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The Political and Economic Implication of the Financial Crisis Facing Southern Europe

The Political and Economic Implication of the Financial Crisis Facing Southern Europe

The Political and Economic Implication of the Financial Crisis Facing Southern Europe

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The Political and Economic Implication of the Financial 
Crisis Facing Southern Europe 
 
 
August 31, 2010 
JUN Hae-won 
Assistant Professor 
Dept. of European and African Studies 
In early 2010, when 
borrowing in the financial 
market has become 
difficult for Greece due 
to its lowered sovereign 
credit rating combined with a rise in the 
interest rates on government bonds, the 
financial market suspected that Greece 
might default in the end. Also, there 
was a growing concern over budget 
deficit of the so-called PIIGS(Portugal, 
Italy, Ireland, and Spain) countries as 
well as the United Kingdom. It seemed 
that Greece’s financial crisis might 
spread to other countries and ultimately 
develop into a crisis of in the entire 
euro zone. Also some raised their 
concerns over delayed economic 
recovery as well as increased 
uncertainty in the EU’s economy. 
If seen from another perspective, 
it could be argued that responses of 
each EU member state to Southern 
Europe’s economic crisis have exposed 
the weakness in political integration. 
Although the consensus was finally 
formed among many EU member 
countries on the need for rescuing 
Greece from a debt crisis in order to 
prevent the ultimate collapse of the 
entire euro zone, there has been public 
backlash in some member states such as 
Germany against taking measures to 
rescue Greece from a financial abyss. A 
recognized need for actions at the EU 
level combined with a gap among the 
opinions of euro countries have 
reminded, once again, the fact that the 
consensus on European integration at 
the citizens’ level is yet to be achieved. 
From a long-term perspective, attention 
has been given as to how the EU will 
overcome such democratic deficit.

기타

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유럽 국가 부채 위기

EU

PIIGS(Portugal, 
Italy, Ireland, and Spain)

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전혜원

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2010-23

KOR