Chapter 2: A New Crisis Mechanism for the Euro Area
Michael Devereux (),
Authors registered in the RePEc Author Service: Gilles Saint-Paul (),
Xavier Vives (),
John Hassler (),
Hans-Werner Sinn (),
Jan-Egbert Sturm () and
Giancarlo Corsetti ()
EEAG Report on the European Economy, 2011, 71-96
The European debt crisis followed the US financial crisis with a delay of one and a half years. While its first signs were visible in November and December of 2009 when the rating agency Fitch downgraded Ireland and Greece, it culminated on 28 April 2010 when the intra-day interest rate for two-year Greek government bonds peaked at 38 percent. Since then capital markets have been extremely unstable, showing signs of distrust in the creditworthiness of the GIPS countries: Greece, Ireland, Portugal and Spain. The European Union reacted by preparing voluminous rescue plans that, at this writing (January 2011), have been resorted to by Greece and Ireland.
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