The first sovereign debt crisis in the EU

Jon Danielsson, Hermann Oskarsson, 11 September 2012



Today is not the first time Europe has suffered a sovereign-debt crisis. Twenty years ago another crisis happened, passing without notice except amongst those affected, i.e. the Faroe Islands. The islands accumulated too much sovereign debt, eventually getting hit by a crisis much larger in magnitude than even the worst in the ongoing European crisis.

Topics: International finance, Politics and economics
Tags: eurozone, Faroes, sovereign debt crisis

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