Euro Crisis: From the Sovereigns to the Banks and Back to the Sovereigns
SUSTAINABLE POLITICS AND THE CRISIS OF THE PERIPHERIES: IRELAND AND GREECE. Advances in Ecopolitics Series Vol. 8, Liam Leonard and Iosif Botetzagias, eds., Emerald Books, 2011
26 Pages Posted: 8 Jul 2011
Date Written: 2011
The global financial crisis of 2007-2009 crystallized the underlying imbalances that are currently acting to tear apart the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro crisis, the insolvency of the Euro area member-states model of debt financing of public and private expenditure and investment. Hence, any repair of the system will require addressing the twin malaises of the Euro area model of economic development: the private and public sectors debt trap and the social-economic model reliant on deficit financing of public and private consumption and expenditure.
Keywords: Financial Crisis, Euro area crisis, Fiscal Crisis, Economic Development, Debt Crisis, Public Debt, Current Account, External Debt, Euro area debt crisis
JEL Classification: E40, E43, E44, E60, E62, E63, E65, E66, F01, F33, F34, F42
Suggested Citation: Suggested Citation