Sovereign debt in European countries - "PIIGS" crisis

Musabegović, Ismail and Bradić-Martinović, Aleksandra and Zdravković, Aleksandar (2010) Sovereign debt in European countries - "PIIGS" crisis. In: Influence of global economic crisis on CEE region : possible way out. Technical University of Kosice, Faculty of Economics, Kosice (Slovakia), pp. 188-196. ISBN 978-80-553-0431-1

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Abstract

The late 2000s recession leaves many countries in EU with high budget deficits, as well as public and external debts. In this paper we analyze countries in eurozone which recently attracted a lot of concerns due to the problems with debt and increasing sovereign risk, popularly abbreviated as "PIIGS" (Portugal, Ireland, Italy, Greece and Spain), and fear from the further deepening of sovereign debt crisis which can considerably damage European Monetary Union. Sovereign debt crisis especially hard affected Greek economy, which is currently in the deep economic and political crises, and bailout mechanism is still hot debate among eurozone mechanism. At our opinion, future of the eurozone is not at risk, but EU policy creators will face a lot of challenges to find a one-size-fits-all formula which enables further stability of EU economy.

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