skip to main content
Economic Research

A Modern Greek Tragedy May Soon Turn Into a Broader PIIGS Disaster

By
9:44:00 AM | Last Updated

EXECUTIVE SUMMARY

Public debt sustainability has exploded as a serious issue in advanced economies, most notably in the eurozone’s “PIIGS”—Portugal, Italy, Ireland, Greece and Spain—but also in many larger OECD economies, including the United States. These issues within the eurozone stem primarily from a loss of competiveness, high wage growth and labor costs which outstripped productivity, undisciplined fiscal policies and, crucially, the appreciation of the euro between 2002 and 2008. Current EU/IMF plans to rescue the worst placed of these countries—Greece—have drawn[...]

Access to this content is restricted to RGE clients.

If you have a client code, please enter it here to activate your client account.

Click here for a free trial.

Learn About Our Services:

RGE Research

Our dynamic and intuitive macroeconomic research platform keeps you on top of the extraordinary shifts that transform our global economy, allowing users to uncover unique connections and insights. Discover the resource central banks and that 70% of the world's leading hedge funds, asset managers, PE firms, banks and corporations around the world depend on.

Our market strategists build on the work of our macroeconomic research team, incorporating market dynamics to answer crucial questions and generate actionable investment recommendations. RGE's Market Research and Strategy team gives clients actionable insight across six key asset classes:

• Currencies • Commodities
• Credit • Equity • Gov’t Bonds / Rates
• Emerging Markets • Financials
• Cross Asset Model Portfolio

RGE Strategy

Sometimes, reading research is not enough. Many RGE clients participate at the Roubini Direct Access level to gain a deeper understanding of specific issues. Through interactive live sessions, we engage with world-class thinkers, encourage knowledge sharing, idea generation, risk identification and validation of client initiatives.

Learn More »

For information on becoming an RGE Client, please speak with an RGE Representative in New York at +1 212-645-0010, or in London at +44 (0) 207 092 8850, or email americas@roubini.com for the Americas, europe@roubini.com for Europe, the Midddle East and Africa, and asia@roubini.com for Asia/Pacific.

Publications

Our Research
?

Our Thoughts
?

Outlook Center
?

Central Bank Watch
?

Key Views
?

Scenario Analysis
?
RGE Clients can activate their account by updating Manage My Account

Top 10 Most Read

Our Research
1. Belated White Knight: ECB Policy Options for the EZ Recession and Credit Crunch
Global Macro-Market Outlook
2. Macro-Market Overview: May 2013
Our Thoughts
3. The selloff in Japanese equity
Our Thoughts
4. Downplaying the hawkish signal in the April FOMC meeting minutes
Our Thoughts
5. The fall in China’s Flash PMI and 2013 growth prospects
Our Research
6. Summary of Key Views
Our Research
7. Europe’s Playbook for Financial Crises
Our Thoughts
8. Differences and similarities in Brazilian and Mexican inflation numbers
Our Research
9. Recent U.S. Data Signals Suggest Slow and Steady Activity
Our Research
10. The Other Fat Tail: Monetary Policy and Bubbles

ROUBINI FEEDBACK FORUM

What Do You Think?
Weigh in on Roubini.com's new look or report any problems you encounter.

Website Feedback Content Feedback