The Sovereign Debt Crisis in EU and MENA

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1、TheSovereignDebtCrisisinEUandMENA:MechanismsandChallengesAmirN.R.Armanious,Ph.D.CairoUniversitynasry_amir@yahoo.comAbstractTheEuropeanUnionhasbeenstrugglingwithacrisisovertheenormousdebtsfacedbyitsweakesteconomies,suchasGreeceandPortugal,orthosemostbatteredbytheglobalrecess

2、ion,likeSpainandIrelandasamajorconsequenceoftheglobalfinancialcrisis2008.ThisledtoacrisisofconfidenceaswellasthewideningofbondyieldspreadsandriskinsuranceoncreditdefaultswapsbetweenthesecountriesandotherEUmembers,mostimportantlyGermany.Theexactreasonsforthedeficitsandthelar

3、gedebtlevelsdifferbetweencountries;inGreece’scase,itismainlytheresultofpoortaxcollection;inIreland’s,itisaconsequenceofhavingtosupporttheirbankingsystemandinmostofthem,therehasbeenaconsumptionandpropertyboommadepossiblebythesingleEuropeanmarketandfuelledbythelowinterestrate

4、sthatcamewitheuromembership.DuetoglobalrecessionandArabspringinMENAregion,southMediterraneancountriessuchasEgyptfacehighdebtlevelsasitspublicdebtis90%onFebruary2011andexpectedtobehigherbytheendoftheyearwhichwillrequireefficienttoolstodealwiththedebtcrisis.Thisstudyseeksanan

5、alysisofthecorecauses,featuresandremedytoolsoftheEuropeansovereigndebtcrisis.Itinvestigatesthefinancialandeconomicconsequencesofthedebtcrisisontheireconomies.ThisstudyinvestigatestheresponsesbyEUmemberstategovernmentsandtheEUlevelinstitutionstothecurrentsovereigndebtcrisis.

6、Theaimistounderstandthenatureofthecrisis,theEuropeanresponsetoitanditsimpactonthedevelopmentprocess.Theresearcherintendstostudyvariousliteraturesaswellastoexaminetherelevanttheoriesoffinancialcrisisandsustainabledevelopment.Finally,thelessonslearntfromtheEuropeandebtcrisisw

7、illbeappliedontheMENAregioningeneralwithspecialreferencetoEgypt.KeyWordsDebtCrisis-FinancialCrisis-GrowthandStabilityPact-FiscalPolicy-MonetaryPolicy.-0-IntroductionTheEuropeansovereigndebtcrisishasrenewedtheinterestinEuropeanintegrationandtheEurobypolicymakers,centralbanke

8、rsandresearchersalike.AlthoughconcernsaboutthefutureofthecommonEuropeancurrencynev