Abstract
This chapter charts the first phase of the global financial crisis as it unfolded in Europe. It focuses on the initial crisis responses of the political classes as they sought to save the banking system, implement stimulus measures, and then capture the crisis moment to renew neoliberal structural reform.
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Notes
In comparative terms, International Monetary Fund (IMF) figures indicate that between 2007 and 2010 US banks lost 8 per cent ($1,025bn) of their total holdings for loans and securities in writedowns, UK banks lost 7 per cent ($604bn), Euro area banks 5 per cent ($201bn), and Asian banks also lost 5 per cent ($166bn) (IMF, 2009, pp.10–11).
Aid to Latvia was provided in conjunction with an IMF loan of €1.7bn, €1.9bn from Nordic countries (Sweden, Denmark, Norway, Finland, and Estonia), and €0.4bn from the European Bank for Reconstruction and Development, the Czech Republic and Poland.
In January 2009, for instance, Spain, Ireland and Greece were all warned by Standard & Poors that their ratings were under threat. This was somewhat ironic, given the shaming ratings agencies had received for their role in the earlier sub-prime debacle.
See, for example, the Spring European Council agenda, emphasising the need for member states to return to medium-term budgetary objectives; and the need to pursue and accelerate structural reforms, all of which were deemed central to attractiveness of the European economy to transnational capital. (European Council, 2009).
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© 2013 Huw Macartney
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Macartney, H. (2013). From Re-structuring to Debt Crisis. In: The Debt Crisis and European Democratic Legitimacy. Palgrave Pivot, London. https://doi.org/10.1057/9781137298010_3
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DOI: https://doi.org/10.1057/9781137298010_3
Publisher Name: Palgrave Pivot, London
Print ISBN: 978-1-349-45223-1
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