The Crisis in Greece Spreads Across Europe

{
  "authors": [
    "Uri Dadush"
  ],
  "type": "legacyinthemedia",
  "centerAffiliationAll": "",
  "centers": [
    "Carnegie Endowment for International Peace"
  ],
  "collections": [],
  "englishNewsletterAll": "",
  "nonEnglishNewsletterAll": "",
  "primaryCenter": "Carnegie Endowment for International Peace",
  "programAffiliation": "",
  "programs": [],
  "projects": [],
  "regions": [
    "Western Europe",
    "United Kingdom",
    "France",
    "Germany",
    "North America"
  ],
  "topics": [
    "Economy"
  ]
}

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.

More Work from Carnegie Russia Eurasia Center

Commentary
Carnegie Politika
Russia’s Elite Conflict Over Internet Restrictions Does Not Herald Regime Collapse
A much-discussed disagreement over internet restrictions in Russia was never an existential threat for Putin: It was about elite groups protecting their interests.
Alexandra Prokopenko
Commentary
Carnegie Politika
Could Migrants From India and Africa Solve Russia’s Labor Shortage?
The demands of the Kremlin’s war in Ukraine, demographic problems, and public hostility toward Central Asians mean Russia does not have enough workers.
Salavat Abylkalikov
Commentary
Carnegie Politika
Russian Market Sours for Belarusian State Companies
Minsk’s faith in the future of its larger neighbor’s economy is fading as Belarusian firms in Russia see record losses.
Olga Loiko
Commentary
Carnegie Politika
In Russia, Private Companies Have Been Left to Pick Up the Tab for Ukrainian Drone Attacks
The cost of air defense has become an unregistered tax on revenue for businesses. While military rents are consolidated in the federal budget, the costs of defense are being spread across the balance sheets of companies and regional governments.
Alexandra Prokopenko
Commentary
Carnegie Politika
Russia’s Coal Industry Is Running on Borrowed Time
Powerful lobbyists and inertia led to Russia’s coal-mining sector missing an excellent opportunity to solve its structural problems.
Alexey Gusev

More Work from Carnegie Russia Eurasia Center

Commentary

Carnegie Politika

Russia’s Elite Conflict Over Internet Restrictions Does Not Herald Regime Collapse

A much-discussed disagreement over internet restrictions in Russia was never an existential threat for Putin: It was about elite groups protecting their interests.

Alexandra Prokopenko

Commentary

Carnegie Politika

Could Migrants From India and Africa Solve Russia’s Labor Shortage?

The demands of the Kremlin’s war in Ukraine, demographic problems, and public hostility toward Central Asians mean Russia does not have enough workers.

Salavat Abylkalikov

Commentary

Carnegie Politika

Russian Market Sours for Belarusian State Companies

Minsk’s faith in the future of its larger neighbor’s economy is fading as Belarusian firms in Russia see record losses.

Olga Loiko

Commentary

Carnegie Politika

In Russia, Private Companies Have Been Left to Pick Up the Tab for Ukrainian Drone Attacks

The cost of air defense has become an unregistered tax on revenue for businesses. While military rents are consolidated in the federal budget, the costs of defense are being spread across the balance sheets of companies and regional governments.

Alexandra Prokopenko

Commentary

Carnegie Politika

Russia’s Coal Industry Is Running on Borrowed Time

Powerful lobbyists and inertia led to Russia’s coal-mining sector missing an excellent opportunity to solve its structural problems.

Alexey Gusev