Crisis de la deuda soberana y apalancamiento en la zona euro: un intento de cuantificación

Abstract

From the perspective provided by more than three years from the start of the euro area sovereign debt crisis, it can be observed that its origin goes beyond fiscal imbalances in the euro countries. The interconnection between private and public debt is obvious. Moreover, the transmission of the crisis through the banking system is obvious, given the high banking integration between European Economic and Monetary Union (EMU) countries. These facts have led to the analysis carried out in this paper, and presents an attempt to quantify the level of global indebtedness (public and private) of all eurozone countries, using a database that has been built up with the statistics provided by the European Central Bank, and on foreign banks’ claims on the debt of EMU countries, using data supplied by the Bank for International Settlements.