Greek Debt Crisis

Greek Debt Crisis - 8/2/11 Measures • Austerity plan 2010...

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8/2/11 Why Spain is not like Greece The contingent liabilities associated with the Spanish government’s support for its banking system are less than 5 percent of GDP The large Spanish banks BBVA and Santander both have very large emerging market
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8/2/11 Continued… Spain’s fiscal position is better Debt to GDP ratio is 74%, less than half of Greece Deficit is 9.24 percent of GDP
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Unformatted text preview: 8/2/11 Measures • Austerity plan 2010 • Long-term reforms • Postponing the retirement age from 65 to 67 • Improving flexibility in the labor market • Civil servants salaries were cut by 5% last year. • The budget deficit for last year was $135.6 billion, amounting to 9.24 percent of gross domestic product. • Process of recapitalizing banks • Additional recapitalization of Spanish banks at 14...
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This note was uploaded on 08/02/2011 for the course ACCT 801 taught by Professor Whalen during the Spring '08 term at Suffolk.

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Greek Debt Crisis - 8/2/11 Measures • Austerity plan 2010...

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