the european debt crisis

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The history of the European Sovereign Debt Crisis, based on the Wikipedia article, as of November 29, 2011. Formatted for the Kindle by Ira Krakow, with an active Table Of Contents, and with all links and images preserved. Text is from en.wikipedia.org available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. http://creativecommons.org/licenses/by-sa/3.0/ - See Terms of use for details.

The crisis has spread beyond Greece. As an example, Italy's deficit of 4.6 percent of GDP in 2010 was similar to Germany’s at 4.3 percent and less than that of the U.K. and France. Italy even has a surplus in its primary budget, which excludes debt interest payments. However, its debt has increased to almost 120 percent of GDP and economic growth was lower than the EU average for over a decade. This has led investors to view Italian bonds more and more as a risky asset. On the other hand, the public debt of Italy has a longer maturity and a big share of it is held domestically. Overall this makes the country more resilient to financial shocks, ranking better than France and Belgium.

On 15 July and 14 September 2011, Italy's government passed austerity measures meant to save 124 billion euro. Nonetheless, by 8 November 2011 the Italian bond yield was 6.74 percent for 10-year bonds, climbing above the 7 percent level where the country is thought to lose access to financial markets. On 11 November 2011, Italian 10-year borrowing costs fell sharply from 7.5 to 6.7 percent after Italian legislature approved further austerity measures and the formation of an emergency government to replace that of Prime Minister Silvio Berlusconi. The measures include a pledge to raise 15 billion euros from real-estate sales over the next three years, a two-year increase in the retirement age to 67 by 2026, opening up closed professions within 12 months and a gradual reduction in government ownership of local services. The interim government expected to put the new laws into practice is led by former European Union Competition Commissioner Mario Monti.

CONTENTS
1 Eurozone sovereign debt concerns
1.1 Bond market
1.2 Greece
1.3 Spread beyond Greece
1.3.1 Ireland
1.3.2 Portugal
1.3.3 Italy
1.3.4 Spain
1.3.5 Belgium
1.3.6 France
1.4 Other European countries
1.4.1 United Kingdom
1.4.2 Iceland
1.4.3 Switzerland
2 Solutions
2.1 EU emergency measures
2.1.1 European Financial Stability Facility (EFSF)
2.1.2 European Financial Stabilisation Mechanism (EFSM)
2.2 ECB interventions
2.3 Reform and recovery
2.4 Eurobonds
3 Proposed long-term solutions
3.1 Common fiscal policy (European Treasury)
3.2 European Stability Mechanism
3.3 European Monetary Fund
3.4 Address slow economic growth
3.5 Euro breakup
4 Controversies
4.1 Breaking of the EU treaties 'no bail-out clause'
4.2 Breaking of the EU treaties 'convergence criteria'
4.3 Doubts about effectiveness of non-Keynesian policies
4.4 Odious debt
4.5 Controversy about national statistics
4.6 Credit rating agencies
4.7 Media
4.8 Role of speculators
4.9 Finland collateral
5 Political impact
6 See also
7 References
8 External links
.......
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