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Europe at "Cross Roads": The financial crisis, Drexel University, 4.11.2011
1. Europe at “cross roads”: The financial crisis Presented by: Nina Covrljan, CnC partners Drexel University, 4/11/2011 www.cncpartners.net
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3. As a result, the industrialized economies have undergone the most severe financial shocks since world war II.
4. The strain from the above mentioned has placed serious questions over the long term sustainability of the Euro project. Can the Euro survive?
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6. While this is expected to be sufficient in the short term, there are greater questions for the medium and long term. Particularly regarding the economic direction of the peripheral countries.
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8. With Portugal as the latest country to seek financial assistance, will Spain be next?
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10. The good news is that even under the worst case scenario Spain will still be solvent. Most of the excessive indebtness is concentrated in the private sector, currently at 170% of GDP. However the public sector debt is at 62% of GDP (12/31/2010). The 2015 forecast calls for 72%, well below Germany and France. However, Spain will continue to accumulate net foreign debt as its current account deficit will remain unsustainably high at around 3% until 2015.
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