Eurozone crisis/Addendum: Difference between revisions

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==The financial status of the PIIGS countries==
==Comparative data==
 
===Financial status===
:::{|class = "wikitable"
:::{|class = "wikitable"
|
|
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|align="center"| 4.8
|align="center"| 4.8
|}
|}
{{reflist}}
==Sustainability adjustments==
The primary budget balance (as a percentage of gdp) required to avoid an increase in the [[public debt]] is given by  f = d(g - r) where r is the annual interest rate on the debt; and g is the annual growth rate of nominal GDP (See [[Fiscal policy/Tutorials#The debt trap identity|the debt trap identity]])


:::{|class = "wikitable"
===GDP growth===
|
! Portugal
! Ireland
!   Italy  
!  Greece 
!   Spain  
|-
|     (g - r)  2003-2007
|align="center"| -0.2
|align="center"| 2.2
|align="center"| -0.7
|align="center"| 3.9
|align="center"| 1.7
|-
|    (g - r)  2009-2011
|align="center"| -3.3
|align="center"| -5.3
|align="center"| -3.6
|align="center"| -6.0
|align="center"| -2.3
|-
| Budget adjustment to achieve sustainability (% of GDP)
|align="center"| 3.1
|align="center"| 7.5
|align="center"| 2.9
|align="center"| 9.9
|align="center"| 4.0
|}
 
Source: Cinzia Alcidi and  Daniel GrosIs: ''Is Greece different? Adjustment difficulties in southern Europe'', Vox, 22 April 2010[http://www.voxeu.org/index.php?q=node/4914]
 
==GDP growth==
(per cent change on previous quarter)
(per cent change on previous quarter)
::::{|class= "wikitable"
::::{|class= "wikitable"
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(Source: Eurostat[http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-02122010-BP/EN/2-02122010-BP-EN.PDF])
(Source: Eurostat[http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-02122010-BP/EN/2-02122010-BP-EN.PDF])
==Crisis development by country==
{{reflist}}

Revision as of 13:40, 11 September 2011

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https://en.citizendium.org/wiki/index.php?title=Eurozone_crisis/Addendum&printable=yes
This addendum is a continuation of the article Eurozone crisis.

Comparative data

Financial status

Portugal Ireland   Italy    Greece    Spain  
Public debt. 2010 (per cent GDP)[1] 83.1 99.4 118.4 130.2 63.5
Percentage of public debt that is foreign-owned 2007[2] 55 62 42 48
Average time to maturity of public debt, years[3] 6.6 6.9 7.2 7.8 6.4
Primary budget deficit, 2010 (per cent GDP)[1] 4.1 29.3 0.8 2.2 7.3
Spreads (against 10 year German bunds) December 2010, per cent[4] 3.5 6.0 1.7 9.5 2.3
S&P credit rating, February 2011 [5] A- AA A+ BB+ AA
Current account deficit, 2010 (per cent of GDP)[6] 10.0 2.7 2.9 10.8 4.8

GDP growth

(per cent change on previous quarter)

2009 2010 2011
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Portugal -0,2  1.1  0.2  0.3  -0.6  -0.6   0.0
Italy -0.1  0.4  0.5  0.3  0.3  0.1  0.3
Ireland -2.5  2.2  -1.2  0.6  -1.6   1.3
Greece -1.1 -0.6 -1.7 -1.6 -2.8 -2.1 0.2
Spain -0.2  0.1  0.3  0.0  0.2  0.3  0.2
 Eurozone   0.2  0.4  1.0  0.4  0.3  0.8

(Source: Eurostat[1])

Crisis development by country

  1. ↑ 1.0 1.1 WEO projections, IMF Fiscal Monitor, November 2010
  2. ↑ ECB
  3. ↑ Global Debt and Deleveraging from McKinsey and the Economist, June 26 2010
  4. ↑ Euro Intelligence, 3rd December 2010
  5. ↑ Guardian Datablog, 19 July 2010 (ratings go AAA, AA, A, BBB, BB, B)
  6. ↑ Regional Economic Outlook, Europe, IMF October 2010
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