Briefly Describe the Current Crisis in the Eurozone. Discuss Its Potential Effects on European Integration and Theorize as to How to Overcome the Crisis.
Briefly describe the current crisis in the Eurozone. Discuss its potential effects on European integration and theorize as to how to overcome the crisis. Country | CIA 2007 | OECD 2009 | IMF 2009 | CIA 2009 | EuroStat 2010 | Austria | 59.10 | 72.7 | 67.10 | 66.40 | 72.3 | Belgium | 84.60 | 100.4 | 93.70 | 101.00 | 96.8 | Cyprus | 59.60 | | 56.20 | 56.20 | 60.8 | Estonia | 3.40 | | | 7.10 | 6.6 | Eurozone | | | | | 86.0 | Finland | 35.90 | 52.6 | 44.00 | 40.30 | 48.4 | France | 63.90 | 87.1 | 78.10 | 77.60 | 81.7 | Germany | 64.90 | 76.5 | 72.50 | 77.20 | 83.2 | Greece | 89.50 | 120.2 | | 113.40 | 142.8 | Ireland | 24.90 | 72.7 | 64.00 | 64.80 | 96.2 | Italy | 104.00 | 127.7 | 115.8 | 115.80 | 119.0 | Luxembourg | 6.40 | 18.0 | 16.40 | 14.60 | 18.4 | Malta | | | | 69.00 | 68.0 | Netherlands | 45.50 | 69.4 | 58.90 | 60.90 | 62.7 | Portugal | 63.60 | 86.3 | 75.80 | 76.80 | 93.0 | Slovakia | 35.90 | 39.8 | 35.70 | 35.70 | 41.0 | Slovenia | 23.60 | 44.1 | | 31.30 | 38.0 | Spain | 36.20 | 62.4 | 53.20 | 53.20 | 60.1 |
Greece 's debt crisis came to a head because of its massive spending and consumption, coupled with increased wages and government benefits, in the years following its adoption of the euro. In November 2009, it was revealed that Greece had manipulated its balance sheets prior to the global financial crisis to hide its debt. As a spring 2011 report by George Mason University 's School of Public Policy summed up: "The roots of Greece 's fiscal calamity lie in prolonged deficit spending, economic mismanagement, government misreporting, and tax evasion."
In May 2010, the European Commission, European Central Bank, and IMF held an emergency meeting to address Greece 's burgeoning debt crisis, which resulted in the creation of a temporary bailout fund called the European Financial Stability Facility. Following its inception, the EFSF helped to provide Greece with a $163 billion loan in exchange
Greece 's debt crisis came to a head because of its massive spending and consumption, coupled with increased wages and government benefits, in the years following its adoption of the euro. In November 2009, it was revealed that Greece had manipulated its balance sheets prior to the global financial crisis to hide its debt. As a spring 2011 report by George Mason University 's School of Public Policy summed up: "The roots of Greece 's fiscal calamity lie in prolonged deficit spending, economic mismanagement, government misreporting, and tax evasion."
In May 2010, the European Commission, European Central Bank, and IMF held an emergency meeting to address Greece 's burgeoning debt crisis, which resulted in the creation of a temporary bailout fund called the European Financial Stability Facility. Following its inception, the EFSF helped to provide Greece with a $163 billion loan in exchange
References: 1. http://www.wikipedia.pl 2. http://forsal.pl/artykuly/549335,historia_europy_to_historia_kryzysu_zobacz_jak_rozwijal_sie_kryzys_zadluzeniowy_strefy_euro.html 3. Krzysztof Szymanski – ‘Konsekwencje kryzysu zadłuenia w strefie euro dla europejskiego i polskiego sektora bankowego’ 4. ‘Unia Europejska wobec kryzysu ekonomicznego’- Jan Barcz, Jacek Szlachta, Katarzyna Żukrowska, Artur Nowak-Far, Wojciech Morawski, Leokadia Oręziak 5. ‘The Eurozone in crisis’ The Economist 6. Kathleen McNamara – ‘The Eurocrisis and the Uncertain Future of European Integration’