Search results
Results From The WOW.Com Content Network
Congress fails to reach agreement with President Clinton on the budget, resulting in the United States federal government shutdowns of 1995–1996; Republicans also threaten not to raise the debt ceiling 2011: 2011 United States debt-ceiling crisis: 2013: 2013 United States debt-ceiling crisis: 2023: 2023 United States debt-ceiling crisis
21 November – The European Commission suggests "stability bonds" issued jointly by the 17 euro nations would be an effective way to tackle the financial crisis. [88] [89] 25 November – Standard and Poor's downgrades Belgium's long-term sovereign credit rating from AA+ to AA, [90] and 10-year bond yields reach 5.66%. [91]
Public debt $ and %GDP (2010) for selected European countries Government debt of Eurozone, Germany and crisis countries compared to Eurozone GDP. The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance; easy credit conditions during the 2002–08 period that encouraged high-risk lending and borrowing practices; the 2007–2008 ...
Germany, considered Europe's most reliable debtor, is having trouble selling its bonds, just as it seeks billions to tackle the energy crisis. Recent weak auctions have demonstrated the challenges ...
While these bubbles have burst, causing asset prices (e.g., housing and commercial property) to decline, the liabilities owed to global investors remain at full price, generating questions regarding the solvency of governments and their banking systems. [1] How each European country involved in this crisis borrowed and invested the money varies.
Then, in March 2012, the Greek government did finally default on parts of its debt - as there was a new law passed by the government so that private holders of Greek government bonds (banks, insurers and investment funds) would "voluntarily" accept a bond swap with a 53.5% nominal write-off, partly in short-term EFSF notes, partly in new Greek ...
A failure of a nation to meet bond repayments has been seen on many occasions. Medieval England lived through multiple defaults on debt, [17] Philip II of Spain defaulted on debt four times – in 1557, 1560, 1575 and 1596. This sovereign default threw the German banking houses into chaos and ended the reign of the Fuggers as Spanish financiers.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!