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Erschienen in:
2015 | OriginalPaper | Buchkapitel
Comparing Financial Crises: What Lessons for Asia from the Eurozone Crisis?
verfasst von : Ramkishen S. Rajan, Sasidaran Gopalan
Erschienen in: Economic Management in a Volatile Environment
Verlag: Palgrave Macmillan UK
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The Eurozone crisis, that began in 2009, most badly affected the Southern Eurozone countries consisting of Greece, Ireland, Italy, Portugal and Spain (GIIPS). A combination of extremely sluggish growth and harsh fiscal consolidation forced these economies to undergo a painful process of deleveraging to reduce their high public and private debts. Also, facing a rapidly ageing population that is likely to add to greater stress to their future fiscal burdens, there is a growing need for these countries to undertake painful structural reforms (“internal devaluation”) to restore their lost competitiveness and get back on a fiscally sustainable growth path.