Abstract:Spain and Portugal are among the countries most vulnerable to the European debt crisis owing to their severe public finance problems. In 2011, with the economy of the two countries barely recovered from the previous recession, their political situations in turn became unstable. It will take a long time for the effects of the austerity measures and economic reforms taken by the two governments to be seen, which resulted in the low popu... 展开
Abstract:Spain and Portugal are among the countries most vulnerable to the European debt crisis owing to their severe public finance problems. In 2011, with the economy of the two countries barely recovered from the previous recession, their political situations in turn became unstable. It will take a long time for the effects of the austerity measures and economic reforms taken by the two governments to be seen, which resulted in the low popularity for the ruling parties. A large-scale cabinet reshuffle and early election were carried out in Spain, while in Portugal, the forced resignation of the Socialist PM led to the victory of the Social Democratic Party in the early general election. In addition, due to the fiscal deficit, Portugal had to seek for a bailout from the EU, so far the third euro zone member for financial assistance from the EU and IMF.
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