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Eurozone crisis and its impact on Healthcare Professionals seeking employment in Europe
Long-term interest rates (secondary market yields of government bonds with maturities of close to ten years) of all eurozone countries except Estonia, Latvia and Lithuania. [1] A yield being more than 4% points higher compared to the lowest comparable yield among the eurozone states, i.e. yields above 6% in September 2011, indicates that financial institutions have serious doubts about credit-worthiness of the state. [2] The European debt crisis (often also referred to as the Eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has taken place in several eurozone member states since the end of 2009. These states were unable to repay or refinance their government debt or to bail-out over-indebted banks under their national supervision without the assistance of third parties like the EFSF, the ECB, or the IMF. The European debt crisis erupted in the wake of the Great Recession around late 2009, and was characterized by an environment of overly high government structural deficits and accelerating debt levels. The states getting adversely hit by the crisis, faced a strong rise of interest rate spreads for government bonds, as a result of investor concerns about their future debt sustainability, to the extent that four eurozone states needed to be rescued by sovereign bailout programs, delivered jointly by the International Monetary Fund and European Commission-with additional support at the technical level by the European Central Bank. Together these three international organ
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Conference Paper
February 2013