Index 1. The problem2. The problem countries3. The cutbacks4. The European solutions5. Conclusion Maarten Thomas 2
The problem Economic recession Growing government deficit & national debt Financial problems Greece Lower appreciation Euro Maarten Thomas 3
The problem countries Portugal Italy Ireland Greece Spain Maarten Thomas 4
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
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
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
Conclusion Outlook is gloomy Last wake-up call Determined action is needed Maarten Thomas 8
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