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The European debt crisisThe Greek case$
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Costas Simitis

Print publication date: 2014

Print ISBN-13: 9780719095795

Published to Manchester Scholarship Online: September 2014

DOI: 10.7228/manchester/9780719095795.001.0001

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The crisis spreads to the Union

The crisis spreads to the Union

(p.68) 8 The crisis spreads to the Union (p.69)
The European debt crisis

Costas Simitis

Manchester University Press

The chapter discusses the circumstances under which the Greek crisis spread to the European Union. It is argued that, despite the creation of the European Financial Stability Facility (EFSF) in May 2010, the financial markets remained sceptical over the sustainability of debt in a number of Eurozone countries. This led both Ireland and Portugal to resort to the EU/IMF for a bailout package.

Keywords:   Eurozone, Greece, European Financial Stability Facility, Bailout, Portugal, Ireland, Spain

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