area countries now under financial market pressure. (Greece, Ireland, Portugal, Spain and Italy = GIPSY). The key finding … satisfy the Stability Pact. By contrast, Ireland and Spain face more of a liquidity than a solvency problem. Italy seems to … is that the adjustment will be particularly difficult for Greece (and Portugal) because these are two relatively closed …

threat of a disorderly default still looms over the eurozone, creating systemic financial instability at the EU and possibly …