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Public Finances Crises Within The Countries Of Piigs Group

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  • GRZEGORZ GÓRNIEWICZ

    () (Institute of Law, Administrations and Management, University of Kazimierz Wielki, Bydgoszcz,POLAND)

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.

Suggested Citation

  • Grzegorz Górniewicz, 2011. "Public Finances Crises Within The Countries Of Piigs Group," JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, Babes-Bolyai University, Faculty of Business.
  • Handle: RePEc:bbn:journl:2011_2_3_gorniewicz
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    File URL: http://tbs.ubbcluj.ro/RePEc/bbn/journl/2011_2_3_Gorniewicz.pdf
    File Function: Revised version, 2011
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    More about this item

    Keywords

    financial crisis; public finance; public debt.;

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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