PUBLIC FINANCES CRISES WITHIN THE COUNTRIES OF PIIGS GROUP
PUBLIC FINANCES CRISES WITHIN THE COUNTRIES OF PIIGS GROUP

Summary/Abstract: The world financial crisis, started by the collapse of the mortgage market in USA, gave rise to the deterioration of public finances in many European countries. The countries on which the impact was strong are Portugal, Ireland, Italy, Greece and Spain (or PIIGS). Already during 2010, Greece and Ireland would have both had to declare their bankruptcy but for the external financial aid. The purpose of the present paper is to highlight the causes that gave rise to the critical situation of the countries referred to as PIIGS, the scale of the phenomenon and the measures taken to improve the given situation.

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