When Democracy and Austerity Collide: A Guide to the European Sovereign Debt Crisis

June 23, 2011

Heather A. Conley
June 23, 2011

For the past several weeks, large-scale and at times violent demonstrations and strikes have erupted in Greece and Spain, fueled by unemployed youth (which in Greece stand at 36 percent and in Spain at 44 percent), students, and public-sector workers. These outraged “Indignants” strongly oppose deep public spending cuts and believe that they are being made to pay a very dear price for the mistakes of government officials, bankers, and bondholders. The initial public acceptance of significant austerity measures as a requirement for national financial solvency in the early days of the European financial crisis has come to an end. Read More

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H. Andrew Schwartz
CSIS
www.csis.org