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Aditya Lathe
The European Union
GDP (2010)
S.No. Country GDP (2010) %
1 Austria 286.2 3.12%
Portugal 2 Belgium 354.4 3.87%
2%
Belgium 3 Cyprus 17.3 0.19%
Netherland Austria 4% Finland
6% 3%
2%
4 Estonia 14.3 0.16%
Spain 5 Finland 180.3 1.97%
12% 6 France 1932.8 21.09%
France 7 Germany 2476.8 27.02%
21%
8 Greece 227.3 2.48%
Italy
17%
9 Ireland 156 1.70%
10 Italy 1548.8 16.90%
Germany
27% 11 Luxembourg 40.3 0.44%
12 Malta 6.2 0.07%
Ireland 13 Netherlands 588.4 6.42%
2% 14 Portugal 172.8 1.89%
Greece 15 Slovakia 65.9 0.72%
2%
16 Slovenia 35.4 0.39%
17 Spain 1062.6 11.59%
Total €9165.8bn
The European Union
May 2010: With default fears from Portugal and Ireland, EFSF
worth €750bn launched. €440bn loan backed guarantee and bilateral
loans by Eurozone members, €60bn balance of payment support by
EU members and upto €250bn by IMF support to be made available
to weak economies.
Crisis Timeline
Jul 11: 2nd Eurozone Bailout package announced.
€109bn to be provided through EFSF, at lower interest
rates (~3.5%) & with longer timeframe (15-30 yrs).
Private sector contribution at €37bn.
Structural
rigidities
Reliance
High
on
fiscal
external
deficit
debt
Structural Rigidities
Adoption of Euro
Outright Default
Orderly Default