There is a double helix of causes of the eurozone debt crisis.
On one chain (Greece and Portugal) it is a problem of a bloated government sector, chronic fiscal profligacy and weak competitiveness. On the other chain (Ireland and Spain), it is a credit-fuelled asset bubble that burst, leaving the banking system in tatters. So the solutions are also different: cleansing the banking sector for Spain and Ireland; downsizing the state sector and increasing productivity for Greece and Portugal.
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