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  • 1. Maarten Thomas
  • 2. Index 1. The problem2. The problem countries3. The cutbacks4. The European solutions5. Conclusion Maarten Thomas 2
  • 3. The problem  Economic recession Growing government deficit & national debt Financial problems Greece Lower appreciation Euro Maarten Thomas 3
  • 4. The problem countries  Portugal Italy Ireland Greece Spain Maarten Thomas 4
  • 5. The cutbacks  Necessary to repair confidence European supervision required Critical point:  They hit the ordinary citizen  Could slow down economic recovery  Businesses get less government tasks  Decreasing purchasing power Maarten Thomas 5
  • 6. The European solutions  The European Stability & Growth Pact  Maximum government deficit The European Financial Stability Facility  Temporary need fund  permanent need fund Plan Merkel & Sarkozy  Tighten up supervision  Punishing Maarten Thomas 6
  • 7. The European solutions  New measurements  Part of Greeks debt acquitted  Need fund needs to grow  Supervison of the government finances will be tightened up  Banks must keep more money in cash Maarten Thomas 7
  • 8. Conclusion  Outlook is gloomy Last wake-up call Determined action is needed Maarten Thomas 8