2 december LectureTrust, alliances and bluff: the European debt crisis

Shortly after the rise of the Financial Crisis, Europe faced another crisis in late 2009: the European debt crisis. In this lecture, Joop de Kort will give a broad view on the causes and the trajectory of the European debt crisis and will give insight in the different policy choices for the EU future.

When and where ?

2 december, Start: 7:30 p.m., Auditorium LUC, Anna van Buerenplein 301

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Joop de Kort, Assistant Professor at Institute for Tax Law and Economics, Department of Economics, Leiden University

Shortly after the rise of the Financial Crisis, Europe faced another crisis in late 2009: the European debt crisis. Several Eurozone member states, like Portugal, Ireland, Spain and Cyprus, were unable to refinance their government debt or to bail out over-indebted banks under their national supervision. The epicenter of this crisis, however, became Greece. It appeared that Greece had been understating its deficit figures for years. Mistrust developed and fears rose that Greece wasn’t able to meet its debt obligations. Unfortunately, Greece wasn’t alone.

Several bailouts provided Greece some relieve on the short term, but these bailouts came with conditions: large budget cuts, steep tax increases, streamlining the government, ending tax evasion. On June 30 2015, Greece became the first developed country to fail to make an IMF loan repayment.

The situation in Greece can have consequences for European cooperation. What does all this mean for the future of the EU? Which interests are at stake? What possible scenarios are thinkable for Greece, other weak Eurozone member states and the EU itself? This lecture will give a broad view on the causes and the trajectory of the European debt crisis and will give insight in the different policy choices for the EU future.

Joop de Kort is assistant professor at the Institute for Tax Law and Economics, at the Department of Economics of Leiden University. His fields of interests include the international economy and the role of international economic institutions, the relevance of social and economic human rights, and Russia’s transition into a market economy.