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Market-Based Banking and the International Financial Crisis$
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Iain Hardie and David Howarth

Print publication date: 2013

Print ISBN-13: 9780199662289

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199662289.001.0001

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Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece

Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece

Chapter:
(p.179) 8 Turning the Crisis on its Head: Sovereign Debt Crisis as Banking Crisis in Italy and Greece
Source:
Market-Based Banking and the International Financial Crisis
Author(s):

George Pagoulatos

Lucia Quaglia

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199662289.003.0008

This chapter explains similarities and differences in the way in which two Southern European financial systems have been affected by the global financial crisis and have reacted to it. It is argued that Italy and Greece were affected moderately by banking crisis in 2008–9. Subsequently, Greece suffered an extreme sovereign debt crisis, and resorted to an EU/IMF bailout in 2010. Italy did not experience a full sovereign debt crisis, even though in the summers of 2011 and 2012 it experienced significant difficulties in funding its public debt on the market at a sustainable rate. Thus Greece and (potentially) Italy are cases of a crisis spreading from the public debt sector to the national banking system rather than the other way round.

Keywords:   Italy, Greece, banking system, financial system, banking crisis, financial crisis, sovereign debt crisis

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