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EZ Crisis A Consensus Narrative

EZ crisis consensus narrative-yz2

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Sep-2008<br />

Oct-2008<br />

Nov-2008<br />

Dec-2008<br />

Jan-2009<br />

Feb-2009<br />

Mar-2009<br />

Apr-2009<br />

May-2009<br />

Jun-2009<br />

Jul-2009<br />

Aug-2009<br />

Sep-2009<br />

Oct-2009<br />

Nov-2009<br />

Dec-2009<br />

Jan-2010<br />

Feb-2010<br />

Mar-2010<br />

Apr-2010<br />

May-2010<br />

Jun-2010<br />

Jul-2010<br />

Aug-2010<br />

Sep-2010<br />

Oct-2010<br />

Nov-2010<br />

Dec-2010<br />

Jan-2011<br />

Feb-2011<br />

Mar-2011<br />

Apr-2011<br />

May-2011<br />

Jun-2011<br />

Jul-2011<br />

Aug-2011<br />

Sep-2011<br />

Oct-2011<br />

Nov-2011<br />

Prelude and Phase One of the <strong>Crisis</strong> in <strong>EZ</strong> Periphery<br />

Spreads<br />

18<br />

16<br />

Greek deficit deceit Greek bailout Irish bailout Portuguese bailout Greece<br />

14<br />

12<br />

10<br />

8<br />

6<br />

Portugal<br />

Ireland<br />

4<br />

2<br />

0<br />

Prelude<br />

Phase One<br />

Note: The spreads are the difference between national 10-year government bound yields and those of Germany, in<br />

percentage points.<br />

Source: OECD online database with author’s elaboration.

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