The Crisis in Greece Spreads Across Europe

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In The Media

The Crisis in Greece Spreads Across Europe

As the problems in Greece intensify, the EU and IMF are preparing a support package to prevent the crisis from spreading to Portugal, Spain, and other European countries.

By Uri Dadush

Published on Apr 29, 2010

Source: Washington Journal

As the problems in Greece intensify, the European Union and International Monetary Fund are preparing a support package to prevent the crisis from spreading further, but “the contagion is already there,” says Uri Dadush. The crisis has already had a “major effect on the euro,” which has fallen by 10 percent relative to the U.S. dollar since December. Additionally, credit ratings have been downgraded in Spain and Portugal.

If the crisis were to escalate, then there will likely be spillovers to other countries outside of the Euro area. Dadush warns that the fall of the euro “affects the competitiveness of the United States” and will hurt exports around the world.

About the Author

Uri Dadush

Former Senior Associate, International Economics Program

Dadush was a senior associate at the Carnegie Endowment for International Peace. He focuses on trends in the global economy and is currently tracking developments in the eurozone crisis.

Recent Work

Commentary
The Labors of Tsipras
- Uri Dadush
In The Media
Greece, Complacency, and the Euro
- Uri Dadush

Economy Western Europe United Kingdom France Germany North America

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

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