Southern Europe in Trouble: Domestic and Foreign Policy Challenges of the Financial Crisis

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MEDITERRANEAN PAPER SERIES 2012

SOUTHERN EUROPE IN TROUBLEDOMESTIC AND FOREIGN POLICY CHALLENGESOF THE FINANCIAL CRISIS Theodore CouloumbisAndrea DessThanos DokosPaulo GorjoEttore GrecoDimitris KatsikasCharles PowellDimitris A. Sotiropoulos


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2012 Te German Marshall Fund o the United States. All rights reserved.

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About GMFTe German Marshall Fund o the United States (GMF) strengthens transatlantic cooperation on regional, national, andglobal challenges and opportunities in the spirit o the Marshall Plan. GMF does this by supporting individuals and institu-tions working in the transatlantic sphere, by convening leaders and members o the policy and business communities,by contributing research and analysis on transatlantic topics, and by providing exchange opportunities to oster renewedcommitment to the transatlantic relationship. In addition, GMF supports a number o initiatives to strengthen democra-cies. Founded in 1972 as a non-partisan, non-pro t organization through a gi rom Germany as a permanent memorial toMarshall Plan assistance, GMF maintains a strong presence on both sides o the Atlantic. In addition to its headquarters inWashington, DC, GMF has seven ofces in Europe: Berlin, Paris, Brussels, Belgrade, Ankara, Bucharest, and Warsaw. GMFalso has smaller representations in Bratislava, urin, and Stockholm.

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About Istituto Affari InternazionaliTe Istituto A ari Internazionali (IAI), ounded by Altiero Spinelli in 1965, does research in the elds o oreign policy,political economics, and international security. A non-pro t organization, the IAI aims to disseminate knowledge throughresearch studies, con erences, and publications. o that end, it cooperates with other research institutes, universities, andoundations in Italy and abroad and is a member o various international networks. More speci cally, the main researchsectors are European institutions and policies, Italian oreign policy, trends in the global economy and internationalizationprocesses in Italy, the Mediterranean and the Middle East, de ense economy and policy, and transatlantic relations. Te IAIputs out an English-language quarterly ( Te International Spectator ), an online webzine ( AfarInternazionali ), a series o research papers (Quaderni IAI) and an Italian oreign policy yearbook ( La Politica Estera dellItalia).

Cover photo: February 22, 2012: Student demonstration in Valencia streets, against the cuts in the public education and

against the police violence. Te banner slogan reads We are the people. Eduardo Luzzatti Buy


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Southern Europe in rouble

Domestic and Foreign Policy Challengesof the Financial Crisis

Mediterranean Paper Series

December 2012

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Southern Europe in Trouble iii

Foreword Andrea Dess and Ettore Greco

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Southern Europe in Trouble 1

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