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1、TheSovereignDebtCrisisinEUandMENA:MechanismsandChallengesAmirN.R.Armanious,Ph.D.CairoUniversitynasry_amir@yahoo.comAbstractTheEuropeanUnionhasbeenstrugglingwithacrisisovertheenormousdebtsfacedbyitsweakesteconomies,suchasGreeceandPortugal,orthosemostbatteredbytheglobalrecess
2、ion,likeSpainandIrelandasamajorconsequenceoftheglobalfinancialcrisis2008.ThisledtoacrisisofconfidenceaswellasthewideningofbondyieldspreadsandriskinsuranceoncreditdefaultswapsbetweenthesecountriesandotherEUmembers,mostimportantlyGermany.Theexactreasonsforthedeficitsandthelar
3、gedebtlevelsdifferbetweencountries;inGreece’scase,itismainlytheresultofpoortaxcollection;inIreland’s,itisaconsequenceofhavingtosupporttheirbankingsystemandinmostofthem,therehasbeenaconsumptionandpropertyboommadepossiblebythesingleEuropeanmarketandfuelledbythelowinterestrate
4、sthatcamewitheuromembership.DuetoglobalrecessionandArabspringinMENAregion,southMediterraneancountriessuchasEgyptfacehighdebtlevelsasitspublicdebtis90%onFebruary2011andexpectedtobehigherbytheendoftheyearwhichwillrequireefficienttoolstodealwiththedebtcrisis.Thisstudyseeksanan
5、alysisofthecorecauses,featuresandremedytoolsoftheEuropeansovereigndebtcrisis.Itinvestigatesthefinancialandeconomicconsequencesofthedebtcrisisontheireconomies.ThisstudyinvestigatestheresponsesbyEUmemberstategovernmentsandtheEUlevelinstitutionstothecurrentsovereigndebtcrisis.
6、Theaimistounderstandthenatureofthecrisis,theEuropeanresponsetoitanditsimpactonthedevelopmentprocess.Theresearcherintendstostudyvariousliteraturesaswellastoexaminetherelevanttheoriesoffinancialcrisisandsustainabledevelopment.Finally,thelessonslearntfromtheEuropeandebtcrisisw
7、illbeappliedontheMENAregioningeneralwithspecialreferencetoEgypt.KeyWordsDebtCrisis-FinancialCrisis-GrowthandStabilityPact-FiscalPolicy-MonetaryPolicy.-0-IntroductionTheEuropeansovereigndebtcrisishasrenewedtheinterestinEuropeanintegrationandtheEurobypolicymakers,centralbanke
8、rsandresearchersalike.AlthoughconcernsaboutthefutureofthecommonEuropeancurrencynev
