Southern Europe and the Financial Earthquake: Coping with the First Phase of the International Crisis, 1st Edition (Paperback) book cover

Southern Europe and the Financial Earthquake

Coping with the First Phase of the International Crisis, 1st Edition

Edited by Susannah Verney, Anna Bosco, Marina Costa Lobo


127 pages

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Following the outbreak of the international financial crisis, Southern Europe became an epicentre of economic instability and international concern. The prospect of a sovereign debt default in the eurozone’s ‘flaky fringe’ sent shock waves through the European and global economies. Examining the crucial initial phase, when the financial crisis was just beginning to spill over into the real economy, the volume surveys the impact of the September 2008 Lehman Brothers’ collapse across the EU’s southern periphery. The six South European eurozone members – Italy, Greece, Spain, Portugal, Cyprus and Malta – are viewed in comparative perspective with EU candidate state and non-eurozone member, Turkey. In an era before the spectacular EU/IMF bailouts, the picture that emerges is one of national differentiation, illuminating these countries’ different starting points and varying policy responses in the face of the gathering financial storm.

This book was published in 2009 as a special issue of South European Society and Politics.

Table of Contents

1. Flaky Fringe? Southern Europe Facing the Financial Crisis Susannah Verney

2. The Response to the Global Financial Turmoil in Italy: ‘A Financial System that Does Not Speak English’ Lucia Quaglia

3. After the Fiesta: The Spanish Economy Meets the Global Financial Crisis Sebastián Royo

4. The Return of the Greek Patient: Greece and the 2008 Global Financial Crisis George Pagoulatos and Christos Triantopoulos

5. Back to External Pressure: Policy Responses to the Financial Crisis in Portugal Francisco Torres

6. Wobbling but Still on its Feet: The Turkish Economy in the Global Financial Crisis Caner Bakir

7. Cyprus in the Global Financial Crisis: How Lack of Banking Sophistication Proved an Advantage Mustafa Besim and Fiona Mullen

8. Malta’s Open Economy: Weathering the Recessional Storm? Rose Marie Azzopardi

About the Editors

Susannah Verney, Assistant Professor of European Integration, University of Athens.

Anna Bosco, Associate Professor of Comparative Politics, University of Trieste.

Marina Costa Lobo, Researcher, Institute of Social Sciences, University of Lisbon.

About the Series

South European Society and Politics

The parallel regime transitions of the 1970s, when Southern Europe was the vanguard of the ‘third wave’ of democratisation, the impact of EU membership and Europeanisation and more recently, the region’s central role in the eurozone crisis have all made Southern Europe a distinctive area of interest for social science scholars. The South European Society and Politics book series promotes new empirical research into the domestic politics and society of South European states. The series, open to a broad range of social science approaches, offers comparative thematic volumes covering the region as a whole and on occasion, innovative single-country studies. Its geographical scope includes both ‘old’ and ‘new’ Southern Europe, defined as Italy, Greece, Portugal, Spain, Cyprus, Malta and Turkey.

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