Studying the European debt crisis, EU-funded researchers show that the practice of unloading EU or EMU securities during the crisis period was the wrong thing to do and actually helped perpetuate the crisis.
The dominoes started falling in 2008, the year when the largest investment banks in the US either went bankrupt or were sold at fire-sale prices to other banks. This pushed the global financial markets to go into a free fall. Not long after the crisis hit European shores, where it quickly transformed into a debt crisis. Soon austerity measures became commonplace while, at the same time, national economies struggled to grow.
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