Spyrakis, Vasileios; Kotsios, Stelios - In: Journal of economic structures : JES; the official … 10 (2021), pp. 1-22
The 2008 financial crisis triggered the debt crisis in Europe. High debt-to-GDP ratios made it impossible for some countries to apply countercyclical policy in order to overcome the recession. As a result, highly indebted countries were forced to apply austerity measures to avoid sovereign...
