From financial crash to debt crisis

Carmen M Reinhart interviewed by Romesh Vaitilingam,

Date Published

Fri, 04/09/2010

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See Also

Related research here and here.

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Topics

Financial markets Global crisis Macroeconomic policy
Tags
sovereign debt, banking crises, debt

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The economic and fiscal consequences of financial crises ‘This time is different’: eight hundred years of financial folly
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When

March 2010

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University of Surrey

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Since 2008 Europe has been mired in a combination of economic depression, financial crisis, and public and private debt overhangs. Greece was the first advanced economy to restructure its debt in more than a generation, and the ongoing depression in Europe’s periphery has already surpassed the economic collapse of the 1930s by some markers. In most advanced economies record private debt overhangs are unwinding only slowly, while the steady upward march in public debts continues largely unabated.

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