European Sovereign Debt Crisis, financial markets, financial institutions, Euro, France, Germany, Greece, European countries debts, Europe
The European Sovereign Debt Crisis of was basically the failure of the Euro which was the monetary symbol that tied together 17 Countries across Europe (Arezki et. al, 2011). This therefore means that the start of all these is retraced back to the second world war in 1945. At this time Europe was the worst causality of the war owing to the fact that most of the countries felt the consequence of the war. In an effort to forge a united front therefore Europe hoped that they could be able to emulate the United States of America by coming together to do business and forging a united front without absolutely letting go of their sovereignty.
[...] (2012). "The Greek Financial Crisis: Growing Imbalances and Sovereign Spreads." Journal of International Money and Finance 498-51 Kaminsky, G. & Schmuckler, S.L. (2002). “Emerging Markets Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?, World Bank Economic Review, 16:2, pp. 171-195. Lane (2012). European Sovereign Debt Crisis” The Journal of Economic Perspectives, Vol. pp. 49-67. Manganelli, S., & Wolswijk, G., (2009). [...]
[...] What drives spreads in the euro area government bond market? Economic Policy 24, 191–240. Mora, N. (2006). “Sovereign credit ratings: guilty beyond reasonable Journal of Banking and Finance pp. 2041–2062. Oliveira, L., Curto, J.D., Nunes, J.P., (2012). The determinants of sovereign credit spread changes in the Euro-zone. Journal of International Financial Markets, Institutions and Money 22, 278–304. Romer K. (2012). [...]
[...] al, 2011) Discuss its impact on financial institutions such as commercial banks, securities firms etc. In an effort to cushion themselves the financial institutions had to put in place measures. Some of them if not most of them did not favour the people and the governments. Lending and borrowing was regulated and the interest rates skyrocketed as well. Due to the accrued debt the interest rates rose significantly and therefore trade instruments such as the bonds had to be let off at a much lower cost than they has anticipated or hoped for (Ehrmann et. [...]
[...] "News Spillovers in the Sovereign Debt Market," Journal of Financial Economics, Elsevier, vol. pp 691- 734, March. Gennaioli N., A. Martin & S. Rossi, (2014). “Sovereign Default, Domestic Banks, and Financial Institutions” Journal of Finance, Vol. pp. 819-866. Gibson, Heather D., Stephen G. Hall, and George S. Tavlas. [...]
[...] This therefore meant the continued thriving of the European Union solely depended on the other countries taking some stringent measures with regards to their spending something that led to the introduction of austerity measures by German who were keen not to be affected greatly by the crisis. Such austerity measures were not well received with the unrest witnessed all over due to the plans such as cutting down of expenditures by governments to help mitigate the problem. Source: (Arghyrou & Kontonikas, 2012) In 1999 Earthquake hits Athens something that badly affected by the late 2000 financial crisis. When they joined European Union in mid- 2001 Greece they embraced the Euro something that cushioned them from their debts for a while. [...]
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