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The European Sovereign Debt Crisis - Paving the Way towards Financial Stability by Marius A. Boewe
Mayer Brown LLP - Düsseldorf Office
Simon G. Grieser
Mayer Brown LLP - Frankfurt am Main Office
Andreas Lange
Mayer Brown LLP - Frankfurt am Main Office
Jens Peter Schmidt
Mayer Brown LLP - Brussels Office
Jörg Wulfken
Mayer Brown LLP - Frankfurt am Main Office
Salomé Cisnal de Ugarte
Mayer Brown LLP - Brussels Office
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November 15, 2011
Previously published on November 14, 2011
The current European sovereign debt crisis has principally emerged with the problems of Greece, where decades of misleading accounting and statistics have brought the country to the verge of collapse. But financial difficulties have also arisen in Ireland and Portugal, and more recently in Spain and Italy, although in these countries the problems have different origins and characteristics. Portugal suffered from a prolonged period of low growth and low competitiveness and Ireland was hit by the consequences of a reckless financial boom and the burst of a real estate bubble. Similarly, the problems in Spain originated from the burst of a pronounced real estate bubble. The recent troubles in Italy stem from a prolonged period of low growth and high public debt, coupled with the lack of structural reforms and political credibility.
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