Below are the IMF’s projections of of debt-to-GDP ratios for 2012:


Nearly all eurozone members — 13 of 17 countries — have debt levels exceeding the convergence criteria maximum of 60%. Among this group are the large economies — Germany (81.9%), France (89.4%), Italy (121.4%), and Spain (70.2%). The projected 2012 debt of these four nations alone totals €6,732 billion, versus projected 2012 GDP of €7,410 — a debt-to-GDP ratio of 90.9%, a full 51.4% higher than the 60% maximum required by the convergence criteria.

Thus the European sovereign debt crisis is truly a European crisis, and not just a crisis for the Greeks to resolve.

Source URL: http://blogs.cfainstitute.org/investor/2011/11/21/european-sovereign-debt-crisis-overview-analysis-and-timeline-of-major-events/

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