Abstract
The paper aims to measure the European crisis and to compare the crisis-affected countries with the least affected country within PIIGS nations through formation of different indices (principal component analysis). The annual data are collected from 2001 to 2015. These variables were segregated into macro, banking, fiscal, social and financial variables. FGLS, PCSE and IV approach was applied. The results show the Eurozone crisis is a complex web of financial, fiscal, macro and social crisis indices. It is basically not the banking crisis. The crisis window (2008–2009) turns out to be significant.
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