A Comprehensive Approach to the European Sovereign Debt Crisis

Wen Yang, Lianghai Lei

Abstract


In the winter of 2009, the three largest credit rating agencies downgraded Greece’s sovereign rating in a row, which triggered the European sovereign debt crisis. Subsequently, Portugal, Italy, Ireland and Spain all sunk into the debt storm, which indicated that the entire European area was troubled by the debt crisis. The debt crisis created unprecedented challenges to the euro area. Moreover, it risked a conflagration on the international financial markets and received worldwide attention. The purpose of this article is to bring an economic perspective to understand the European sovereign debt crisis by exploring its roots and process and putting up with some suggestions for china.

Keywords


The European debt crisis; Root; Process; Enlightenment

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