G-20 summit and debt crisis of Europe

Authors

Badar Alam Iqbal, Monarch University, Switzerland

Abstract

Europe is under debt threat, facing the biggest crisis of uncertainty. If Euro fails, Europe fails. Since the Second World War, this is the hardest hour for Europe. One of the biggest limitations of global integration of EU is that small and weak countries could not fall in line with strong economies. This crisis is the example in this regard. The recent summit at Cannes has failed in giving concrete solution to the debt crisis especially in case of Greece, Italy, Portugal, Ireland and Spain. The crisis in Greece and ltaly cost the resignations of two popular Prime Ministers. The debt crisis is pushing the EU in general and Greece, Portugal, Spain, Ireland and Italy in particular in recession. Accordingly, the growth forecast is reduced to 0.5 per cent in 2012 from 1.8 per cent. EU agrees on new treaty. The present paper deals with the major issues, with which the Euro zone is confronting with.

Keywords

Commodity prices, Double-dip recession, Euro-zone, Fiscal sustainability, Hype-inflationLisbon treaty, Monetary union, Second World War, Unemployment

DOI

https://doi.org/10.54784/1990-6587.1300

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Recommended Citation

Iqbal, B. A. (2012). G-20 summit and debt crisis of Europe. Business Review, 7(1), 43-53. Retrieved from https://doi.org/10.54784/1990-6587.1300