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06/08/2013

Reflection on the impact of the economic crisis and the austerity model in Southern European countries (DIEEEO72-2013)

The outbreak of the financial crisis in the U.S. in 2008 has initiated a state of extended economic crisis in Europe. Its most dramatic consequences can be observed in a group of Southern European countries, most of them belonging to the Mediterranean Sea area. The solution to this was thought to be an economic model based on extreme austerity which has been leading from a social point of view to a series of dramatic consequences, and which has obviously not been achieving an improvement of fiscal balances and public accounts of the affected countries. This paper analyzes the main socioeconomic factors in the most affected countries and reflects upon the current state of crisis these countries are in.

Author: José Balsa Barreiro

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