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Instructions

CLA 2 - Comprehensive Learning Assessment 2 - CLO4, CLO5, CLO6, CLO7, CLO8By using the data (Up to the year 2008) for Euro zone countries (excluding Malta and Cyprus) from 'OECD fact book' discuss the impact of the following factors in bringing about the 'Euro crises'(explain What is Euro crises first): 1- Budget deficits and national debt2- Balance of payments 3- Social expenditures Using graphs compare the above factors for the countries in trouble, PIGS (Portugal, Ireland, Italy, Greece and Spain) vs. other countries in the Euro zone like Germany and France that fared well and contrast which of the above factors may have contributed to the crisis( two separate groups, need to compare two groups). The fact that all these countries were using a single currency and did not have the power to devalue their own currency could be another factor you need to consider when analyzing this issue. *Please cite all the resources in this paper.

Answer

Euro Crisis IntroductionThe Euro Crisis refers to a multi-year sovereign debt crisis, which affected the European Union countries in the year 2008. During this particular period a lot of the member states in this union were not able to repay their debts to lenders despite the maturity they had reached. Additionally, a lot of the member states were also not able to refinance the debts of governments. They were also unable to bail out a lot of over-indebted commercial banks in which they had stakes. These countries greatly relied on the assistance of other Eurozone nations like Germany. Apart from the other Eurozone countries, these affected nations also dependent on the help of the International Monetary Fund and the European Central Bank. Some of the greatly affected countries by the cris...
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