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Erschienen in:
2013 | OriginalPaper | Buchkapitel
3. The Evolution of the Debt Crisis
verfasst von : Prof. Dr. Michael Heise
Erschienen in: Emerging from the Euro Debt Crisis
Verlag: Springer Berlin Heidelberg
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Abstract
The sovereign debt crisis in the eurozone is often seen as a direct consequence of the global financial crisis commencing with the meltdown of the subprime mortgage market in the United States in 2008 and 2009. Obviously, the financial crisis put strain on public budgets. The necessary recapitalisation of banks, the loss of tax revenue and higher spending due to the Great Recession in 2009 as well as public stimulus programmes tore large holes in government finances and aggravated the debt problems that were already sizeable before the crisis. But this is only part of the story. For a full picture of the origins of the eurozone debt crisis one has to go back in time.