Costas Simitis
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The crisis spreads to the Union
in The European debt crisis
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The chapter discusses the circumstances under which the Greek crisis spread to the European Union. It is argued that, despite the creation of the European Financial Stability Facility (EFSF) in May 2010, the financial markets remained sceptical over the sustainability of debt in a number of Eurozone countries. This led both Ireland and Portugal to resort to the EU/IMF for a bailout package.

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The European debt crisis

The Greek case

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