User:Nick Gardner /Sandbox: Difference between revisions

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When Greece joined the [[Eurozone]] in 2001, it was less prosperous than the other members<ref>[http://www.indexmundi.com/g/r.aspx?c=gr&v=67  ''Country comparison GDP per capita (PPP), Index Mundi]</ref>, but its GDP grew more rapidly over the next eight years and fell less rapidly in the course of 2009. Its unemployment rate nevertheless rose in line with the European average and it was still suffering higher levels of poverty
<ref>[http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/3-18012010-AP/EN/3-18012010-AP-EN.PDF "Living conditions in 2008", Eurostat Newsrelease Januaty 2010]</ref>.


<ref>[http://www.oecd.org/dataoecd/5/61/43284926.pdf ''Economic Survey of Greece, 2009'', OECD July 2009]</ref>


The country's [[national debt]] rose by about 25 per cent above its above-average pre-crisis level of 100 per cent of GDP<ref name=debt/>.


Fiscal factors account for only a third of the spreads<ref>[http://www.voxeu.org/index.php?q=node/4465 Maria Grazia Attinasi,  Cristina Checherita, and  Christiane Nickel: ''What explains the surge in euro-area sovereign spreads during the financial crisis of 2007-09?'', European Central Bank, 11 January 2010]</ref>


<ref>[http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/COM_2010_REPORT_GREEK/EN/COM_2010_REPORT_GREEK-EN.PDF ''Report on Greek Government Deficit and Debt Statistics'', European Commission, January 2019]</ref>


<ref>[http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/10/123&format=HTML&aged=0&language=EN&guiLanguage=en ''Statement on the support to Greece by Euro area Members States'', Europa, 11 April 2010]</ref>


<ref>[http://voxeu.org/index.php?q=node/3893 Carmen M. Reinhart and  Vincent Reinhart: ''Is there scope for fiscal stimulus for debt-intolerant countries?'', Vox 22 August 2009]</ref>
s demonstrated in my recent book with Carmen Reinhart  This Time is Different: Eight Centuries of Financial Folly , Greece has been in default roughly one out of every two years since it first gained independence in the nineteenth century
<ref> http://www.project-syndicate.org/commentary/rogoff65/English  Kenneth Rogoff: ''Can Greece Avoid the Lion?'', Project Syndicate February 2010]</ref>
<ref>[http://mpra.ub.uni-muenchen.de/13932/1/MPRA_paper_13932.pdf Carmen Reinhart,  Kenneth Rogoff�,  and Miguel Savastano: ''Debt intolerance'', Munich Personal RePEc Archive, March 2003]</ref>
[[/Addendum#  |in ]]
[http://www.ifs.org.uk/bns/bn87.pdf]
[http://www.ifs.org.uk/bns/bn87.pdf. Robert Chote et al: ''Britain's Fiscal Squeeze, the Choices Ahead'', IFS Briefing Note BN87, September 2009]
<ref>[http://siteresources.worldbank.org/INTGEP2010/Resources/GEP2010-Full-Report.pdf ''Global Economic Prospects'', World Bank, January 2010]</ref>
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!colspan = "4"|2009
!colspan = "4"|2010
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!
!align="center"| 2007
!align="center"| 2008
!align="center"| 2009
!align="center"| &nbsp; Q1&nbsp;
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!align="center"| &nbsp; Q1&nbsp;
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|align="center"| GDP (% change on previous period)
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==Household Debt==
:(percentage of GDP}
::::::{|class = "wikitable"
|
|1997
|2007
|-
! The United States
|68
|95
|-
! The United Kingdom
| 75
| 105
|-
! The Eurozone
| 42
| 60
|}
:(Source: approximate transcription from the Turner Report [http://www.fsa.gov.uk/pubs/other/turner_review.pdf])
==The growth of financial assets==
:(Financial assets as a percentage of GDP)
::::::{|class = "wikitable"
|
|1995
|2005
|-
! The United States
|303
|405
|-
! The United Kingdom
| 278
| 359
|-
! The Eurozone
| 180
| 303
|}


:(Source: Martin Wolf: ''Fixing Global Finance'',  page 11, Yale University Press, 2009. )
:(Source: Martin Wolf: ''Fixing Global Finance'',  page 11, Yale University Press, 2009. )
<references/>
<references/>

Revision as of 15:05, 17 April 2010




(Source: Martin Wolf: Fixing Global Finance, page 11, Yale University Press, 2009. )
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