 4098: 4095: 4094: 4090: 4087: 4086: 4083: 4073: 4063: 4061: 4057: 4056:Lisbon Treaty 4053: 4052:David Cameron 4049: 4045: 4041: 4037: 4036:David Cameron 4032: 4030: 4025: 4021: 4016: 4007: 4002: 3992: 3990: 3984: 3982: 3978: 3974: 3973:Lisbon Treaty 3969: 3966: 3962: 3958: 3952: 3942: 3940: 3936: 3932: 3928: 3924: 3916: 3915: 3914: 3907: 3906: 3905: 3902: 3889: 3879: 3873: 3865: 3864: 3863: 3861: 3857: 3856:Jens Weidmann 3853: 3849: 3845: 3841: 3840:Axel A. Weber 3837: 3829: 3828: 3827: 3825: 3820: 3815: 3810: 3808: 3802: 3799: 3794: 3792: 3788: 3784: 3780: 3776: 3772: 3768: 3767:central banks 3764: 3759: 3752: 3749: 3745: 3741: 3734: 3726: 3722: 3721: 3720: 3717: 3715: 3711: 3705: 3696: 3687: 3685: 3681: 3676: 3668: 3667: 3666: 3664: 3663:trade finance 3661: 3656: 3652: 3646: 3641: 3640:, as saying: 3639: 3635: 3630: 3625: 3622: 3617: 3615: 3612: 3604: 3593: 3590: 3583: 3581: 3577: 3573: 3569: 3566:and is rated 3561: 3556: 3552: 3545: 3535: 3533: 3528: 3526: 3522: 3513: 3497:€67.5 billion 3495:of the total 3493:€17.7 billion 3486: 3485: 3484: 3482: 3478: 3474: 3470: 3466: 3461: 3459: 3455: 3446: 3445: 3444: 3442: 3437: 3433: 3431: 3425: 3423: 3419: 3415: 3411: 3406: 3401: 3386: 3381: 3378: 3377: 3373: 3368: 3365: 3364: 3359: 3356: 3355: 3351: 3348: 3347: 3342: 3339: 3338: 3334: 3331: 3330: 3325: 3321: 3317: 3314: 3313: 3308: 3305: 3304: 3300: 3292: 3289: 3288: 3280: 3275: 3272: 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: 25242: 25064:Space policy 24732:Average wage 24727:Minimum wage 24610: 24354:Central bank 24169:Institutions 24093:Demographics 23976:Enlargements 23959: 23950: 23918:Central bank 23825:Predecessors 23710: 23698: 23693:Money portal 23686: 23649:Vatican lira 23614:Maltese lira 23599:Latvian lats 23594:Italian lira 23574:French franc 23492: 23387:Romanian leu 23382:Polish złoty 23372:Czech koruna 23356:Danish krone 23201:Vatican City 22986:Starter kits 22735: 22335: 22231:October 2008 22113:Samba effect 21969:(1987–2000s) 21864:Steel crisis 21687:Black Monday 21665:Encilhamento 21605:Black Friday 21412: 21368:(235–284 CE) 21236:Credit cycle 21160: 21094:Hidden loans 20861:, March 2015 20808: 20801:Wolf, Martin 20788: 20779: 20770: 20721:. New York: 20718: 20690: 20684: 20656: 20652: 20634: 20610: 20604: 20571:. Retrieved 20564: 20555: 20543:. Retrieved 20533: 20521:. Retrieved 20507: 20495:. Retrieved 20491: 20481: 20469:. Retrieved 20459: 20447:. Retrieved 20437: 20425:. Retrieved 20421:the original 20414: 20404: 20392:. Retrieved 20388: 20378: 20366:. Retrieved 20362:the original 20351: 20341: 20329:. Retrieved 20325:the original 20315: 20303:. Retrieved 20297: 20287: 20275:. Retrieved 20260: 20248:. Retrieved 20237: 20225:. Retrieved 20218:the original 20201: 20193: 20184: 20172:. Retrieved 20158: 20146:. Retrieved 20142:the original 20131: 20119:. Retrieved 20115:the original 20085:. Retrieved 20081:the original 20070: 20061: 20051:28 September 20049:. Retrieved 20045:the original 20040: 20030: 20020:28 September 20018:. Retrieved 20014:the original 20007: 19998: 19986:. Retrieved 19981: 19972: 19960:. Retrieved 19956:the original 19951: 19941: 19929:. Retrieved 19922: 19913: 19901:. Retrieved 19896: 19887: 19875:. Retrieved 19870: 19861: 19849:. Retrieved 19845: 19835: 19823:. Retrieved 19819:The Guardian 19818: 19808: 19796:. Retrieved 19789: 19779: 19767:. Retrieved 19763:the original 19758: 19749: 19737:. Retrieved 19730: 19721: 19709:. Retrieved 19705:the original 19698: 19689: 19677:. Retrieved 19673:the original 19668: 19659: 19647:. Retrieved 19640: 19631: 19619:. Retrieved 19614: 19605: 19565: 19544:cite journal 19505: 19488: 19482: 19454: 19448: 19436:. Retrieved 19432:the original 19422: 19416: 19404:. Retrieved 19390: 19378:. Retrieved 19371: 19352:populations. 19350: 19343:. Retrieved 19339: 19314:. Retrieved 19309: 19306:"The Choice" 19281:. Retrieved 19277:the original 19266: 19256:15 September 19254:. Retrieved 19244: 19232:. Retrieved 19228:the original 19221: 19211: 19199:. Retrieved 19195:the original 19188: 19178: 19169: 19162:. Retrieved 19158: 19148: 19139: 19127:. Retrieved 19118: 19106: 19094:. Retrieved 19088: 19078: 19066:. Retrieved 19062:the original 19051: 19039:. Retrieved 19033: 19023: 19011:. Retrieved 19007: 18997: 18985:. Retrieved 18981: 18971: 18959:. Retrieved 18948:The Guardian 18947: 18937: 18928: 18918: 18906:. Retrieved 18902:the original 18898:The American 18897: 18887: 18878: 18868: 18838: 18826:. Retrieved 18815: 18799: 18787:. Retrieved 18783:the original 18773: 18761:. Retrieved 18754: 18745: 18732: 18720:. Retrieved 18715: 18709: 18699: 18690: 18684: 18677:Wynne Godley 18671: 18659:. Retrieved 18655:the original 18648: 18638: 18626:. Retrieved 18622:The Guardian 18621: 18611: 18599:. Retrieved 18595:The Guardian 18594: 18569:. Retrieved 18565:the original 18560:BusinessWeek 18558: 18548: 18536:. Retrieved 18522: 18510:. Retrieved 18503: 18493: 18481:. Retrieved 18476: 18467: 18455:. Retrieved 18448:the original 18434: 18422:. Retrieved 18408: 18396:. Retrieved 18392:The Guardian 18391: 18381: 18368:. Retrieved 18351: 18325:. Retrieved 18321:the original 18314: 18304: 18292:. Retrieved 18278: 18266:. Retrieved 18262:the original 18253: 18243: 18231:. Retrieved 18227:the original 18220: 18211: 18199:. Retrieved 18195:the original 18185: 18173:. Retrieved 18166: 18157: 18145:. Retrieved 18141:The Guardian 18140: 18130: 18118:. Retrieved 18114:the original 18109: 18099: 18087:. Retrieved 18083: 18073: 18061:. Retrieved 18056: 18047: 18035:. Retrieved 18031: 18021: 18009:. Retrieved 18003: 17993: 17981:. Retrieved 17977:The Guardian 17976: 17966: 17954:. Retrieved 17949: 17940: 17926:cite journal 17918:the original 17913: 17907: 17897: 17885:. Retrieved 17881: 17872: 17860:. Retrieved 17856: 17846: 17834:. Retrieved 17829: 17820: 17808:. Retrieved 17804:the original 17800:BusinessWeek 17799: 17790: 17778:. Retrieved 17773: 17764: 17752:. Retrieved 17748:the original 17743: 17733: 17721:. Retrieved 17717:the original 17712: 17703: 17691:. Retrieved 17687:the original 17682: 17673: 17661:. Retrieved 17656: 17647: 17639: 17634: 17622:. Retrieved 17619:The Guardian 17618: 17608: 17596:. Retrieved 17592:The Guardian 17591: 17566:. Retrieved 17556: 17544:. Retrieved 17534: 17522:. Retrieved 17512: 17500:. Retrieved 17486: 17477: 17456:the original 17446: 17434:. Retrieved 17430:the original 17425: 17415: 17401: 17389:. Retrieved 17385:the original 17380: 17371: 17359:. Retrieved 17355:The Guardian 17354: 17344: 17332:. Retrieved 17323: 17296:. Retrieved 17291: 17282: 17270:. Retrieved 17266:the original 17256: 17244:. Retrieved 17240: 17230: 17218:. Retrieved 17212: 17202: 17190:. Retrieved 17177: 17165:. Retrieved 17158:the original 17144: 17132:. Retrieved 17127: 17118: 17106:. Retrieved 17102: 17092: 17080:. Retrieved 17076:the original 17065: 17053:. Retrieved 17049:the original 17034: 17022:. Retrieved 17018:the original 17009: 17000: 16988:. Retrieved 16984:the original 16974: 16966:the original 16961: 16952: 16940:. Retrieved 16936:the original 16926: 16914:. Retrieved 16909: 16899: 16887:. Retrieved 16883: 16877: 16870: 16841: 16830: 16821: 16794:. Retrieved 16790:the original 16779: 16767:. Retrieved 16753: 16741:. Retrieved 16737: 16724: 16712:. Retrieved 16695: 16683:. Retrieved 16676:the original 16643:. Retrieved 16638: 16629: 16617:. Retrieved 16610: 16601: 16589:. Retrieved 16582: 16573: 16561:. Retrieved 16541: 16535: 16522: 16510:. Retrieved 16505: 16496: 16484:. Retrieved 16479: 16470: 16458:. Retrieved 16448: 16436:. Retrieved 16393: 16381:. Retrieved 16367: 16355:. Retrieved 16351:Der Standard 16350: 16341: 16329:. Retrieved 16325:the original 16318: 16297: 16290:. Retrieved 16286: 16276: 16264:. Retrieved 16260: 16250: 16238:. Retrieved 16234:the original 16223: 16198: 16194: 16188: 16174: 16141: 16137: 16127: 16106:cite journal 16091: 16079:. Retrieved 16074: 16065: 16055:– via 16049:. Retrieved 16042: 16033: 16021:. Retrieved 16017: 16007: 15999:the original 15989: 15971: 15962:Sueddeutsche 15960: 15951: 15939:. Retrieved 15929: 15917:. Retrieved 15913:The Atlantic 15911: 15901: 15889:. Retrieved 15885:the original 15875: 15860: 15848:. Retrieved 15838: 15829:Sueddeutsche 15827: 15817: 15805:. Retrieved 15801: 15788: 15761: 15751: 15739:. Retrieved 15729: 15719:23 September 15717:. Retrieved 15707: 15698: 15688: 15676:. Retrieved 15665: 15653:. Retrieved 15649:the original 15644: 15620:. Retrieved 15615: 15595:the original 15588: 15578: 15566:. Retrieved 15559:the original 15526:. Retrieved 15501: 15476: 15459: 15432: 15426: 15418: 15413: 15401:. Retrieved 15394: 15385: 15373:. Retrieved 15366: 15357: 15349: 15342:. Retrieved 15337:Der Standard 15335: 15326: 15314:. Retrieved 15304: 15292:. Retrieved 15288: 15279: 15267:. Retrieved 15262: 15253: 15244: 15234: 15222:. Retrieved 15218:the original 15200: 15188:. Retrieved 15178: 15166:. Retrieved 15161: 15134:. Retrieved 15130:the original 15125: 15116: 15104: 15092:. Retrieved 15087: 15078: 15066:. Retrieved 15061: 15052: 15040:. Retrieved 15035: 15014: 15005: 14998:The Guardian 14997: 14988: 14976:. Retrieved 14969: 14960: 14948:. Retrieved 14943:Der Standard 14941: 14932: 14920:. Retrieved 14915: 14889:. Retrieved 14884: 14874: 14867:The Guardian 14866: 14834:. Retrieved 14824: 14812:. Retrieved 14807: 14798: 14786:. Retrieved 14782:the original 14772: 14763:Der Standard 14761: 14752: 14745: 14715:. Retrieved 14711:The Guardian 14710: 14700: 14688: 14683: 14671:. Retrieved 14667: 14656:Paul Krugman 14650: 14638:. Retrieved 14634: 14624: 14612:. Retrieved 14608:the original 14603: 14593: 14581:. Retrieved 14577:the original 14567: 14555:. Retrieved 14551:the original 14546: 14536: 14524:. Retrieved 14519: 14509: 14497:. Retrieved 14493: 14483: 14474: 14467:. Retrieved 14454: 14442:. Retrieved 14438: 14428: 14420: 14415: 14403: 14391:. Retrieved 14380: 14368:. Retrieved 14364: 14354: 14342:. Retrieved 14338:The Guardian 14337: 14327: 14315:. Retrieved 14311:the original 14304: 14295: 14283:. Retrieved 14279: 14269: 14257:. Retrieved 14253:The Guardian 14252: 14228:. Retrieved 14224:The Guardian 14223: 14198:. Retrieved 14186: 14167: 14155:. Retrieved 14143: 14131:. Retrieved 14127:the original 14117: 14105: 14093: 14083:27 September 14081:. Retrieved 14077: 14067: 14057:12 September 14055:. Retrieved 14049: 14039: 14027:. Retrieved 14020: 14011: 13999:. Retrieved 13995: 13985: 13976: 13966: 13954:. Retrieved 13944: 13932:. Retrieved 13928:The Guardian 13927: 13917: 13905:. Retrieved 13899: 13889: 13877:. Retrieved 13873:The Guardian 13872: 13862: 13848: 13836:. Retrieved 13832:the original 13827: 13818: 13804: 13792:. Retrieved 13785: 13776: 13764:. Retrieved 13758: 13727:. Retrieved 13694:. Retrieved 13687: 13678: 13666:. Retrieved 13662: 13652: 13640:. Retrieved 13636:the original 13625: 13613:. Retrieved 13603: 13591:. Retrieved 13587:the original 13582: 13573: 13561:. Retrieved 13556: 13547: 13535:. Retrieved 13530: 13521: 13509:. Retrieved 13502: 13493: 13481:. Retrieved 13471: 13463: 13454: 13446: 13437: 13425:. Retrieved 13415: 13403:. Retrieved 13399: 13389: 13377:. Retrieved 13372: 13363: 13351:. Retrieved 13324:. Retrieved 13320:the original 13310: 13298:. Retrieved 13294: 13284: 13275: 13265: 13253:. Retrieved 13249: 13239: 13227:. Retrieved 13223:the original 13213: 13201:. Retrieved 13197:the original 13183: 13174: 13167: 13159: 13135:. Retrieved 13130:Sueddeutsche 13128: 13119: 13107:. Retrieved 13102: 13078:. Retrieved 13071:the original 13058: 13046:. Retrieved 13042:the original 13031: 13019:. Retrieved 13015:the original 13004: 12992:. Retrieved 12988:the original 12977: 12965:. Retrieved 12955: 12943:. Retrieved 12939:the original 12928: 12916:. Retrieved 12912:the original 12901: 12889:. Retrieved 12885:the original 12874: 12862:. Retrieved 12858:the original 12847: 12835:. Retrieved 12831: 12821: 12813:The Guardian 12812: 12802: 12790:. Retrieved 12786:The Guardian 12785: 12775: 12763:. Retrieved 12759:the original 12748: 12736:. Retrieved 12732: 12722: 12710:. Retrieved 12705: 12696: 12684:. Retrieved 12673: 12661: 12649:. Retrieved 12645:the original 12634: 12623: 12611:. Retrieved 12597: 12585:. Retrieved 12571: 12559:. Retrieved 12545: 12533:. Retrieved 12513: 12501:. Retrieved 12487: 12475:. Retrieved 12461: 12449:. Retrieved 12439: 12427:. Retrieved 12417: 12405:. Retrieved 12377:. Retrieved 12342:. Retrieved 12325: 12308: 12299: 12287: 12275:. Retrieved 12255: 12243:. Retrieved 12226: 12214:. Retrieved 12202: 12190: 12178:. Retrieved 12164: 12154:27 September 12152:. Retrieved 12142: 12132:27 September 12130:. Retrieved 12116: 12106:27 September 12104:. Retrieved 12094: 12084:27 September 12082:. Retrieved 12068: 12056:. Retrieved 12042: 12033: 12021: 12004: 11990: 11978:. Retrieved 11964: 11952:. Retrieved 11938: 11924: 11910: 11896: 11884:. Retrieved 11874: 11862:. Retrieved 11848: 11838:27 September 11836:. Retrieved 11822: 11812:27 September 11810:. Retrieved 11798: 11786:. Retrieved 11772: 11758: 11744: 11708: 11694: 11680: 11668:. Retrieved 11656: 11644: 11630: 11613: 11599: 11567:. Retrieved 11554: 11537: 11523: 11511:. Retrieved 11483:. Retrieved 11471: 11459: 11447:. Retrieved 11427: 11415:. Retrieved 11405: 11393:. Retrieved 11380: 11368:. Retrieved 11358: 11346:. Retrieved 11336: 11324:. Retrieved 11314: 11302:. Retrieved 11289: 11257:. Retrieved 11253: 11243: 11231:. Retrieved 11223:The Guardian 11222: 11213: 11201:. Retrieved 11191: 11183:the original 11179:ec.europa.eu 11178: 11154:27 September 11152:. Retrieved 11121:. Retrieved 11075: 11058: 11050:the original 11040: 11028:. Retrieved 11024:the original 11014: 11008:. Bloomberg. 10999: 10987:. Retrieved 10982: 10955:. Retrieved 10925: 10913:. Retrieved 10908: 10899: 10887:. Retrieved 10883:The Guardian 10882: 10873: 10861:. Retrieved 10854:the original 10841: 10829:. Retrieved 10825: 10815: 10803:. Retrieved 10799:the original 10784: 10772:. Retrieved 10768:the original 10757: 10745:. Retrieved 10731: 10719:. Retrieved 10715: 10705: 10693:. Retrieved 10683: 10671:. Retrieved 10661: 10649:. Retrieved 10644: 10635: 10623:. Retrieved 10619: 10609: 10597:. Retrieved 10584: 10575: 10565: 10554: 10528: 10516: 10507: 10497: 10488: 10479: 10467:. Retrieved 10457: 10449:The Guardian 10448: 10438: 10426:. Retrieved 10417: 10405:. Retrieved 10401:the original 10394: 10385: 10364:cite journal 10352:. Retrieved 10342: 10333: 10313:The Guardian 10312: 10303: 10291:. Retrieved 10287:the original 10280: 10270: 10261: 10251: 10239:. Retrieved 10235:the original 10224: 10218:. Bloomberg. 10209: 10197:. Retrieved 10187: 10175:. Retrieved 10169: 10159: 10144: 10135: 10126: 10114:. Retrieved 10104: 10096:The Guardian 10095: 10085: 10073:. Retrieved 10069: 10048: 10039: 10033:. Bloomberg. 10024: 10012:. Retrieved 10007: 9998: 9986:. Retrieved 9976: 9964:. Retrieved 9960:the original 9935:. Retrieved 9929: 9919: 9907:. Retrieved 9902: 9893: 9882: 9856: 9830: 9818:. Retrieved 9813: 9803: 9791:. Retrieved 9786: 9777: 9765:. Retrieved 9760: 9750: 9738:. Retrieved 9728: 9716:. Retrieved 9711: 9701: 9687: 9675:. Retrieved 9666: 9654:. Retrieved 9649: 9640: 9628:. Retrieved 9618: 9606:. Retrieved 9602: 9592: 9580:. Retrieved 9573: 9564: 9552:. Retrieved 9548: 9538: 9526:. Retrieved 9523:IrishCentral 9522: 9512: 9500:. Retrieved 9493: 9484: 9472:. Retrieved 9466: 9437: 9426: 9417: 9405:. Retrieved 9392: 9372: 9365: 9353:. Retrieved 9343: 9331:. Retrieved 9320: 9308:. Retrieved 9303: 9294: 9282:. Retrieved 9277: 9268: 9258:10 September 9256:. Retrieved 9251: 9242: 9232:10 September 9230:. Retrieved 9226:eKathimerini 9225: 9216: 9207: 9198: 9187:the original 9174: 9165: 9156: 9120:. Retrieved 9076:the original 9051: 9042: 9028: 9019: 9007: 8998: 8986: 8977: 8968: 8956:. Retrieved 8952: 8909:. Retrieved 8895: 8886: 8876: 8864:. Retrieved 8859:eKathimerini 8857: 8848: 8836:. Retrieved 8832:the original 8827: 8818: 8806:. Retrieved 8796: 8784:. Retrieved 8779: 8770: 8758:. Retrieved 8751:the original 8738: 8726:. Retrieved 8719:the original 8702: 8690:. Retrieved 8686:the original 8676: 8661: 8656: 8644:. Retrieved 8638: 8628: 8616:. Retrieved 8602: 8593: 8584: 8575: 8563: 8544: 8538: 8526:. Retrieved 8509: 8497:. Retrieved 8495:. 4 May 2016 8483: 8471:. Retrieved 8467: 8457: 8445:. Retrieved 8438:the original 8409:. Retrieved 8405:the original 8391: 8379:. Retrieved 8376:The Guardian 8375: 8348:. Retrieved 8343: 8318:. Retrieved 8314:the original 8303: 8295:the original 8290: 8281: 8269:. Retrieved 8265:The Guardian 8264: 8254: 8242:. Retrieved 8210:. Retrieved 8200: 8188:. Retrieved 8183:Sueddeutsche 8181: 8157:. Retrieved 8152: 8143: 8131:. Retrieved 8127: 8117: 8105:. Retrieved 8094: 8082:. Retrieved 8077: 8068: 8056:. Retrieved 8051:Sueddeutsche 8049: 8040: 8028:. Retrieved 8023: 8014: 8002:. Retrieved 7996: 7986: 7974:. Retrieved 7969:The Guardian 7967: 7957: 7947:24 September 7945:. Retrieved 7941: 7923:, March 2010 7920: 7892: 7885: 7873:. Retrieved 7868: 7858: 7846:. Retrieved 7839:the original 7834: 7822: 7813: 7807: 7795:. Retrieved 7793:. April 2012 7790: 7781: 7769:. Retrieved 7767:. April 2013 7764: 7755: 7743:. Retrieved 7736:the original 7731: 7719: 7707:. Retrieved 7702: 7693: 7681:. Retrieved 7670: 7661: 7652: 7642: 7633: 7624: 7612:. Retrieved 7609:Ekathimerini 7608: 7598: 7586:. Retrieved 7581: 7572: 7560:. Retrieved 7556:The Guardian 7555: 7545: 7533:. Retrieved 7526:the original 7521: 7509: 7497:. Retrieved 7480: 7468:. Retrieved 7461:the original 7444: 7432:. Retrieved 7407:. Retrieved 7403:The Guardian 7402: 7375:. Retrieved 7371: 7361: 7349:. Retrieved 7345:The Guardian 7344: 7319:. Retrieved 7309: 7297:. Retrieved 7292: 7283: 7271:. Retrieved 7267: 7242:. Retrieved 7238:the original 7228: 7216:. Retrieved 7212: 7202: 7194:the original 7189: 7180: 7168:. Retrieved 7164:the original 7154: 7142:. Retrieved 7137: 7128: 7116:. Retrieved 7112: 7078:cite journal 7070:the original 7059: 7047:. Retrieved 7043: 7015:. Retrieved 7011: 6987:. Retrieved 6983:the original 6978: 6954:. Retrieved 6923:. Retrieved 6918: 6894:. Retrieved 6889: 6866: 6856: 6844:. Retrieved 6834: 6825: 6816: 6805: 6796: 6784:. Retrieved 6780:the original 6773: 6764: 6752:. Retrieved 6746:Der Standard 6744: 6720:. Retrieved 6714: 6704: 6692:. Retrieved 6688: 6678: 6657: 6640: 6634: 6622:. Retrieved 6617: 6596: 6587: 6570: 6566: 6556: 6548:Academia.edu 6547: 6538: 6526:. Retrieved 6521: 6512: 6503: 6466:cite journal 6417: 6411: 6399:. Retrieved 6379: 6375: 6365: 6353:. Retrieved 6349: 6339: 6325:cite journal 6298: 6294: 6284: 6272:. Retrieved 6263: 6254: 6219:. Retrieved 6212: 6202: 6167: 6163: 6105: 6101: 6058:20 September 6056:. Retrieved 6052:The Guardian 6051: 6041: 6029:. Retrieved 6024: 6015: 5995: 5862: 5706:Labour Party 5672: 5644: 5641: 5630: 5622: 5617:€109 billion 5610: 5601: 5594: 5590: 5583: 5566: 5548: 5546: 5530:George Soros 5527: 5499: 5498: 5490:Ross Douthat 5486: 5461: 5435: 5424: 5413: 5409: 5401:depreciation 5393: 5369: 5351: 5345: 5336: 5321: 5305: 5285: 5277: 5271: 5258: 5245: 5234: 5202: 5193: 5182: 5175: 5148: 5136: 5109: 5065: 5055:moral hazard 5052: 5041: 5030: 5017: 4995: 4992:West Germany 4981: 4963:Harald Spehl 4960: 4951: 4947: 4941: 4936: 4928: 4921: 4910: 4883: 4861: 4841: 4814: 4803: 4789: 4785:moral hazard 4777: 4762: 4754:Paul Krugman 4746: 4715: 4700: 4696: 4670: 4669: 4664:Barack Obama 4661: 4645: 4636: 4628: 4614:Paul Krugman 4611: 4607: 4603: 4598:Ben Bernanke 4594: 4578: 4546: 4542: 4538: 4498: 4471: 4462: 4442: 4418: 4406: 4387: 4379: 4373: 4340: 4332: 4283: 4279: 4235: 4214: 4167: 4156:Paul Krugman 4153: 4134:Piraeus Bank 4128:, Eurobank, 4080: 4059: 4050:refusal (PM 4047: 4033: 4020:fiscal union 4012: 3985: 3970: 3954: 3920: 3911: 3903: 3893:€200 billion 3890: 3886:€325 billion 3882:€489 billion 3875: 3836:Jürgen Stark 3833: 3830:Resignations 3819:Mario Draghi 3811: 3803: 3795: 3787:real economy 3760: 3757: 3737:€300 billion 3718: 3707: 3680:basis points 3672: 3648: 3643: 3628: 3626: 3618: 3599: 3591: 3584: 3547: 3529: 3517:€500 billion 3514: 3510:€444 billion 3506:€148 billion 3502:€164 billion 3490: 3462: 3458:carry trades 3450: 3438: 3434: 3426: 3407: 3403: 3379: 3371: 3366: 3357: 3349: 3340: 3332: 3315: 3306: 3290: 3273: 3245: 3236: 3182: 3137: 3124: 3075: 3062: 3013: 3003: 2957: 2947: 2896: 2883: 2835: 2825: 2774: 2764: 2716: 2706: 2702:(up till 86) 2646: 2639: 2593: 2583: 2528: 2515: 2472: 2337:"Y out of X" 2336: 2326: 2269: 2266: 2230: 2222: 2211: 2200: 2177: 2165: 2163: 2147: 2139: 2126: 2117: 2086: 2075: 2073: 2065: 2061: 2046: 2022:public works 2011: 2009: 1994: 1951: 1947: 1939: 1931: 1902: 1898: 1883: 1842: 1834: 1825: 1821: 1805: 1787: 1784: 1779: 1776: 1745: 1731: 1728: 1721: 1713: 1711: 1695: 1687: 1683: 1674: 1667: 1655:€107 billion 1651:€206 billion 1643: 1639:€130 billion 1636: 1630:system. The 1585: 1581: 1562: 1526:€130 billion 1502:€110 billion 1491: 1463: 1451: 1440: 1420: 1361: 1353: 1339: 1324: 1304: 1289: 1252: 1130:moral hazard 1122: 1088:securitising 1072: 1065:Comparative 1064: 1060: 1032: 1028: 2 year 1022: 3 year 1016: 5 year 1010: 7 year 863: 1 year 857: 5 year 834:Greek bonds 825:10 year bond 815:10 year bond 805:10 year bond 795:10 year bond 785:10 year bond 775:10 year bond 765:10 year bond 649: 628: 611: 566: 562: 558: 556: 301:(April 2009) 215: 130: 120:January 2024 117: 85: 61: 46: 29: 25342:Urban areas 25205:Enlargement 24883:Citizenship 24632:LGBT rights 24470:Independent 24285:Euro summit 24201:Secretariat 24178:Legislature 24034:Withdrawals 23589:Irish pound 23579:German Mark 23483:Enlargement 23148:Netherlands 22784:Euro summit 22508:(2017–2018) 22493:(2016–2022) 22449:(2014–2022) 22209:(2007–2009) 22174:(2003–2008) 22123:(2000–2004) 22072:(1994–1996) 22050:(1992–1994) 22035:(1991–2000) 21999:(1990–1992) 21991:(1990–1992) 21961:(1986–1995) 21924:(1982–1994) 21914:(1982–2007) 21896:(1980–1982) 21874:(1975–1982) 21866:(1973–1982) 21837:(1973–1980) 21827:(1973–1982) 21798:(1945–1973) 21763:(1921–1923) 21755:(1917–1924) 21745:(1918–1939) 21667:(1890–1893) 21620:(1870–1914) 21562:(1845–1856) 21522:(1815–1816) 21471:(1769–1784) 21454:(1760–1840) 21417:(1621–1623) 21399:(1544–1551) 21381:(1000–1760) 21280:Flash crash 21250:Debt crisis 21048:UK students 20715:Tooze, Adam 20545:14 February 20523:13 February 20497:11 November 20394:25 February 20227:16 February 20214:Open Europe 20194:MarketWatch 20087:24 December 20072:Worldcrunch 19759:eGovMonitor 19223:Irish Times 18483:10 November 18294:11 December 18268:11 December 18057:Der Spiegel 18005:MarketWatch 17128:Der Spiegel 17010:Die Gazette 16912:(in German) 16769:15 February 16730:Norma Cohen 16714:15 February 16486:21 November 16460:21 November 16438:21 November 16320:Irish Times 16144:(1): 7–30. 15794:Martin Wolf 15622:17 November 15568:11 November 15528:11 November 15375:19 February 15344:26 February 15316:20 November 15294:19 February 15269:19 February 15190:5 September 15094:10 November 15068:10 November 15042:19 February 14922:26 December 14814:10 November 14717:18 February 14673:15 November 14640:15 November 14614:15 November 14583:15 November 14557:15 February 14389:. Bbc.co.uk 13956:29 February 13934:29 February 13907:21 December 13879:29 February 13794:12 February 13787:MarketWatch 13663:MarketWatch 13537:13 February 13160:MarketWatch 12738:24 February 12477:29 December 12124:. Imf.org. 12076:. Imf.org. 12058:24 November 11830:. Imf.org. 11370:13 December 11304:14 December 10262:larioja.com 10014:24 November 9816:(in French) 9582:17 November 9549:The Journal 9474:21 November 9284:5 September 9208:Kathimerini 9166:Kathimerini 8828:Kathimerini 8786:1 September 8760:12 November 8271:21 February 8244:21 February 8159:29 February 7875:13 February 7614:16 February 7562:14 February 7455:. Piraeus: 7434:13 February 7377:29 December 7351:29 December 7321:29 December 7299:29 December 7273:29 December 7244:30 December 7049:5 September 7017:2 September 6919:DerStandard 6846:13 November 6826:Der Spiegel 6786:6 September 6401:22 December 5826:PASOK party 5811:Mario Monti 5786:Robert Fico 5766:Janez Janša 5754:Borut Pahor 5698:Brian Cowen 5691:Green Party 5687:Fianna Fáil 5655:bad banking 5561:-based NGO 5543:Odious debt 5537:Odious debt 5328:hedge funds 5318:Speculators 5301:Anglo-Saxon 5225:credit risk 4825:white paper 4677:Mrs. Merkel 4652:Daniel Gros 4588:called the 4521:€10 billion 4513:€20 billion 4381:Der Spiegel 4261:€10 billion 4253:€40 billion 4223:Martin Wolf 3860:Peter Praet 3660:commodities 3634:Richard Koo 3607:€35 billion 3564:€60 billion 3463:The dollar 2466:(billion €) 2459:(billion €) 2450:(billion €) 2441:(billion €) 2432:(billion €) 2423:(billion €) 2414:(billion €) 2405:(billion €) 2392:(billion €) 2383:(billion €) 2034:public debt 1981:public debt 1979:Portugal's 1927:junk status 1918:€34 billion 1914:€85 billion 1870:Public debt 1707:€20 billion 1703:€62 billion 1600:BNP Paribas 1596:devaluation 1467:€45 billion 1399:public debt 1344:Swiss franc 1285:liquidation 1123:Fragmented 1099:in certain 1039:devaluation 615:devaluation 571:debt crisis 437:Freddie Mac 277:(July 2008) 108:subheadings 25386:Categories 25317:Directives 25215:Statistics 25037:Healthcare 24776:Eurosphere 24681:Currencies 24652:Withdrawal 24627:Regulation 24432:EIB Group 24377:Eurosystem 24245:Presidency 24206:Committees 24146:Statistics 23816:Since 2004 23498:Withdrawal 23321:Montenegro 23196:San Marino 23138:Luxembourg 23044:500 € 23039:200 € 23034:100 € 22769:Eurosystem 21301:Accounting 21062:Background 20907:By country 20449:23 October 20271:Al Jazeera 20009:Presseurop 19931:5 February 19593:|url= 19455:Debtocracy 19234:9 December 19201:9 December 19121:. London. 18477:Google/IMF 18457:8 November 18370:8 November 18327:30 January 17862:20 January 17624:7 December 17326:. London. 17167:17 October 17014:Presseurop 16990:20 January 16916:27 January 16850:. p. 16685:9 November 16619:27 January 16591:27 January 16563:29 January 16383:27 October 16357:27 October 16331:27 October 15850:29 January 15807:9 December 15674:. Fpif.org 15655:9 November 15403:10 January 15136:15 October 15088:Google/IMF 15062:Google/IMF 14808:Google/IMF 14526:7 February 14522:. New York 14370:9 December 14344:9 December 14317:5 February 14285:9 December 14259:2 December 14230:2 December 13838:27 January 13689:NZZ Online 13593:1 December 13563:1 December 13504:Die Presse 13405:27 October 13379:27 October 13353:9 December 13137:3 December 12535:28 October 12503:5 February 12451:3 December 12429:3 December 12407:8 December 12379:8 December 11864:25 January 11569:22 January 11030:23 January 10831:29 January 10741:Al Jazeera 10599:28 October 10531:. London. 10428:14 October 9966:17 October 9677:14 October 9554:30 January 9376:. Norton. 9252:EUBusiness 9122:10 October 8911:7 November 8528:28 January 8401:Presseurop 8381:20 January 8344:Greece@LSE 8133:14 October 8030:23 January 8004:23 January 7771:4 November 7709:30 January 7683:4 November 7588:9 February 7409:1 February 7372:EUobserver 6989:30 January 6956:14 October 6896:7 November 6722:8 December 6716:EUobserver 6624:14 October 6217:. New York 6007:References 5818:referendum 5807:government 5793:right-wing 5788:became PM. 5745:became PM. 5737:announced 5710:Enda Kenny 5613:collateral 5568:Debtocracy 5550:Libération 5374:and other 5288:Papandreou 4931:wealth tax 4658:Commentary 4401:See also: 4275:tax havens 4249:think tank 4126:Alpha Bank 3870:See also: 3817:president 3798:bank rates 3744:swap lines 3702:See also: 3621:referendum 3587:€5 billion 3553:using the 3251:Laiki Bank 3145:2012-07-23 3084:2013-09-27 3022:2011-03-01 2966:2009-05-01 2904:2011-05-01 2843:2008-12-01 2782:2010-11-01 2724:2008-11-01 2655:2015-08-19 2602:2010-05-01 2481:2011-12-15 2388:World Bank 2375:Time span 2305:> 90%, 2289:< 30%, 2233:Laiki Bank 2104:See also: 1614:and even " 1606:warned of 1542:€6 billion 1336:€9 billion 1192:> 80%, 1176:< 40%, 1169:< 20%, 1160:). Legend: 1144:See also: 432:Fannie Mae 104:condensing 25265:Languages 25244:Douzelage 25088:relations 24888:passports 24811:Euromyths 24715:Transport 24593:Directive 24421:EU bodies 24367:President 24324:Judiciary 24297:President 24280:President 24267:Executive 24255:Eurogroup 24211:Elections 24191:President 24088:Geography 24076:Geography 23133:Lithuania 23029:50 € 23024:20 € 23019:10 € 23006:Banknotes 22996:Euro mint 22901:Petroeuro 22779:Eurogroup 22721:Euro sign 22559:Recession 21552:1840–1870 20975:By region 20968:Responses 20707:143248038 20673:154326073 20471:17 August 20416:USA Today 20174:4 October 20148:17 August 20111:Bloomberg 19982:Economist 19739:1 January 19732:Euromoney 19621:20 August 19528:153617560 19406:7 October 19283:2 October 19041:2 October 18956:0261-3077 18337:cite news 17744:Bloomberg 17598:9 January 17134:6 October 16512:9 January 16215:153684746 16158:1350-1763 15487:cite news 15437:Cambridge 14547:The Times 13511:3 January 13400:USA Today 13103:Economist 11980:7 October 11123:19 August 10529:Telegraph 10451:. London. 10098:. London. 9988:9 January 9814:Le Figaro 9656:9 January 9630:13 August 9310:31 August 8866:4 October 8838:4 October 8808:7 October 8238:Eurogroup 6673:, p. 274. 6528:6 January 6396:225624817 6382:(3): 18. 6355:6 October 6186:1094-2939 6122:0010-4140 5702:Fine Gael 5695:Taoiseach 5683:30th Dáil 5416:Poundland 5397:Bloomberg 5151:Big Three 5031:The EU's 4952:inflation 4948:austerity 4780:eurobonds 4774:Eurobonds 4768:Eurobonds 4390:bank rate 4376:Olli Rehn 4343:Keynesian 4294:austerity 4231:exogenous 4177:austerity 4172:Olli Rehn 4096:Portugal 4029:euro area 3807:deflation 3723:It began 3714:liquidity 3479:from the 2670:Oct.2015) 2410:Bilateral 2371:EU member 1792:Eurogroup 1494:austerity 1455:about 10% 1397:Greece's 1369:bank rate 1298:existing 1296:refinance 427:Citigroup 287:APEC Peru 151:Lithuania 112:talk page 100:splitting 98:Consider 25432:Eurozone 25366:Category 25280:Religion 25086:Foreign 25074:VAT Area 24954:Eurozone 24850:Policies 24764:Concepts 24756:Politics 24696:Eurozone 24647:opt-outs 24642:Treaties 24532:Military 24509:Advisory 24493:Agencies 24133:Regions 23791:Founders 23778:Timeline 23510:and euro 23264:Bulgaria 23163:Slovenia 23158:Slovakia 23153:Portugal 23065:Eurozone 23014:5 € 22966:2 € 22961:1 € 22815:Six pack 22731:Language 22726:Eurozone 21215:Bank run 21011:Specific 20992:Portugal 20944:Portugal 20717:(2018). 20573:21 April 20517:CBC News 20277:27 March 20250:26 March 20076:Die Welt 19871:BBC News 19821:. London 19794:. London 19642:Newsweek 19584:cite web 19373:NY Books 19123:Archived 18961:20 April 18857:Archived 18846:Archived 18722:21 April 18597:. London 18508:. London 18394:. London 18233:29 April 18143:. London 18032:BBC News 17979:. London 17887:16 April 17857:Die Welt 17693:24 April 17663:24 April 17594:. London 17357:. London 17328:Archived 17292:BBC News 17108:28 March 17024:12 March 16884:Die Zeit 16838:(2013). 16796:21 April 16554:Archived 16166:46417329 16081:3 August 16051:3 August 16023:1 August 15919:3 August 15891:3 August 15741:15 April 15478:Le Monde 15015:BBC News 14971:BBC News 14887:. London 14788:3 August 14739:Archived 14713:. London 14693:page vii 14340:. London 14226:. London 14200:15 April 14175:Archived 14029:3 August 13930:. London 13875:. London 13642:15 April 13373:BBC News 13326:26 April 13300:26 April 13255:26 April 13229:26 April 13203:26 April 13109:3 August 13080:16 March 13021:15 April 12994:15 April 12945:15 April 12918:15 April 12891:15 April 12864:15 April 12765:15 April 12607:Archived 12581:Archived 12561:24 March 12555:Archived 12526:Archived 12497:Archived 12471:Archived 12370:Archived 12338:Archived 12268:Archived 12239:Archived 12207:Archived 12180:26 April 12174:Archived 12126:Archived 12078:Archived 12052:Archived 11974:Archived 11948:Archived 11886:26 April 11858:Archived 11832:Archived 11782:Archived 11661:Archived 11513:3 August 11476:Archived 11449:25 March 11440:Archived 11417:24 March 11395:20 April 11348:23 April 11326:24 March 11259:13 March 11233:13 March 11227:Archived 11203:24 April 11114:Archived 10957:25 March 10915:19 March 10889:16 March 10863:26 March 10805:26 March 10774:26 March 10747:26 March 10645:El paisl 10533:Archived 10469:26 March 10241:3 August 9909:3 August 9903:BBC News 9867:Archived 9841:Archived 9650:BBC News 9278:Eurostat 8468:BBC News 8411:12 March 8350:27 March 8267:. London 8212:18 April 8190:13 March 8078:BBC News 8058:3 August 7993:"Greece" 7871:. London 7869:Guardian 7835:Eurostat 7791:Eurostat 7765:Eurostat 7732:Eurostat 7676:Eurostat 7653:Guardian 7634:Guardian 7558:. London 7522:Eurostat 7405:. Athens 7347:. London 7293:BBC News 7138:BBC News 7044:Eurostat 7012:Eurostat 6890:BBC News 6694:15 April 6649:23287217 6522:BBC News 6268:Archived 6264:CBS News 6194:15431111 6130:18181290 5885:See also 5876:lost to 5689:and the 5557:and the 5514:Eurobond 5346:Guardian 5221:solvency 5209:Basel II 5130:and the 5088:eurozone 4972:The Left 4956:flat tax 4903:private 4625:Progress 4586:identity 4527:Progress 4362:Progress 4104:Ireland 4088:Country 4048:de facto 3781:and the 3750:support. 3733:Rabobank 2898:Portugal 2333:eurozone 2018:slippage 1957:Portugal 1612:bank run 1548:and the 1432:shipping 1310:and the 932:in 2011 885:Portugal 773:Portugal 715:Portugal 623:bailouts 587:Portugal 579:eurozone 521:Timeline 482:Americas 422:Chrysler 88:too long 25357:Outline 25290:Symbols 25231:Culture 24720:TRACECA 24664:Economy 24472:offices 23769:History 23414:General 23406:History 23289:Romania 23279:Hungary 23274:Denmark 23186:Andorra 23118:Ireland 23108:Germany 23098:Finland 23093:Estonia 23083:Croatia 23078:Belgium 23073:Austria 22829:Economy 22699:General 21315:Funding 21308:Capital 20987:Ireland 20959:Ukraine 20934:Ireland 20929:Iceland 20914:Belgium 20754:by the 20623:2155524 20492:Reuters 20368:12 July 20331:12 July 19615:Reuters 19576:1585955 19536:1738539 19497:1323190 19491:: 253. 19438:18 July 19345:17 June 19164:18 July 19129:18 July 19096:17 June 18828:11 June 18661:26 July 18084:Reuters 17754:24 June 17723:24 June 17478:Reuters 17436:30 July 17426:Reuters 17192:12 July 17082:2 April 17055:2 April 16910:Faz.net 16743:21 July 16506:Spiegel 16480:Reuters 16415:2294100 16299:Merkel) 16292:17 June 16266:17 June 16240:17 June 15941:27 July 15168:14 July 15126:Reuters 15111:Reuters 14978:25 July 14950:25 July 14499:29 June 14469:29 June 14444:29 June 14280:Reuters 14001:16 June 12832:Reuters 12706:Reuters 12613:10 June 12587:10 June 12344:11 June 12277:11 June 12245:11 June 12216:11 June 11954:11 June 11788:20 July 11670:19 July 10909:Reuters 10721:25 June 10651:4 April 10049:El Pais 9937:30 June 9767:28 June 9761:Público 9712:Público 9608:30 July 9355:30 June 9304:Reuters 8978:Reuters 8473:5 April 8447:2 April 8320:30 July 8291:Reuters 8153:Reuters 8107:3 March 7848:5 March 7797:27 June 7745:5 March 7535:5 March 7499:2 March 7470:9 March 6754:30 July 6599:. 2009. 6031:22 July 5824:of the 5796:cabinet 5155:Moody's 5116:Moody's 5086:). For 4218:save up 4122:Greece 3779:Britain 3754:rating. 3684:Euribor 3649:Beyond 3576:Moody's 3227:544.05 3077:Romania 3015:Romania 2959:Romania 2776:Ireland 2718:Hungary 2216:or the 2049:Moody's 2001:Ireland 1923:Moody's 1847:Ireland 1628:TARGET2 1588:default 1483:default 1436:tourism 1264:bailout 823:Germany 783:Ireland 742:Germany 733:Ireland 609:(IMF). 591:Ireland 565:or the 509:Oceania 470:Regions 143:Estonia 86:may be 57:Discuss 25371:Portal 24676:Budget 24573:Acquis 24534:bodies 24511:bodies 24160:Bodies 23457: 23446: 23435: 23316:Kosovo 23294:Sweden 23284:Poland 23191:Monaco 23128:Latvia 23113:Greece 23103:France 23088:Cyprus 22774:Ecofin 22693:topics 22485:(2016) 22131:(2001) 22115:(1999) 21932:(1982) 21771:(1927) 21718:(1910) 21689:(1894) 21659:(1890) 21651:(1886) 21607:(1869) 21441:(1720) 21433:(1720) 21425:(1637) 21322:Market 21050:(2010) 21044:(2010) 21038:(2010) 21032:(2010) 21026:(2009) 21020:(2009) 20982:Greece 20949:Russia 20939:Latvia 20924:Greece 20919:Cyprus 20900:Europe 20729: 20723:Viking 20705: 20671: 20621: 20427:21 May 20358:Sanoma 20305:24 May 20299:Forbes 19988:16 May 19962:17 May 19903:16 May 19877:16 May 19851:16 May 19825:16 May 19798:16 May 19769:16 May 19711:17 May 19679:17 May 19649:16 May 19574: 19534: 19526: 19495: 19461: 19380:14 May 19316:5 June 19068:1 June 19013:25 May 18987:25 May 18954: 18908:20 May 18789:14 May 18740:, 1997 18628:27 May 18601:11 May 18571:11 May 18538:11 May 18512:11 May 18424:13 May 18398:13 May 18037:13 May 18011:13 May 17983:13 May 17679:"ESMA" 17568:14 May 17546:14 May 17524:14 May 17502:14 May 17409:. CNN. 16942:14 May 16889:14 May 16858: 16584:Vox EU 16413: 16213: 16164: 16156: 15782:. CNN. 15447: 15368:Vox EU 15224:14 May 14891:16 May 14836:18 May 14393:16 May 14157:14 May 14133:14 May 13766:5 June 13729:5 June 13696:14 May 13615:10 May 13483:21 May 13427:16 May 13193:Xinhua 13048:16 May 12967:10 May 12837:21 May 12792:10 May 12712:10 May 12686:16 May 12651:16 May 11485:19 May 10989:19 May 10695:18 May 10673:18 May 10625:15 May 10407:12 May 10354:12 May 10293:14 May 10199:25 May 10177:26 May 10116:16 May 10075:18 May 9820:5 July 9793:5 July 9740:5 July 9718:5 July 9528:6 June 9502:6 June 9407:14 May 9380: 9333:6 June 8958:15 May 8728:17 May 8692:16 May 8668: 8646:16 May 8618:17 May 8551: 7976:16 May 7900: 7672:Google 6925:18 May 6748:Online 6669: 6647: 6428: 6394: 6274:6 July 6221:14 May 6192: 6184: 6128: 6120: 5681:, the 5169:, and 4968:Greens 4915:& 4819:. The 4140:Spain 3771:Canada 3765:, the 3682:above 3224:136.3 3221:175.3 3200:104.9 2837:Latvia 2648:Greece 2595:Greece 2530:Cyprus 2474:Cyprus 2310: 2308: 2303: 2301: 2294: 2292: 2287: 2285: 2183:Cyprus 2121:Bankia 2030:credit 1997:Greece 1813:Syriza 1592:Nomura 1520:, the 1514:Troika 1504:loan ( 1375:Greece 1320:Troika 1206: 1204: 1197: 1195: 1190: 1188: 1181: 1179: 1174: 1172: 1167: 1165: 1026: 1020: 1014: 1008: 1002: 988: 982: 976: 970: 953: 947: 941: 935: 917: 911: 905: 899: 893: 873: 867: 861: 855: 849: 843: 837: 821: 819: 813:France 811: 809: 801: 799: 791: 789: 781: 779: 771: 769: 763:Greece 761: 759: 740: 738: 731: 729: 724:France 722: 720: 713: 711: 704: 702: 695: 693: 688:Greece 686: 684: 655:Causes 619:bubble 595:Cyprus 583:Greece 504:Europe 477:Africa 230:Causes 147:Latvia 53:merged 25304:Lists 24417:Other 23365:Other 23168:Spain 23143:Malta 23123:Italy 22923:Coins 22846:Eonia 21159:See: 21147:PIIGS 20997:Spain 20954:Spain 20703:S2CID 20669:S2CID 20649:(PDF) 20221:(PDF) 20210:(PDF) 20121:5 May 19524:S2CID 19400:CADTM 18763:2 May 18693:(19). 18451:(PDF) 18444:(PDF) 18361:(PDF) 18201:2 May 18175:2 May 18147:2 May 18120:2 May 18089:2 May 18063:2 May 17956:2 May 17836:2 May 17810:2 May 17780:2 May 17391:2 May 17361:2 May 17334:2 May 17298:2 May 17272:2 May 17246:2 May 17220:2 May 17186:(PDF) 17161:(PDF) 17154:(PDF) 16818:(PDF) 16705:(PDF) 16679:(PDF) 16668:(PDF) 16645:5 May 16557:(PDF) 16532:(PDF) 16211:S2CID 16162:S2CID 15715:. CIA 15678:5 May 15562:(PDF) 15551:(PDF) 15519:(PDF) 14463:(PDF) 14195:(PDF) 14152:(PDF) 13668:5 May 13074:(PDF) 13067:(PDF) 12815:. UK. 12529:(PDF) 12522:(PDF) 12401:(PDF) 12373:(PDF) 12366:(PDF) 12334:(PDF) 12317:(PDF) 12296:(PDF) 12271:(PDF) 12264:(PDF) 12235:(PDF) 12210:(PDF) 12199:(PDF) 12030:(PDF) 12013:(PDF) 11807:(PDF) 11736:(PDF) 11664:(PDF) 11653:(PDF) 11622:(PDF) 11591:(PDF) 11563:(PDF) 11546:(PDF) 11507:(PDF) 11479:(PDF) 11468:(PDF) 11443:(PDF) 11436:(PDF) 11389:(PDF) 11298:(PDF) 11281:(PDF) 11117:(PDF) 11110:(PDF) 11067:(PDF) 10979:(PDF) 10951:(PDF) 10857:(PDF) 10850:(PDF) 10593:(PDF) 9190:(PDF) 9183:(PDF) 9148:(PDF) 9099:(PDF) 9079:(PDF) 9072:(PDF) 9016:(PDF) 8995:(PDF) 8754:(PDF) 8747:(PDF) 8722:(PDF) 8715:(PDF) 8572:(PDF) 8519:(PDF) 8499:9 May 8441:(PDF) 8434:(PDF) 8346:. LSE 8234:(PDF) 8084:5 May 7842:(PDF) 7831:(PDF) 7739:(PDF) 7728:(PDF) 7529:(PDF) 7518:(PDF) 7489:(PDF) 7464:(PDF) 7453:(PDF) 7218:5 May 7170:6 May 7144:6 May 7118:6 May 6645:JSTOR 6392:S2CID 6190:S2CID 6126:S2CID 5987:Notes 5559:Liège 5420:Dealz 5268:Media 5124:Fitch 3775:Japan 3746:with 3572:Fitch 3469:swaps 3465:Libor 3218:46.8 3215:52.9 3212:13.4 3203:6.05 3139:Spain 3038:1.15 2941:26.0 2819:18.4 2813:22.5 2792:22.5 2627:52.9 2142:Spain 2100:Spain 1340:bunds 1093:PASOK 803:Italy 793:Spain 706:Spain 697:Italy 24897:list 24701:Euro 24062:2020 24057:2012 24052:1985 24047:1984 24042:1962 24024:2013 24019:2007 24014:2004 24009:1995 24004:1990 23999:1986 23994:1981 23989:1973 23984:1954 23960:2012 23951:2012 23341:ERM 22691:Euro 22252:2009 21357:1000 21355:Pre- 20859:CIGI 20727:ISBN 20619:SSRN 20611:9154 20575:2012 20547:2012 20525:2012 20499:2011 20473:2013 20451:2011 20429:2012 20396:2012 20370:2011 20333:2011 20307:2011 20279:2011 20252:2013 20229:2012 20176:2011 20150:2013 20123:2014 20089:2012 20053:2011 20022:2011 19990:2011 19964:2011 19933:2013 19905:2011 19879:2011 19853:2011 19827:2011 19800:2011 19771:2011 19741:2014 19713:2011 19681:2011 19651:2011 19623:2010 19597:help 19572:SSRN 19557:help 19532:SSRN 19512:SSRN 19493:SSRN 19459:ISBN 19440:2012 19408:2011 19382:2012 19347:2012 19318:2012 19285:2011 19258:2011 19236:2011 19203:2011 19166:2012 19131:2011 19098:2011 19070:2011 19043:2011 19015:2011 18989:2011 18963:2020 18952:ISSN 18910:2012 18830:2011 18791:2012 18765:2010 18724:2012 18663:2011 18630:2010 18624:. UK 18603:2010 18573:2010 18540:2010 18514:2010 18485:2012 18459:2011 18426:2010 18400:2010 18372:2011 18343:link 18329:2014 18296:2011 18270:2011 18235:2010 18203:2010 18177:2010 18149:2010 18122:2010 18110:Time 18091:2010 18065:2010 18039:2010 18013:2010 17985:2010 17958:2010 17932:link 17889:2012 17864:2012 17838:2010 17812:2010 17782:2010 17756:2011 17725:2011 17695:2011 17665:2011 17626:2011 17600:2017 17570:2012 17548:2012 17526:2012 17504:2012 17438:2012 17393:2010 17363:2010 17336:2010 17300:2010 17274:2010 17248:2010 17222:2010 17194:2012 17169:2011 17136:2011 17110:2012 17084:2012 17057:2012 17026:2012 16992:2015 16944:2012 16918:2014 16891:2012 16856:ISBN 16798:2013 16771:2012 16745:2012 16716:2012 16687:2011 16647:2019 16621:2017 16593:2017 16565:2017 16514:2017 16488:2011 16462:2011 16440:2011 16411:SSRN 16385:2012 16359:2012 16333:2012 16294:2012 16268:2012 16242:2012 16154:ISSN 16119:help 16083:2013 16053:2013 16025:2012 15943:2012 15921:2013 15893:2013 15852:2017 15809:2011 15743:2011 15721:2011 15680:2010 15657:2013 15624:2011 15570:2012 15530:2012 15493:link 15445:ISBN 15405:2015 15377:2012 15346:2013 15318:2012 15296:2012 15271:2012 15226:2012 15192:2014 15170:2015 15138:2012 15096:2012 15070:2012 15044:2012 14980:2012 14952:2012 14924:2012 14893:2012 14838:2011 14816:2012 14790:2015 14719:2012 14675:2012 14658:and 14642:2012 14616:2012 14585:2012 14559:2010 14528:2012 14501:2012 14471:2012 14446:2012 14395:2012 14372:2011 14346:2011 14319:2013 14287:2011 14261:2011 14232:2011 14202:2011 14159:2012 14135:2012 14085:2012 14059:2012 14031:2012 14003:2012 13958:2012 13936:2012 13909:2011 13881:2012 13840:2012 13796:2012 13768:2014 13731:2014 13698:2012 13670:2010 13644:2011 13617:2010 13595:2011 13565:2011 13539:2012 13513:2012 13485:2010 13429:2012 13407:2011 13381:2011 13355:2011 13328:2011 13302:2011 13257:2011 13231:2011 13205:2011 13139:2011 13111:2012 13082:2012 13050:2012 13023:2011 12996:2011 12969:2010 12947:2011 12920:2011 12893:2011 12866:2011 12839:2010 12794:2010 12788:. UK 12767:2011 12740:2012 12714:2010 12688:2012 12653:2012 12615:2014 12589:2014 12563:2013 12537:2012 12505:2013 12479:2012 12453:2012 12431:2012 12409:2012 12381:2012 12346:2014 12279:2014 12247:2014 12218:2014 12182:2013 12156:2013 12134:2013 12108:2013 12086:2013 12060:2014 11982:2014 11956:2014 11888:2013 11866:2018 11840:2013 11814:2013 11790:2015 11672:2015 11571:2014 11515:2012 11487:2013 11451:2013 11419:2013 11397:2013 11372:2012 11350:2013 11328:2013 11306:2012 11261:2012 11235:2012 11205:2013 11156:2013 11125:2012 11032:2015 10991:2013 10959:2013 10917:2013 10891:2013 10865:2013 10833:2017 10807:2013 10776:2013 10749:2013 10723:2012 10697:2018 10675:2018 10653:2014 10627:2013 10601:2012 10471:2013 10430:2014 10409:2010 10377:help 10356:2010 10295:2012 10243:2013 10201:2012 10179:2012 10118:2012 10077:2014 10016:2012 9990:2017 9968:2012 9939:2012 9911:2013 9822:2018 9795:2018 9769:2018 9742:2018 9720:2018 9679:2014 9658:2014 9632:2014 9610:2012 9584:2011 9556:2014 9530:2012 9504:2012 9476:2011 9409:2012 9378:ISBN 9357:2012 9335:2012 9312:2018 9286:2018 9260:2018 9234:2018 9124:2012 8960:2013 8913:2012 8868:2012 8840:2012 8810:2012 8788:2012 8762:2012 8730:2012 8694:2012 8666:ISBN 8648:2012 8620:2012 8612:CNBC 8549:ISBN 8530:2017 8501:2016 8493:ESMT 8475:2012 8449:2012 8413:2012 8383:2015 8352:2012 8322:2012 8273:2012 8246:2012 8214:2012 8192:2012 8161:2012 8135:2014 8109:2012 8086:2014 8060:2012 8032:2012 8006:2012 7978:2012 7972:. UK 7949:2011 7898:ISBN 7877:2012 7850:2012 7799:2012 7773:2013 7747:2012 7711:2014 7685:2013 7616:2012 7590:2012 7564:2012 7537:2012 7501:2012 7472:2012 7436:2012 7411:2012 7379:2011 7353:2011 7323:2011 7301:2011 7275:2011 7246:2014 7220:2010 7172:2010 7146:2010 7120:2010 7091:help 7051:2018 7019:2020 6991:2014 6958:2018 6927:2014 6898:2013 6848:2012 6788:2011 6756:2012 6724:2011 6696:2011 6667:ISBN 6626:2014 6530:2014 6479:help 6426:ISBN 6403:2022 6357:2019 6331:link 6276:2013 6223:2012 6182:ISSN 6118:ISSN 6060:2011 6054:. UK 6033:2011 5853:and 5760:and 5326:and 5310:and 5122:and 5042:The 4970:and 4922:The 4890:OECD 4752:and 4741:and 3959:and 3931:EFSF 3708:The 3653:and 3578:and 3456:and 3385:FROB 3209:7.3 3206:1.1 3100:2.5 2988:5.0 2982:1.0 2979:1.0 2862:0.1 2859:0.4 2829:68.2 2801:4.8 2740:1.0 2597:I+II 2587:10.0 2580:9.0 2550:1.0 2497:2.5 2446:EFSF 2437:EFSM 2401:EBRD 2069:OMTs 1999:and 1724:MSCI 1712:The 1610:, a 1479:junk 1434:and 1227:(1). 1218:(1). 1148:and 593:and 557:The 499:Asia 149:and 24565:Law 23460:EMU 23455:III 23449:ERM 23438:ECU 22956:50c 22951:20c 22946:10c 20898:in 20695:doi 20661:doi 20633:". 19516:doi 18852:by 18806:by 16852:540 16612:FAZ 16546:doi 16403:doi 16203:doi 16146:doi 15981:RTÉ 15590:FAZ 15263:FAZ 15036:NYT 13557:ECB 13531:ECB 9495:RTÉ 9446:CNN 9402:CIA 8523:LSE 8128:WSJ 6575:doi 6454:doi 6384:doi 6311:hdl 6303:doi 6172:doi 6110:doi 6025:ECB 5855:PVV 5851:CDA 5847:VVD 5809:of 5446:or 5381:EMU 4856:Fed 4852:EMU 4490:VAT 3935:ESM 3927:OMT 3923:ECB 3814:DAX 3769:of 3570:by 3568:AAA 3525:ESM 3473:VIX 3279:PSI 3261:MoU 3079:III 2650:III 2522:2.5 2455:ESM 2428:GLF 2419:BoP 2397:EIB 2379:IMF 2237:MoU 2173:Axa 1670:LSE 1604:UBS 1322:". 1106:GDP 671:GDP 585:, 457:UBS 51:be 25388:: 23444:II 23343:II 22941:5c 22936:2c 22931:1c 20807:, 20803:, 20725:. 20701:. 20691:53 20689:. 20667:. 20657:36 20655:. 20651:. 20617:. 20613:. 20609:. 20603:. 20563:. 20515:. 20490:. 20413:. 20387:. 20350:. 20296:. 20269:. 20212:. 20192:, 20166:. 20109:. 20097:^ 20069:. 20039:. 20006:. 19980:. 19950:. 19921:. 19895:. 19869:. 19844:. 19817:. 19788:. 19757:. 19729:. 19697:. 19667:. 19639:. 19613:. 19588:: 19586:}} 19582:{{ 19548:: 19546:}} 19542:{{ 19530:. 19522:. 19514:. 19489:83 19487:. 19473:^ 19426:. 19398:. 19370:. 19359:^ 19349:. 19338:. 19326:^ 19308:. 19293:^ 19220:. 19187:. 19168:. 19157:. 19117:. 19087:. 19032:. 19006:. 18980:. 18950:. 18946:. 18927:. 18896:. 18877:. 18753:. 18716:91 18714:. 18708:. 18691:14 18689:. 18683:. 18647:. 18620:. 18593:. 18581:^ 18557:. 18531:. 18502:. 18475:. 18416:. 18390:. 18363:. 18339:}} 18335:{{ 18313:. 18286:. 18256:. 18252:. 18219:. 18165:. 18139:. 18108:. 18082:. 18055:. 18030:. 18002:. 17975:. 17948:. 17928:}} 17924:{{ 17914:41 17912:. 17906:. 17880:. 17855:. 17828:. 17798:. 17772:. 17742:. 17711:. 17681:. 17655:. 17617:. 17590:. 17578:^ 17494:. 17476:. 17464:^ 17424:. 17379:. 17353:. 17322:. 17308:^ 17290:. 17239:. 17211:. 17126:. 17101:. 17043:. 17012:. 17008:. 16960:. 16908:. 16882:. 16854:. 16820:. 16806:^ 16762:. 16736:. 16707:. 16670:. 16655:^ 16637:. 16609:. 16581:. 16552:. 16542:32 16540:. 16534:. 16504:. 16478:. 16423:^ 16409:. 16375:. 16349:. 16317:. 16306:^ 16296:. 16285:. 16259:. 16209:. 16199:22 16197:. 16160:. 16152:. 16142:25 16140:. 16136:. 16110:: 16108:}} 16104:{{ 16073:. 16041:. 16016:. 15979:. 15959:. 15910:. 15826:. 15800:. 15770:^ 15760:. 15697:. 15643:. 15632:^ 15614:. 15603:^ 15587:. 15553:. 15538:^ 15521:. 15510:; 15489:}} 15485:{{ 15475:. 15443:. 15439:: 15435:. 15393:. 15365:. 15348:. 15334:. 15287:. 15261:. 15243:. 15212:. 15160:. 15146:^ 15124:. 15086:. 15060:. 15034:. 15023:^ 15013:. 14996:, 14968:. 14940:. 14914:. 14901:^ 14883:. 14865:, 14861:: 14846:^ 14806:. 14760:. 14727:^ 14709:. 14666:. 14633:. 14602:. 14545:. 14518:. 14492:. 14473:. 14437:. 14363:. 14336:. 14303:. 14278:. 14251:. 14240:^ 14222:. 14210:^ 14076:. 14048:. 14019:. 13994:. 13975:. 13926:. 13898:. 13871:. 13826:. 13784:. 13757:. 13739:^ 13706:^ 13686:. 13661:. 13581:. 13555:. 13529:. 13501:. 13462:, 13445:, 13398:. 13371:. 13336:^ 13293:. 13274:. 13248:. 13191:. 13158:, 13147:^ 13127:. 13101:. 13090:^ 12830:. 12811:. 12784:. 12731:. 12704:. 12389:^ 12354:^ 12298:. 12201:. 12032:. 11722:^ 11655:. 11579:^ 11495:^ 11470:. 11269:^ 11252:. 11221:. 11177:. 11164:^ 11133:^ 11090:^ 10981:. 10967:^ 10939:^ 10907:. 10881:. 10824:. 10793:. 10739:. 10714:. 10643:. 10618:. 10574:. 10553:. 10541:^ 10527:. 10506:. 10487:. 10447:. 10393:. 10368:: 10366:}} 10362:{{ 10332:. 10320:^ 10311:, 10279:. 10260:. 10168:. 10134:. 10094:. 10068:. 10057:^ 10047:. 10006:. 9947:^ 9928:. 9901:. 9873:, 9847:, 9785:. 9648:. 9601:. 9572:. 9547:. 9521:. 9492:. 9465:. 9453:^ 9444:, 9425:. 9400:. 9302:. 9276:. 9250:. 9224:. 9206:. 9164:. 9132:^ 9107:^ 9087:^ 9060:^ 9050:. 9018:. 8997:. 8976:. 8951:. 8921:^ 8903:. 8885:. 8856:. 8826:. 8778:. 8710:. 8637:. 8610:. 8592:. 8574:. 8521:. 8491:. 8466:. 8421:^ 8399:. 8374:. 8360:^ 8342:. 8330:^ 8289:. 8263:. 8236:. 8222:^ 8180:. 8169:^ 8151:. 8126:. 8076:. 8048:. 8022:. 7995:. 7966:. 7940:. 7928:^ 7912:^ 7867:. 7833:. 7789:. 7763:. 7730:. 7701:. 7669:. 7651:. 7632:. 7607:. 7580:. 7554:. 7520:. 7491:. 7419:^ 7401:. 7387:^ 7370:. 7343:. 7331:^ 7291:. 7266:. 7254:^ 7211:. 7188:. 7136:. 7111:. 7099:^ 7082:: 7080:}} 7076:{{ 7042:. 7027:^ 7010:. 6999:^ 6977:. 6966:^ 6935:^ 6917:. 6906:^ 6888:. 6875:^ 6865:. 6824:. 6804:. 6772:. 6743:. 6732:^ 6713:. 6687:. 6616:. 6605:^ 6595:. 6571:49 6569:. 6565:. 6546:. 6520:. 6487:^ 6470:: 6468:}} 6464:{{ 6452:. 6440:^ 6390:. 6380:15 6378:. 6374:. 6348:. 6327:}} 6323:{{ 6309:. 6299:23 6297:. 6293:. 6262:. 6245:, 6231:^ 6211:. 6188:. 6180:. 6168:20 6166:. 6162:. 6138:^ 6124:. 6116:. 6106:49 6104:. 6100:. 6068:^ 6050:. 6023:. 5849:, 5657:. 5165:, 5161:, 5118:, 4974:. 4760:. 4496:. 4338:. 4132:, 4114:, 4110:, 3991:. 3826:. 3777:, 3773:, 3716:. 3582:. 3574:, 3527:) 3380:12 3367:11 3358:10 3173:– 3170:– 3167:– 3164:– 3161:– 3158:– 3155:– 3152:– 3121:– 3118:– 3115:– 3112:– 3106:– 3103:– 3059:– 3056:– 3053:– 3050:– 3044:– 3041:– 3017:II 3000:– 2997:– 2994:– 2991:– 2985:– 2944:– 2929:– 2926:– 2923:– 2920:– 2917:– 2880:– 2877:– 2874:– 2871:– 2822:– 2807:– 2804:– 2798:– 2795:– 2761:– 2758:– 2755:– 2752:– 2746:– 2743:– 2710:86 2699:86 2692:– 2689:– 2686:– 2683:– 2680:– 2677:– 2674:– 2636:– 2630:– 2624:– 2621:– 2618:– 2615:– 2571:– 2568:– 2565:– 2562:– 2559:– 2556:– 2553:– 2532:II 2512:– 2509:– 2506:– 2503:– 2500:– 2494:– 2491:– 2488:– 2399:/ 2339:. 2298:- 2282:- 2059:. 2032:, 2007:. 1983:, 1929:. 1872:, 1840:. 1750:: 1449:. 1401:, 1283:; 1279:; 1201:- 1185:- 1162:- 1136:. 589:, 145:, 24899:) 24895:( 23962:) 23953:) 23752:e 23745:t 23738:v 23433:I 23424:" 23420:" 22683:e 22676:t 22669:v 21908:/ 21195:e 21188:t 21181:v 20888:e 20881:t 20874:v 20735:. 20709:. 20697:: 20675:. 20663:: 20637:. 20625:. 20577:. 20549:. 20527:. 20501:. 20475:. 20453:. 20431:. 20398:. 20372:. 20335:. 20309:. 20281:. 20264:" 20254:. 20231:. 20178:. 20152:. 20125:. 20091:. 20074:/ 20055:. 20024:. 19992:. 19966:. 19935:. 19907:. 19881:. 19855:. 19829:. 19802:. 19773:. 19743:. 19715:. 19683:. 19653:. 19625:. 19599:) 19595:( 19578:. 19559:) 19555:( 19538:. 19518:: 19499:. 19467:. 19442:. 19410:. 19384:. 19320:. 19287:. 19260:. 19238:. 19205:. 19133:. 19100:. 19072:. 19045:. 19017:. 18991:. 18965:. 18931:. 18912:. 18881:. 18832:. 18793:. 18767:. 18726:. 18665:. 18632:. 18605:. 18575:. 18542:. 18516:. 18487:. 18461:. 18428:. 18402:. 18374:. 18345:) 18331:. 18298:. 18272:. 18237:. 18205:. 18179:. 18151:. 18124:. 18093:. 18067:. 18041:. 18015:. 17987:. 17960:. 17934:) 17891:. 17866:. 17840:. 17814:. 17784:. 17758:. 17727:. 17697:. 17667:. 17628:. 17602:. 17572:. 17550:. 17528:. 17506:. 17480:. 17440:. 17395:. 17365:. 17338:. 17302:. 17276:. 17250:. 17224:. 17196:. 17171:. 17138:. 17112:. 17086:. 17059:. 17028:. 16994:. 16946:. 16920:. 16893:. 16880:" 16864:. 16800:. 16773:. 16747:. 16718:. 16689:. 16649:. 16623:. 16595:. 16567:. 16548:: 16516:. 16490:. 16464:. 16442:. 16417:. 16405:: 16387:. 16361:. 16335:. 16270:. 16244:. 16217:. 16205:: 16182:. 16168:. 16148:: 16121:) 16117:( 16100:. 16085:. 16059:. 16027:. 15945:. 15923:. 15895:. 15869:. 15854:. 15832:. 15811:. 15764:. 15745:. 15723:. 15701:. 15682:. 15659:. 15626:. 15572:. 15532:. 15495:) 15481:. 15453:. 15407:. 15379:. 15320:. 15298:. 15273:. 15247:. 15228:. 15194:. 15172:. 15140:. 15098:. 15072:. 15046:. 14982:. 14954:. 14926:. 14895:. 14840:. 14818:. 14792:. 14721:. 14695:. 14677:. 14644:. 14618:. 14587:. 14561:. 14530:. 14503:. 14448:. 14397:. 14374:. 14348:. 14321:. 14289:. 14263:. 14234:. 14204:. 14161:. 14137:. 14087:. 14061:. 14033:. 14005:. 13979:. 13960:. 13938:. 13911:. 13883:. 13842:. 13798:. 13770:. 13733:. 13700:. 13672:. 13646:. 13619:. 13597:. 13567:. 13541:. 13515:. 13487:. 13431:. 13409:. 13383:. 13357:. 13330:. 13304:. 13278:. 13259:. 13233:. 13207:. 13141:. 13113:. 13084:. 13052:. 13025:. 12998:. 12971:. 12949:. 12922:. 12895:. 12868:. 12841:. 12796:. 12769:. 12742:. 12716:. 12690:. 12655:. 12617:. 12591:. 12565:. 12539:. 12507:. 12481:. 12455:. 12433:. 12411:. 12383:. 12348:. 12281:. 12249:. 12220:. 12184:. 12158:. 12136:. 12110:. 12088:. 12062:. 11984:. 11958:. 11890:. 11868:. 11842:. 11816:. 11792:. 11674:. 11573:. 11517:. 11489:. 11453:. 11421:. 11399:. 11374:. 11352:. 11330:. 11308:. 11263:. 11237:. 11207:. 11158:. 11127:. 11084:. 11034:. 10993:. 10961:. 10919:. 10893:. 10867:. 10835:. 10809:. 10778:. 10751:. 10725:. 10699:. 10677:. 10655:. 10629:. 10603:. 10578:. 10559:. 10510:. 10473:. 10432:. 10411:. 10379:) 10375:( 10358:. 10336:. 10297:. 10264:. 10245:. 10203:. 10181:. 10120:. 10079:. 10018:. 9992:. 9970:. 9941:. 9913:. 9824:. 9797:. 9771:. 9744:. 9722:. 9681:. 9660:. 9634:. 9612:. 9586:. 9558:. 9532:. 9506:. 9478:. 9411:. 9386:. 9359:. 9337:. 9314:. 9288:. 9262:. 9236:. 9126:. 8962:. 8915:. 8889:. 8870:. 8842:. 8812:. 8790:. 8764:. 8732:. 8696:. 8650:. 8622:. 8557:. 8532:. 8503:. 8477:. 8451:. 8415:. 8385:. 8354:. 8324:. 8275:. 8248:. 8216:. 8194:. 8163:. 8137:. 8111:. 8088:. 8062:. 8034:. 8008:. 7980:. 7951:. 7906:. 7879:. 7852:. 7801:. 7775:. 7749:. 7713:. 7687:. 7674:/ 7655:. 7618:. 7592:. 7566:. 7539:. 7503:. 7474:. 7438:. 7413:. 7381:. 7355:. 7325:. 7303:. 7277:. 7248:. 7222:. 7174:. 7148:. 7122:. 7093:) 7089:( 7053:. 7021:. 6993:. 6960:. 6929:. 6900:. 6869:. 6850:. 6790:. 6758:. 6726:. 6698:. 6651:. 6628:. 6581:. 6577:: 6532:. 6494:" 6481:) 6477:( 6460:. 6456:: 6434:. 6405:. 6386:: 6359:. 6333:) 6319:. 6313:: 6305:: 6278:. 6225:. 6196:. 6174:: 6132:. 6112:: 6062:. 6035:. 5880:. 5813:. 5723:. 5114:— 3933:/ 3350:9 3341:8 3333:7 3316:6 3307:5 3291:4 3274:3 3257:. 3246:2 3237:1 3184:0 3177:0 3129:0 3126:0 3095:0 3092:0 3067:0 3064:0 3033:0 3030:0 3005:0 2974:0 2961:I 2949:0 2939:0 2933:0 2912:0 2888:0 2885:0 2854:0 2851:0 2827:0 2817:0 2811:0 2790:0 2766:0 2735:0 2732:0 2708:0 2697:0 2663:0 2610:0 2585:0 2578:0 2575:0 2548:0 2545:0 2520:0 2517:0 2476:I 2360:e 2353:t 2346:v 1991:. 1880:. 1766:) 1409:. 546:e 539:t 532:v 122:) 118:( 114:. 59:) 20:)

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.