{"id":"asset_44cb75e4fe1f","type":"text/plain","category":"text","name":"07-eurozone-2011.txt","size_bytes":3926,"title":"07 eurozone 2011","description":"An analytical account of the eurozone crisis from 2010–2012, examining its structural causes, the policy response of austerity and delayed ECB intervention, and the distributional consequences across European economies and populations. It contains specific economic figures, dates, policy names, and names of key actors and institutions.","extracted_text":"# Three Words Bought a Decade: The Eurozone Crisis, 2010–2012\n\nIn July 2012 Mario Draghi said the European Central Bank was ready to do\n\"whatever it takes\" to preserve the euro, and added that it would be enough. It\nwas. Spanish ten-year yields fell from over 7 per cent to under 5 within months.\nItalian yields followed. The Outright Monetary Transactions programme announced\nto give the promise substance was never used, because it never had to be. A\nsentence ended a crisis that summits had failed to end for two years.\n\nThe crisis itself had a simple architecture and no simple solution. The euro gave\nseventeen countries one currency and one interest rate while leaving them\nseventeen fiscal policies and no shared deposit insurance. Capital flowed from\nthe northern core to the southern periphery through the 2000s, compressing\nspreads to near-nothing on the implicit assumption that a Greek government bond\nwas as safe as a German one. When Greece revealed in 2009 that its deficit was\nroughly","attributes":{},"usable_for":["period analysis of eurozone crisis policy","argument about austerity versus monetary intervention","economic impact figures for southern europe 2010-2012"],"provenance":"original-work","provenance_note":"An original analytical essay by its author.","kind":"analytical essay","reliable_for":"The author's argument about eurozone crisis policy and the evidence and figures it cites.","describe_v":6,"price_sats":{"card":0,"full":200},"content_available":true,"available":true,"retained_offered":false,"embed_offered":false,"licences":{"single-task":{"sats":200,"grants":"use for one task, then let go"},"retained":null,"embed":null}}