The European Debt Crisis

Victor Beker

Chapter Chapter 7 in Modern Financial Crises, 2016, pp 135-160 from Springer

Abstract: Abstract This paper shows that data do not fully endorse most of the common explanations for the European debt crisis. A distinction is made between a first group of countries whose debt problems have roots before 2007 but did not worsen significantly after that year and a second one of “new” highly indebted countries. Finally, Spain appears as a special case. The development of the indebtedness process in these three different types of countries allows isolating the factors which were determinant in each case. The conclusion is that the European indebtedness process does not accept a unique explanation and that its solution will necessarily require resource transfers from the richer to the poorer countries of the Eurozone.

Keywords: Sovereign debt crisis; Eurozone; Budget deficit; Debt restructuring (search for similar items in EconPapers)
Date: 2016
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Working Paper: On the European debt crisis (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-20991-3_7

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DOI: 10.1007/978-3-319-20991-3_7

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