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A torrent of mortgage defaults: a possible effect of the eurozone debt crisis. ECRI Commentary No. 5 (May 2011)

Fiorante, Angelo. (2011) A torrent of mortgage defaults: a possible effect of the eurozone debt crisis. ECRI Commentary No. 5 (May 2011). [Policy Paper]

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    Abstract

    This ECRI Commentary takes a closer look at the mortgage situation of households in Portugal, Italy, Ireland, Greece and Spain – countries whose economic condition have been under the magnifying glass throughout the eurozone debt crisis. The credit markets in these countries have witnessed fast-paced development, with the credit extended to households having increased considerably during recent decades. What will be the impact on average citizens when they start to feel their belts tightened as a result of their government’s insolvency or liquidity problems? A torrent of mortgage defaults may follow the euro debt crisis, if appropriate measures are not taken to both resolve the sovereign debt crisis and protect borrowers’ ability to repay their loans.

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    Item Type: Policy Paper
    Subjects for non-EU documents: Countries > Greece
    Countries > Ireland
    Countries > Italy
    Countries > Portugal
    Countries > Spain
    EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECRI Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 08 Jun 2011 21:04
    Number of Pages: 10
    Last Modified: 28 Mar 2012 16:34
    URI: http://aei.pitt.edu/id/eprint/32062

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