Since late 2009, conservative investors haveexpressed their fears that a sovereign debt crisis will develop within Europe, and put thefuture of the Eurozone at risk.
While increases in sovereign debt load have been mostpronounced in only a few Eurozone member nations, they are becoming increasinglyproblematic for the currency union as a whole.
The chapters of this studyexplore currency unions in theory and practice, the operational components of theEurozone, fiscal policy and its importance in Eurozone maintenance, and provide anoverview of the events leading up to the Greek debt crisis.
It analyzes strategiesimplemented so far to solve the crisis, looks at shifts in interest rates on Greek debtbonds, and performs a comparative analysis of previous currency unions that failed inan attempt to draw lessons from those examples.
The study provides evidence that thecurrent tools utilized to stabilize Greece are unsustainable over time, and if Germanydoes not provide adequate aid, Greece will further default on its debt, which will lead tosignificant implications for the Eurozone in the future.
Past measures to counter the debtiiicrisis have focused on providing the country with multi-billion euro bailout packages inexchange for implementing austerity.
The global economic history has experienced sovereign debt crisis such as in Latin America during the 80s, in Russia at the end of the 90s and in Argentina in the beginning of the 00s.
But unlike other financial crises that have largely been triggered by external forces, such as the oil embargoes of the 1970’s, this latest one was a product of our own internal policies and practices; even more so, of our cultural outlooks on the very notion of finance, credit, and debt itself....
. 2016. ‘Financial’ Crises in Europe: Multilevel Analysis of Youth, Employment and the Economy of Wellbeing from 2007 to 2012. Doctoral thesis, Goldsmiths, University of London[Thesis]
The economic crisis in Europe is often articulated as a direct consequence of Lehman Brothers’ collapse. Yet it was only in Europe that the real economic crisis was sustained in a peculiar, prolonged way. In this comparative study of the EU-27, I examine the different manifestations of the crisis with an emphasis on employment, marginalisation and inequality.Questions:How to locate the crisis and the people the most affected by it; how can different policy responses (stimulation, social investment, active labour market policies) be viewed in connection with the crisis?Methods:Using multilevel methods I analyse how individual experiences are linked to and explained by national differences. Multiple correspondence analysis is used to model subjective experiences.Results:First, there is no correlation between fiscal, financial and welfare-related aspects of the crisis. Therefore, the imbalances of the public economy do not straightforwardly justify the recent cuts to social protection.Second, and coincidently, in countries where expenditure on social protection has been maintaned, economic difficulties have been less emphatic. Non-social stimulation bears no similar benefits.Third, in the so-called post-Fordist, education-intensive economies the subjective effects of the crisis are systematically stronger. These effects are the most emphatic among the young, indicating vast sustained consequences into adulthood.However, the attitudes of young adults are straying further. The unemployed young and those working in fixed-term contracts relate differently to insecurity, lacking shared, generation-wide experiences and representations of conflict.Conclusions:Qualitative changes in the conditions of work make the crisis present everywhere in Europe, including Protestant countries where the effects of the banking crisis were limited. As a possible alternative explanation my thesis then frames the crisis as a crisis of ‘post-Fordist’ work, asking whether it is primarily ‘financial’ except as a rhetorical construct. I then discuss its broad implications to welfare and inter-generational equity.
The economic crisis in Europe is often articulated as a direct consequence of Lehman Brothers’ collapse. Yet it was only in Europe that the real economic crisis was sustained in a peculiar, prolonged way. In this comparative study of the EU-27, I examine the different manifestations of the crisis with an emphasis on employment, marginalisation and inequality.
In particular, there was an incomplete understanding of the fragility of a monetary union under crisis conditions, especially in the absence of banking union and other European-level buffer mechanisms.
LaneÂ´s article "The European Sovereign Crisis lists many of principal aspects of origin, reasons, aspects, development, consequences, and approaches how to solve the crisis.